Bailed-out financial firms using offshore tax havens

By GottaLaff

Teeth-gnashing time:

Washington Post: a GAO report shows that bailed-out financial firms are using offshore tax havens to avoid paying U.S. taxes. The all-take-no-give companies include some of the biggest bailout recipients -- A.I.G., Citigroup, Bank of America & Morgan Stanley.

However:

It is all legal, but it could come to an end, given the dire condition of the U.S. economy and President-elect Barack Obama's campaign pledge to close this popular business tax loophole. The Treasury estimates that it loses $100 billion a year in tax revenue as a result of companies shipping their income off shore, and congressional leaders are vowing to introduce legislation forcing big companies to pay full freight.

Thank you, BushCo and Friends. One more example of how you've helped drive this country into the ground.