Rupert laid bare | The Economist
Newscorp on the other side of the partisan divide. While most of their business is in the US, and they are registered there, their effective world wide tax rate was 6%.
And to put the partisan crap into the toilet, here is GEs history on tax rates.
GE, Exxon Paid No U.S. Income Taxes in 2009 - ABC News
So this was going on BEFORE Obama and under BUSH.The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.
Avoiding taxes is nothing new for General Electric. In 2008 its effective tax rate was 5.3%; in 2007 it was 15%. The marginal U.S. corporate rate is 35%.
So Exxon, a US owned company pays NOTHING to the feds.Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
Again it is not a partisan issue.. it is a tax code issue built up over decades by BOTH sides of the the political spectrum.