Sen. Bernie Sanders lashed out Wednesday at widespread use of offshore tax havens by U.S. companies, and the liberal independent targeted a group that represents CEOs of big corporations and wants corporate taxes lowered.
Sanders, top opposition member on the Senate Budget Committee, released a report decrying what he called “legalized tax fraud.” It showed that 111 of the 201 member companies of the Business Roundtable are sheltering more than $1 trillion in profits overseas, where they are not subject to U.S. taxes.
Using the Cayman Islands, Bermuda and other tax havens, these companies have saved more than $280 billion in tax liabilities, Sanders concluded in the report.
The senator from Vermont delivered his broadside a day before a media event the Business Roundtable scheduled at its Washington office. The group was expected to call again for a rewrite of the tax code including a lower corporate income tax rate.