I’ve blogged previously about the Tax Gusher that allows big oil and gas companies to pay unbelievably low taxes.
According to Steve Horn’s latest piece on DeSmogBlog, virtually all the oil and gas majors and operators in the Marcellus utilize the tax loophole on Delaware Island which is also known as “Treasure Island” because it is an onshore tax haven.
The numbers are astounding. “Over the last decade, the Delaware loophole has enabled corporations to reduce the taxes paid to other states by an estimated $9.5 billion,” Wayne wrote.
“More than 900,000 business entities choose Delaware as a location to incorporate,” explained another report. “The number…exceeds Delaware’s human population of 850,000.”