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Author: Oxfam American, Published on: 12 April 2017
The extreme gap between rich and poor is helping reshape US politics in unpredictable ways...A new analysis by Oxfam of the 50 largest public US companies shows that this task is harder than ever. Tax dodging by multinational corporations costs the US approximately $135 billion each year. But these schemes do not just harm the US. The same tactics corporations use to dodge US taxes sap an estimated $100 billion every year from poor countries, preventing crucial investments in schools, hospitals, roads, and other tools to reduce poverty. The harm done to Americans and people living in poor countries by corporate tax dodging are two sides of the same coin...A fair and effective tax system is the lifeblood of an efficient and well-functioning government. It allows society to pay for basic services like schools, hospitals, roads, first responders, social safety nets and other vital public services that can address poverty and ensure a thriving business climate. In developing countries, where there is an immense need to provide basic health and education for the hundreds of millions of people who still live in extreme poverty and lack affordable access even to primary schooling or preventative vaccines, revenues from taxes provide the most sustainable way to pay for teachers, doctors and police officers...