tax havens

Fiscal Cliff Protestors Take Aim at the Cayman Islands

In what's believed to be the first protest of its kind in the Cayman Islands, social justice group Code Pink demonstrated against the British territory's use as a tax haven. Their rallying cry: $150 billion a year could be recovered from these havens to end the U.S. budget deficit and avoid the "fiscal cliff."

Germans Raid Credit Suisse in Tax Evasion Probe

German prosecutors raided all 13 Credit Suisse branches in the country on Wednesday as part of a probe into tax fraud. Earlier this year, German authorities acquired information on some 1,500 Credit Suisse customers who may have been using the Swiss accounts to avoid paying taxes.

Oil Companies Reap Billions in U.S. Tax Breaks

The oil industry is subsidized beyond virtually any other business in America, enjoying tax breaks that average $4 billion a year. The massive tax breaks reaped in BP's disastrous Deepwater Horizon project, which caused the worst offshore oil spill in U.S. history, are typical.