The Wall Street Journal reported on Monday that its own analysis of 60 big U.S. companies found that they parked $166 billion offshore last year. A separate Bloomberg analysis published Friday said the largest U.S.-based companies expanded their untaxed offshore stockpiles by $183 billion, a 14.4 percent jump in the past year. Sen. Bernie Sanders, a member of the Senate Budget Committee, has called for closing those tax loopholes to help bring down deficits. “At a time when we have a $16.6 trillion national debt; at a time when roughly one-quarter of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high, it is past time for corporate America to contribute significantly to deficit reduction,” he said.
Do you believe Congress should or should not close loopholes allowing corporations and wealthy individuals to avoid U.S. taxes by shifting income overseas?