Please Help American Companies Avoid Taxes
Posted in the Blairsville Forum
#1 Apr 29, 2013
MULTINATIONAL CORPORATIONS SHIFT MORE PROFITS OFFSHORE
MAR 12, 2013
A new report by the advocacy group Citizens for Tax Justice found that 92 Fortune 500 corporations boosted their offshore holdings by over $500 million each.
Ten companies reported that their offshore profit holdings have grown by more than $5 billion each in the past year.
- Apple reported adding $28 billion in offshore cash in the past year;
- Microsoftâs offshore stash increased by $16 billion.
Other Fortune 500 companies that added at least $5 billion offshore in the past year included Pfizer, Merck, Google, Abbott Laboratories, Johnson & Johnson, Citigroup, IBM and General Electric.
The 10 companies collectively increased their offshore profit holdings by a total of $107 billion in just the past year.
In the same year, 92 Fortune 500 corporations each boosted their reported offshore profit holdings by at least $500 million.
In total, these 92 corporations added an additional $229 billion to their offshore profit hoards in 2012 alone.
Under current corporate tax laws, foreign profits are not subject to U.S. tax until the profits are repatriated to the U.S.
According to Congressâs Joint Committee on Taxation, this indefinite deferral of tax on profits ostensibly earned or shifted overseas will cost the federal government about $600 billion over the course of the next decade.
A December 2012 CTJ report found that nearly 300 Fortune 500 corporations have disclosed holding at least some profits overseas, collectively holding over $1.6 trillion offshore at the end of 2011.
For these companies alone, taxes due would total $105 billion, indicating that most of those profits have been shifted out of the U.S. into foreign tax havens where the companies do no actual business.
âLobbyists for the multinationals are urging Congress to go even further, by permanently exempting from U.S. corporate income taxes all profits that U.S. corporations manage to have treated as âforeign,ââ said the report.
âSuch a change would make it even more profitable for multinational corporations to shift jobs and profits out of the United States, and could cost the U.S. government hundreds of billions of dollars in additional lost revenues.â
We must protect these corporate profits from Democratic efforts to force these companies to pay taxes.
Paying taxes - not for the Ã¼berrich or corporations - that ain't what we do - taxes are for little people and mom and pop companies.
#2 Apr 30, 2013
#3 Apr 30, 2013
You have to understand, all corporations are bad, all rich people are bad and all CEOs are bad. The exceptions are:
Corporations such as Google, Microsoft, Apple, Progressive Insurance, General Electric, Ben and Jerry's, just to name a few who support Obama. They are ok even when they avoid taxes.
Rich people are all ok so long as they are Democrats. This includes movie stars, George Soros and Warren Buffet.
The CEOs that head the above companies are all ok.
#4 Apr 30, 2013
Maybe we just have to understand that every tax dollar a company is able to avoid, is another dollar our children will have to pay.
#5 Apr 30, 2013
But-but-but, you love to pay taxes, you have told us such many times.
#6 Apr 30, 2013
Hey, for once you're right. Mark it on your calendar because it seldom, if ever happens.
We Moderates, Progressives, and Liberals don't mind paying taxes to support our country.
We call that patriotism.
It's you Right Wingers who detest paying for the services and programs that you slurp from each and every hour of each and every day.
If I happened to have a few Trillion Dollars hidden in offshore banks, I'd be happy to bring it onshore and pay taxes on the money.
That's what American corporations should be forced to do.
#7 Apr 30, 2013
Or to put it another way, every dollar that the Federal government spends is another dollar our children will have to pay.
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