Geithner Vows Tax Haven Crackdown
We've known for a while now that 83 of the 100 biggest companies in the U.S. have subsidiaries in tax havens, a practice that lets those corporations skirt an estimated $100 billion in yearly tax liabilities.
On the list of 83 tax-dodgers, you'll find the quasi-nationalized Citigroup (which takes the top prize, with 427 subsidiaries in tax shelters), AIG, Morgan Stanley, Bank of America...
You get the idea: We've thrown hundreds of billions of dollars at these institutions that actively search for ways to avoid paying their full tax bill. Treasury Secretary Tim Geithner addressed the problem Wednesday during his testimony before the Senate Finance Committee: