Newsflash: U.S. Companies Going to Avoid Taxes

Newsflash: U.S. COMPANIES GOING TO AVOID TAXES:

A new study published in the journal Tax Notes reveals that American multinational companies booked a record $149 billion of profitis in tax-haven countries in 2002. American companies have become increasingly skilled at setting up subsidiaries in places with low or no corporate taxes - places like Ireland, Bermuda, Luxembourg and Singapore - to aviod U.S. taxes and increase their bottom line. According to the study, "the more that American companies can use foreign subsidiaries to lower taxes, the greater their incentive to invest and employ staff abroad."