Senators Carl Levin and John McCain are fighting hard to retrieve these monies:<\/p>\n
U.S. taxpayers would need to pay an average of $1,259 more a year to make up the federal and state taxes lost to corporations and individuals sheltering money in overseas tax havens, according to a report.<\/p>\n
\u201cTax haven abusers benefit from America\u2019s markets, public infrastructure, educated workforce, security and rule of law -\u2013 all supported in one way or another by tax dollars -\u2013 but they avoid paying for these benefits,\u201d U.S. Public Interest Research Group said in the report released today, the deadline for filing 2013 taxes.<\/p>\n
\u201cInstead, ordinary taxpayers end up picking up the tab, either in the form of higher taxes, cuts to public spending priorities, or increases to the federal debt,\u201d it said.<\/p>\n
In total, the U.S. loses $150 billion in federal revenue and another $34 billion in state revenue annually because of money parked in tax havens, the Boston-based consumer advocacy group concluded.<\/p>\n
That\u2019s almost 5 percent of total federal revenue. The U.S. is projected to raise $3.032 trillion this year, up from $2.775 trillion for fiscal year 2013, according to the Congressional Budget Office.<\/p>\n
U.S. PIRG released the report as it tries to increase pressure on lawmakers to change how companies pay taxes on income credited to foreign subsidiaries.<\/p>\n
The largest U.S.-based companies have accumulated $1.95 trillion outside the U.S., up 11.8 percent from a year earlier, according to securities filings from 307 corporations reviewed by Bloomberg News.<\/p>\n
Together, they added $206 billion to their stockpiles of offshore profits last year, leaving earnings in low-tax countries until Congress gives them a reason not to. Three multinational firms — Microsoft Corp., Apple Inc. and International Business Machines Corp. — added $37.5 billion, or 18.2 percent of the total increase.<\/p>\n
![\"Overseas](\"http:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2014\/04\/Overseas-Shelters.jpg\")
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