protests designed to interrupt their operations. a report from the government accountability office shows that between 1998 and 2005, 2/3 of u.s. corporations paid no taxes. now come on. what are the chances that 2/3 of the companies didn t have to pay taxes? they made money. they avoided taxes. and in 2008, 83 of the 100 largest public corporations in the u.s. used offshore accounts, that s tax havens, to hide income to avoid taxation. when you don t pay your taxes, you go to jail. you re called a tax cheat and they say hay dare you! it s so immorrall. when corporations do it, they re just avoiding taxes. too bad you don t have an offshore account in the cayman
because it pushes buyers to jump in before those rates go any higher. stephanie? thanks, allison. more americans are relying on plastic. credit card debt rose by $2 billion in december. the first increase in two years. because of the recession americans had been paying down debt and using cash. this may mean that consumers are feeling better about spending again. calling all tax cheats, if you re hiding money in an offshore account, can you avoid jail time if you con dpes to the irs by the end of august. you still have to pay back taxes, interest and fees, last year s program reeled in 15,000 tax evaders, poppy has a look at what s coming up in business news. president obama set to unveil his 2012 budget proposal on monday. and one thing is for sure, there are going to be cuts. right now, the nation s debt stands at $14 trillion. and the president is expected to propose temporarily freezing spending on nonsecurity discretionary items and also he may call for cuts in defense
most effective option one revelation from the papers apple used an offshore account on the british crown dependency of jersey to hide billions in profit that s according to media sources analyzing the leaked documents we spoke to and then were of the european parliament spend gay gult who s been pressing to close tax loopholes he says britain bears much of the responsibility for aiding tax dodges. well if you look at the facts it s very clear that most of the islands of which business was wield were clearly british territories and therefore this is the key question with the upcoming brics it discussions so i believe british banks investment funds insurance companies they have a strong interest to keep market access to the e.u. twenty seven and we should clearly make that conditional on closing down the tax
today s other big news, of course, is the case of president trump s former campaign chairman manafort and campaign official rick gates. both surrendered this morning hon charges of conspiracy and money laundering with more than $75 million flowing through hidden offshore account, according to the affidavit, much of which came from the party and government of viktor yanukovych who has been referred to by critics as a ukrainian puppet of vladimir putin. in the last hour, a federal judge ordered house arrest for manafort and gates with bond set at $10 million and $5 million respectively. joining me this hour to discuss this is leon panetta and congressman adam schiff, the top democrat on the house intelligence committee also conducting its own russia investigation and starting right next to me with cnn s pamela brown, one of the team breaking the story of the pending indictment and this story is taking on a whole new focus with george papadopoulos and the guilty plea. the white house is
million offense dollars in an offshore account. thank you very much for that. thanks for your time. well, as of tonight, we ll bring you an update on the russia story. washington still consumeed by the supposed hacking of our election, a charge often repeated, rarely explained. today the hysteria continued. watch this. the attack on the integrity of our elections, the security of our country. the integrity of democracy is at state. thank you, leader pelosi, for organizing all of us today who have taken some action dealing with the trump family criminal enterprise. unveil the criminal activity, the unconstitutional activity of this president and his family. so i have dubbed them the