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'Corporate Pirates of the Caribbean' Report Seeks to Widen Tax Haven Loopholes

A new report from the Institute on Policy Studies (IPS), called Corporate Pirates of the Caribbean, details how the CEOs who make up the group Fix the Debt, a group pushing for harsh austerity measures, are set to make even higher profits off of the policies they are pursuing in the name of "balancing the budget." Fix the Debt's members are pushing for cuts to Social Security, Medicare and earned social insurance benefits, while seeking to widen tax haven loopholes by creating a "territorial" tax system, which would earn them as much as $173 billion.

The report found that the 59 Fix the Debt member corporations held more than $544 billion in offshore profits at the end of 2012. Those profits, much of which are only counted as "offshore" because of tax loopholes, are not subject to U.S. corporate taxes unless they are brought back into the United States. The switch to a territorial system would allow the corporations to avoid paying taxes on most of those profits.

IPS argues that the Fix the Debt members are less interested in fixing the debt and more interested in padding their own profit margins and are willing to hurt America's working families to do so.

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