David Rosenbloom Comments on Offshore Tax Havens
House Republicans should slow down their consideration of a tax-overhaul bill after investigative reports Sunday highlighted what journalists called offshore tax-avoidance by U.S. multinational companies including Apple Inc. and Nike Inc., advocates for tax fairness said.
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Initial reports about Apple, Nike, Ross and Cohn don’t allege any behavior that would violate U.S. tax law. Based on the reporting that appeared Sunday, “nothing here is necessarily illegal,” said H. David Rosenbloom, an international tax lawyer at Caplin & Drysdale and a former senior Treasury tax official from in the late 1970s. “There’s nothing illegal about Americans having either an offshore account or an interest in an offshore company.”
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Excerpt taken from the article “Offshore Tax-Haven Reports Stir Call to Slow Pace of House Bill” by Lynnley Browning for Daily Tax Report.