Galling Tax Loopholes that Cost the U.S. Government Billions

Google's European headquarters are on Barrow Street, Dublin, Ireland.  Photographer: Paul McErlane/Bloomberg
Paul McErlane, Bloomberg via Getty ImagesGoogle's European headquarters are on Barrow Street, Dublin, Ireland. Google utilizes the "Double Irish" arrangement to minimize its U.S. taxes.

By Walter Hickey

It's tax time, and most Americans are trying to figure how much they owe the IRS. Still, many corporations and wealthy individuals have already prepared for the big day by assiduously spending money in deliberate ways to minimize their tax liability.

The result is billions in lost revenue for the government every year.

These are just some of the most galling tax deductions that are perfectly legal.

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