CBS Anti-Tax Haven Segment Omits Reason for Their Purpose: High U.S. Taxes
Perhaps CBS was looking for a way to channel populist anger away from Barack Obama’s mortgage bailout plan and toward against bailed out banks. Why else would a reporter detail how so-called “tax havens” help financial institutions avoid some taxes, without explaining how high those taxes are.
A report by CBS correspondent Sharyl Attkisson on the Feb. 23 “CBS Evening News” took a look at how these tax havens work – in locations outside the jurisdiction of the federal government, making them not liable for U.S. taxes.
“They’re exotic and far-away places, known to tourists for coral reefs and sandy beaches, but known to the business world as tax havens with strict bank secrecy and privacy laws, where
Attkisson named the large bailed out Wall Street firms with offshore operations, calling their tax savings a “cost” to
“Together they’ve collected more than $227 billion, from Citigroup to Morgan Stanley,” Attkisson said. “Even as they benefit from the tax money, they operate hundreds of subsidiaries in places widely known for helping people evade taxes. Although proponents say most business and tax havens are perfectly legal and legitimate, it’s estimated tax havens cost
Attkisson singled out the
However, Attkisson couldn’t avoid reporting that business is still awfully good in these “tax havens.”
“Whatever the case, the next time you’re reminded the
While Attkisson’s report was undoubtedly designed to outrage, viewers could take away another, more productive lesson: that the place with struggling economy – the