Report: US Loses $100B Yearly to Tax Havens

Corporations stashing their cash in tax havens cost the US—and ordinary taxpayers who shoulder the burden instead—$100 billion every year, the Huffington Post reports. A new report breaks down the loss through "shell companies and sham headquarters" by state, finding that the people of New York are out $8 billion yearly because of tax havens, while Californians lose more than $11 billion.

The Public Interest Research Group said it released the report today—tax return deadline day—to emphasize that the public should be angry about tax dodgers. "This is the day when we're all working hard … and then to hear about these large multibillion dollar corporations who have used gimmicks to avoid paying their fair share," says a PIRG attorney. "It's something that should end this year." (More tax haven stories.)