offshore banking

the Web Editors 04-05-2016

Sigmundur David Gunnlaugsson. Image via Control Arms / flickr.com

The prime minister of Iceland, Sigmundur David Gunnlaugsson, who was named in the leak of documents from the offshore law firm Mossack Fonseca, has resigned, according to Buzzfeed News .

Chuck Collins 07-15-2011

Bahamasphoto © 2010 John Hilliard | more info (via: Wylio)
As Christians concerned about poverty, it is time to turn our full attention to the injustices of an "offshore tax system" that enables corporations and the wealthy to dodge taxes and impoverish countries around the world.

As members of Congress in the United States debate deep and painful budget cuts, people of faith should raise our voices against an unfair system that enables profitable U.S. corporations to dodge taxes, depleting an estimated $100 billion from the U.S. Treasury each year. Instead of cutting $1 trillion over the next decade from programs that assist the poor and ensure greater opportunity, we should eliminate these destructive tax gimmicks.

Recent reports show that aggressive tax dodgers such as General Electric, Boeing, and Pfizer, avoid billions in taxes a year. They use accounting gymnastics to pretend they are making profits in offshore subsidiaries incorporated in low- or no-tax countries like the Cayman Islands, thereby reducing their tax obligations in the United States. This system is unfair to domestic businesses that have to compete on an un-level playing field.

Hayley Hathaway 05-19-2010
Do secondary debt markets, hedge funds, and offshore banking make you want to dance? Probably not.

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