Report: Large corporations abusing offshore tax havens cost Maine $52 million annually

Massive corporations like Google, Apple, and Exxon Mobil are avoiding their fair share of taxes by using shell companies in offshore tax havens, costing Maine $52 million in lost revenue every year, according to a report.

Although these corporations do business nationally, under current laws they are supposed to “pay income taxes in Maine based on the percentage of US sales generated within the state’s boundaries,” Sarah Austin, lead policy analyst for Maine Center for Economic Policy (MCEP), said in a recent report. “For example, if 3 percent of a corporation’s nationwide sales took place in Maine, that corporation would owe Maine income taxes on 3 percent of its total nationwide profits.”

Click here to read the full story, first published February 20, 2020, in The Center Square.