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$100 Billion Tax Trick

September 11, 2008 - by Donny Shaw

Just as the federal deficit is about to reach record proportions, the Senate Subcommittee on Investigations drops a report showing that, for the past decade, all the big Wall Street investment banks have “actively competed with one another in dreaming up complex transactions” to help their foreign clients avoid paying taxes to the US.

According to the report, the whole thing costs the country $100 billion in unpaid taxes.

The Wall Street Journal has more details on the report, which will be officially released later today.

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