Watchdog.org: Companies receiving taxpayer-backed subsidies avoid U.S. taxes
media mention“Using an Export-Import Bank database, corporate records and a database from the Institute on Taxation and Economic Policy, Watchdog.org identified 50 companies that exported billions using bank guarantees yet kept nearly half a trillion dollars offshore and away from the Internal Revenue Service. The offshore proceeds of the companies benefiting from the bank, if taxed at the 35 percent corporate tax, would have contributed as much as $160 billion to U.S. coffers between 2012 and 2014.ITEP executive director Matt Gardner said companies are using a loophole to shortchange the taxpayers.”