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Tax Dodging Ignored

Cleaning up email, with one eye on big Sandy, I happened to catch this important observation: neither presidential candidates wants to talk about the tens of billions of dollars being sheltered abroad.

The folks from Citizens for Tax Justice watched the last debate. They were not impressed:

As we predicted the candidates barely made a passing reference to the problems facing our international tax system, even though, for example, the U.S. loses an astounding $100 billion to $150 billion in tax revenues each year to offshore tax havens. The only mention of international tax issues came when Obama noted that the current system “rewards companies that are shipping jobs overseas” and when he repeated the point previously made by Vice President Joe Biden that the territorial tax system Romney supports will create 800,000 jobs – but in places like China rather than the U.S.

I’ve pointed out a number of times the complete idiocy of a proposal to give a “tax holiday” to allow these tax dodgers to bring back money and get a pass. And it’s clear that both parties don’t want to really come down hard on a practice that sucks a lot of money out of the system.

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