Bernie Sanders: Losing 100 Billion in Taxes

Posted by admin on Wednesday, April 6, 2016
Panama-Marian-Kemensky-Slovakia

Marian Kemensky, Slovakia

Bernie Sanders Money Quote saying the United States doesn’t collect taxes on money stashed in tax havens. Bernie Sanders said:
 
Our country is losing up to a hundred billion dollars every year as corporations stash their money in postal addresses in the Cayman Islands, in Bermuda and in Panama Quote
 

“Our country is losing up to a hundred billion dollars every year as corporations stash their money in postal addresses in the Cayman Islands, in Bermuda and in Panama” — Bernie Sanders

 

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In this quote, Bernie Sanders is criticizing the large amounts of money that corporations are stashing in offshore tax havens in order to avoid paying U.S. taxes. Sanders estimates that this practice costs the country up to $100 billion annually in lost tax revenue.

By referring to places like the Cayman Islands, Bermuda and Panama as mere “postal addresses”, Sanders implies that many corporations are not truly conducting business in these locations but rather using them as shell addresses solely to take advantage of lower tax rates abroad.

His view is that this offshore tax avoidance represents a significant loss to public coffers that could otherwise fund important services and investments. The quote conveys Sanders’ perspective that loopholes enabling widespread corporate tax sheltering overseas are undermining tax fairness and depriving the country of substantial resources.

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