60 Minutes Expose On How Corporations Avoid Taxes While Citizens Pay Over $1 Trillion

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Our government is in knots over ways to lower the federal budget deficit. Well, what if we told you we found a pot of money – over $60 billion a year – that could be used to help out?

That bundle is tax money not coming in to the IRS from American corporations. One major way they avoid paying the tax man is by parking their profits overseas.

They'll tell you they're forced to do that because the corporate 35 percent tax rate is high in relation to other countries, and indeed it seems the tax code actually encourages companies to move their businesses out of the country.

Tax havens: Do companies pay their fair share?
"60 Minutes" correspondent Lesley Stahl talks tax havens and the new ways American companies are stashing their profits abroad.

Companies searching out tax havens is nothing new: in the 80s and 90s there was an exodus to Bermuda and the Cayman Islands, where there are no taxes at all.

When President Obama threatened to clamp down on tax dodging, many companies decided to leave the Caribbean. But instead of coming back home, they went to safer havens like Switzerland.

Several of these companies came to a small, quaint medieval town in Switzerland call Zug.

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