Democrats in the Colorado legislature are taking a serious look at offshore “tax havens.” These are businesses that locate in the Cayman Islands, Bermuda, Switzerland and other places where taxes are low or zero and banks encourage secrecy in financial dealings.
With some creativity, companies can book profits to their subsidiaries in these places and avoid paying some taxes in the United States. Colorado Speaker of the House Dickey Lee Hullinghorst, a Boulder Democrat, told CPR News that one priority for her party is to address this issue.
Last year, Rep. Mike Foote, a Longmont Democrat, sponsored a bill addressing tax havens and the companies that use them and operate in Colorado. He says he will reintroduce a similar bill this session. He spoke with Colorado Matters host Nathan Heffel.
- Link to Colorado Matters interview and accompanying article here