There will be no Tea Bagging in the Cayman Islands today

I hope the Tea Baggers have a fun time today. I also hope they realize who it is they are protesting for:

A Senate report estimated in 2008 that the United States loses up to $100 billion a year in tax revenue to offshore tax havens (PDF). In a report released Wednesday, the U.S. Public Interest Research Group offers a state-by-state breakdown of the cost to taxpayers of tax revenue lost to “shell companies and sham headquarters” in places like Switzerland and the Cayman Islands.

The practice soaks dutiful taxpayers in every state for hundreds of millions of dollars, according to U.S. PIRG. The citizens of New York and Texas shoulder over $8 billion a year, and the good people of California are on the hook for an extra $11 billion.

–WKW

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