By Erick Payne, SHFWire.com
WASHINGTON – The 50 biggest U.S. companies relied on a secretive network of more than 1,600 disclosed subsidiaries in tax havens to stash more than a trillion dollars offshore, according to an Oxfam America report released Thursday. The analysis shows how large U.S. companies use tax havens and other loopholes to dodge paying their fair share of taxes, according to Oxfam. The actions by multinational corporations cost the U.S. about $111 billion each year. “The vast sums large companies stash in tax havens should be fighting poverty and rebuilding America’s infrastructure, not hidden offshore in Panama, Bahamas or the Cayman Islands,” Raymond Offenheiser, president of Oxfam America, said. Oxfam America is an international relief and development organization with the goal of creating solutions for poverty, hunger and injustice.