Team Obama's Caterpillar Hypocrisy [Greg Pollowitz]
Where's the MSM on this?
President Obama has named Caterpillar's CEO to his economic recovery board.
That would be the same Caterpillar that Democratic Sen. Carl Levin has on his list of evil corporations with offshore tax havens.
Obama pledged during his campaign to shut down the ability of U.S. corporations to avoid paying taxes by shipping their income to offshore havens. As a senator in 2007, he joined Levin in proposing similar legislation to curb abuse of offshore tax operations and force companies to be more transparent about their overseas operations in those jurisdictions.
Levin noted that not all companies use such havens and some use far fewer than others. The report found that Citigroup has set up 427 subsidiaries in tax-haven countries, including 91 in Luxembourg, 90 in the Cayman Islands and 35 in the British Virgin Islands.
Levin said other havens where Citigroup has subsidiaries include Switzerland, Hong Kong, Panama and Mauritius. Morgan Stanley has 273 subsidiaries in tax-haven countries, 158 of them in the Caymans, according to the GAO.
"Pepsi has 70 tax-haven subsidiaries, while Coca Cola has eight," Levin said. "Morgan Stanley has 273, while Fannie Mae has zero, and Caterpillar has 49, while Deere has three.''
I guess 49 tax havens, like Tim Geithner's back taxes, now constitutes the baseline for what's acceptable.
02/11 08:45 PMShare