Re the Oct. 16 story Viacom moves into new film studio in downtown Miami: As Viacom moves into Miami, it continues to move profits to offshore havens to dodge paying taxes.
Viacom and 72 percent of Fortune 500 companies, including several Florida-based companies, avoid paying taxes through corporate-tax loopholes. Paying their fair share is just the price of using the roads and benefiting from the education system, consumer market and national security.
Some multinational corporations get all the benefits of doing business in the United States while pretending that their profits are actually made in places like the Cayman Islands or the Bahamas — places with little to no corporate tax rate.
According to a new report, these tax tricks cost the United States $90 billion each year in foregone tax revenue. No matter how you feel about taxes, we should all be playing by the same rules. It’s time to put some fairness back into our tax system.
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Michelle Allen, Florida PIRG, St. Petersburg