On the recordMay 20, 2008
It's ironic that it took 4 years to close this offshore loophole. But we are shutting it down and paying for all these other benefits to ensure that this company and other companies like it who set up in the Cayman Islands do not go around the law of the United States to come in under budget, knowing the fact they never paid their fair share of taxes. It's a small step. It also is an indication we need to start changing the law because there is over 12,000 companies in the Cayman Islands alone set up over there, avoiding their fair share of taxes while the American taxpayers have to pay their portion. So I am pleased that we are doing this, giving the benefits to the GIs and their families, but, most importantly, closing down an egregious loophole to do that.
Source
govinfo.gov
