New study of offshore tax shelters

Many Americans are aware that there are loopholes in the tax laws.

The loopholes allow many corporations and wealthy individuals to legally avoid paying as much in taxes as they should.

A new study estimates how much money tax loopholes cost small businesses and average taxpayers.

It finds that the average Michigan taxpayer has to pay nearly $700 extra in taxes this year to make up for the tax money that corporations and the wealthy save through offshore tax shelters.

The U.S. Public Interest Research Group released the study today.

Michigan Senator Carl Levin joined the group for a news conference to announce the findings.

If you want to read the study, you can find it online here.

It claims Michigan small businesses have to pay slightly more than $2,100 in extra taxes this year because of offshore tax havens.