August 1, 2010 - 1:35pm
Large American companies avoiding taxes through overseas locations
A lot of people think, "Oh, it's capitalism -- if Walmart or Target can sell stuff cheaper than the local small business, well, that's just capitalism."
But what if those big businesses are getting advantages not available to the locally owned shop -- is it really fair competition?
The New Rules Project says that American corporations are sheltering profits in overseas locations, saving themselves as much as $34 billion in annual taxes.
Those are tax dodges not available to the mom-and-pop shop.