From: Adele E. Zimmermann
Mr. Brent J. Fields, Secretary of the SEC:
I am writing to urge you to make corporations accountable to pay ALL the taxes they owe. Regulation S-K (File S7-06-16) will affect approximately $2.4 Trillion in profits that many corporations have effectively hidden offshore to avoid paying U.S. corporate taxes. Presently, the tax rules for disclosing the use of offshore tax havens is full of loopholes that corporations use to avoid paying taxes. They are not required to report their tax liabilities on a country-by-country basis. The public cannot judge how a company is lowering its tax liabilities. Corporations do not report the names & locations of their subsidiaries. WALMART had 78 subsidiaries in overseas tax havens with $78 BILLION in assets before this information was revealed to the public. PFIZER was holding twice as much of its offshore profits in overseas subsidiaries as it was reporting. These are just two examples of how corporations are shortchanging the American public BY NOT PAYING THE TAXES THEY OWE.
PLEASE FORCE CORPORATIONS TO TELL THE TRUTH, UNDER PENALTY OF LAW AND PUNISHMENT, REGARDING THEIR OVERSEAS SUBSIDIARIES!