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MIAMI (CBSMiami/AP) — Corporate tax evasion and money laundering have cost the U.S. nearly $2.3 trillion in lost taxes, according to a study by a professor at Florida International University.
The study of federal customs data by FIU business professor John Zdanowicz indicates U.S. companies used false invoices to hide the true value of imported and exported goods from 2003 to 2014.READ MORE: CDC Releases New Guidelines For Trial Cruises
The study used a software program to reveal inflated prices on imports and unusually low prices on exports. The difference results in tax savings or money shifted into offshore accounts.READ MORE: South Florida Streets Packed For Cinco De Mayo, First Big Holiday Since Governor Lifted Local COVID Restrictions
An FIU release says China had the highest amount of estimated U.S. tax losses due to abnormal trade pricing in 2014. Trade with other countries that resulted in large U.S. tax losses included Canada, Mexico, Japan and Germany.MORE NEWS: COVID Vaccine No Longer Required This Fall For Those Returning To NSU Campus
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