Tax Havens Under Fire

Ever since the ICIJ published their report on Tax Haven use, the tax fairness issue has finally gained traction in the press and the world governments have taken notice. 

• The UK Prime Minister David Cameron is escalating the issue as a top priority in a G8 summit this month.
• The normally defensive Bloomberg News is reporting that offshore cash holdings by US entities is growing fast, it's up to an estimated $1.9 Trillion at the end of 2012.
• The US PIRG organization reports Academic studies conclude tax haven abuse costs the United States approximately $150 billion in tax revenues every year. Multinational corporations account for $90 billion and individuals the rest.

 Hopefully we will eventually get some deficit relief when the tax dodgers start paying their share.