February 16, 2010
This feature illustration is running in the 2/22/2010 issue of Business Week. Were that I were able to verbally distill the issue of the piece any better than the actual article, then I could conceivably consider switching careers to become a finance reporter. Until that day arrives, Jessica Silver-Greenberg can explain it best:
“At a time when the Obama Administration is preparing for a bitter battle with big multinationals over closing arcane tax loopholes, legions of mostly small retailers and service providers are minimizing their U.S. tax bills by sending credit-card receipts to Panama, Nevis, Aruba, the Cayman Islands, and other business-friendly havens. The IRS estimates that $100 billion a year in revenue is escaping U.S. sales and income taxes in this manner.”
The scoop in full can be read here. Art direction by Ron Plyman.