“Vermont’s Bernie Sanders introduced legislation on Thursday to prevent U.S. corporations from sheltering income in the Cayman Islands and other offshore tax havens. Every year, said Sanders, corporations and wealthy Americans are ‘avoiding more than $100 billion in U.S. taxes by sheltering their income in the Cayman Islands, Bermuda and other offshore tax havens.’ Under existing law, U.S. corporations are allowed to defer or delay U.S. income taxes on overseas profits until that money is brought back into the U.S. U.S. corporations are also provided foreign tax credits to offset the amount of income taxes paid to foreign jurisdictions.”
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