For example, in 2010, Bank of America set up over 200 subsidiaries in the Cayman Islands. As a result, Bank of America did not pay a nickel in federal income taxes. In fact, it got a rebate from the IRS to the tune of $1.9 billion.
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For example, in 2010, Bank of America set up over 200 subsidiaries in the Cayman Islands. As a result, Bank of America did not pay a nickel in federal income taxes. In fact, it got a rebate from the IRS to the tune of $1.9 billion.
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