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Tax Haven Countries Save Millions for Big Companies
In early 1956 a prominent American resident of Cuba was arrested in Miami on charges of evading nearly 500000 in U S income taxes from 1949 to 1952. The piece explains how Americans abroad pay taxes on unearned income and how foreign tax havens like Panama Bahamas Liberia Liechtenstein and the Solomon Islands attract U S firms. It discusses loopholes including tax free earned income for temporary overseas workers and the impact of tax credits on U S taxpayers. It notes Canada’s investment funds and proposed treaty tweaks to curb shifting profits while warning of broader fiscal leakage.
MENTIONED IN THIS ARTICLE
Washington
Cuba
Miami
U. S
Caribbean Islands
Gene Kelly
Congress
U.S
Panama
Bahamas
Liberia
Liechtenstein
Solomon Islands
Panama City
Nassau
The
Treasury
Canada
House Ways and Means Committee
Arabian-American Oil Co
Aramco
Saudi Arabia
Saud
Ance
Creole
Venezuela
Eisenhower
George M. Humphrey
Pakistan
Senate Foreign Relations Committee
Mexico