• March 6, 2008

Hiding in the Cayman Islands

Hiding in the Cayman Islands

Here in the United States, overseas tax evasion enjoys a bizarre degree of acceptance, with some tax avoidance purveyors even going so far as to try and patent some of their fancier schemes. But today’s Boston Globe report, which details how Kellogg Brown & Root–the nation’s top Iraq War contractor (financed with $16 billion in public funds)–has neatly sidestepped some $500 million in Medicare and Social Security taxes through use of shell companies in the Cayman Islands, should hopefully raise some eyebrows.

In the meantime, for more on KBR’s pernicious backstory (involving bribe-taking, charging $45 per can of soda and receiving prostitutes as presents), check out last month’s investigation from the Chicago Tribune. You can also read about the Levin-Coleman-Obama bill to curb overseas tax evasion here.