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GAO: 83% of big U.S companies, contractors use offshore tax havens

"The Government Accountability Office (GAO) has just issued a report showing that most of the nation's largest public companies and government contractors rely on offshore subsidiaries to do business and cut their tax bills. Some of these same firms — including big banks and insurers — have already received tens of billions in taxpayer money from the federal bailout fund.
Citigroup, Bank of America, Morgan Stanley, American International Group, American Express have set up hundreds of tax-haven subsidiaries, the report states. All have taken billions from the bailout fund."