As CEOs seek tax cuts, senator slams corporate tax haven use

By David Lawder WASHINGTON (Reuters) – Senator Bernie Sanders lashed out on 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 U.S. 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 ahead of a media event the Business Roundtable scheduled at its Washington office.

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