The Guardian: Drug Traffickers Taught the Rich How to Hide Money in Tax Havens

A study by the Institute on Taxation and Economic Policy published this year shows that 366 of the 500 American companies with the highest revenue (those that are part of the Fortune 500) use subsidiaries located in tax havens to reduce their income taxes. Among these are important banks, financial institutes, pharmaceutical corporations, and multinational communication, clothing and food companies.

The result is that an electrician on the outskirts of Rome or a small business in Liverpool will have infinitely more fiscal pressure than those colossal companies earning infinitely more money. Read more