This week Arizona’s own Senator John McCain took Apple to task for its elaborate schemes to avoid taxes, including funneling $30 billion through a phantom Irish subsidiary with no employees.
But the sad fact is that hiding money in tax haven shell companies has become standard practice for big American corporations. As Apple pointed out, this sort of tax dodging is perfectly legal and everybody’s doing it — but that doesn’t make it right.
When corporations skip out on their taxes, the whole nation suffers. The only solution is for Congress to close the loopholes that let companies move their money offshore. The U.S. Senate needs to pass the CUT Loopholes Act and put an end to corporate tax dodging.
Public Interest Advocate for Arizona PIRG (Arizona Public Interest Research Group)