President Obama s plan to crack down on offshore tax avoidance schemes is revealing some big corporate names.
In this Bloomberg article, we find out that Seagate Technology, Coca-Cola, Intel and Oracle are all using addresses in the Cayman Islands to avoid paying US taxes.
- 10 of the 30 listed companies in the Dow Jones Industrial Average also have addresses in the Caymans.
- A single five-story building in Grand Cayman is the official address for 18,857 corporations.
Obama plans to raise $190 billion over the next decade through preventing these tax avoidance schemes. In recent months he has also made it clear he will be shining a torch on secret Swiss bank accounts.