W.Va. groups to highlight offshore tax havens
CHARLESTON, W.Va. (AP) — Several West Virginia citizens groups will hold a press conference in the state Capitol to highlight the findings of a recent study on the abuse of offshore tax havens.
By keeping or moving profits to low-tax countries overseas, corporations and individuals can avoid paying federal and state taxes on those profits.
The event on Wednesday will publicize the effects of off shore tax havens on depleted state budgets.
The research by U.S. Public Interest Research Groups says that the federal government loses $150 billion and state governments lose nearly $40 billion in revenue every year to offshore tax shelters. They estimate West Virginia’s share of those losses at $106 million annually.