WASHINGTON D.C. (WKZO) -- Have you filled out your tax forms yet? Time is running out. Michigan Senator Carl Levin says if not for business tax loopholes and off-shore tax havens, your personal tax bill would be a lot smaller.
Levin and the Public Interest Research group says that 83 of the nation’s largest publicly traded corporations take advantage of these loopholes and tax havens, costing the country billions in tax revenue.
He says that over the years the tax burden has been shifted onto the rest of us. About a thousand dollars per tax payer and just over $3000 per small business, who are too small to use the same tax avoidance schemes.
They say their research shows that Pfizer and General Electric are two bad examples of firms that direct income off shore to avoid U.S. Taxes. They say it may be legal, but it’s not right and needs to be fixed by Congress.