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Thread: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes

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    18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes

    Apple may be getting all the attention from lawmakers and the news media for its offshore tax practices, but a new report finds that other major companies are using similar tactics to avoid paying taxes on billions of dollars in profits.
    At least 18 companies, including Nike, Microsoft and Apple, are stashing profits in offshore tax havens likely in a bid to avoid paying taxes, according to a new report from the Citizens for Tax Justice, a left-leaning research group. If the companies brought that money home, they would pay combined more than $92 billion in U.S. taxes, the report found.

    Its misguided to say its some unique thing that Apple has created," said Matthew Gardner, the executive director of the Institute on Taxation and Economic Policy, a research partner of CTJ. "A lot of big companies are very likely doing it.



    Read more @: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ

    All which could of been used to pay down that deficit


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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ

    All which could of been used to pay down that deficit [/FONT][/COLOR]
    Which only goes to prove that US corporate taxes are too high with too many loopholes that only make tax accountants and tax lawyers wealthy beyond their worth to society. The same can be said about personal income taxes.

    If you want corporations and people to pay more in taxes and not search out every possible loophole, eliminate the loopholes, flatten the tax code, and make it fair and competitive with other first world economies.
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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ

    All which could of been used to pay down that deficit [/FONT][/COLOR]
    Although I understand your sentiment, it would not be used to pay down the deficit. DC is like a huge black hole, which sucks up all the resources possible, and blows them out the other side, without a thought for fiscal sanity. The collective US populace demands nothing less.
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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Why shouldn't they? If they break no law I don't see a problem with their actions. No different than the individual taking advantage of legal deductions on their income tax.

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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ

    All which could of been used to pay down that deficit [/FONT][/COLOR]
    I blame Congress, not the companies. These loopholes should have been closed YEARS ago. I'll bet 90% of our tax code is written for loopholes to the taxes imposed. It's a bunch of crap.
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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Just grins and giggles, lets say the close all the loopholes and deductions.

    What do you think would happen to the price of the products or services they provide?
    Building block or stumbling block.... choose.

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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Quote Originally Posted by TheDemSocialist View Post
    All which could of been used to pay down that deficit [/FONT][/COLOR]
    Then make it illegal to do it. Until it's illegal it's simply good business practice. Nothing more and nothing less.

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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Quote Originally Posted by GottaGo View Post
    Just grins and giggles, lets say the close all the loopholes and deductions. What do you think would happen to the price of the products or services they provide?
    They will necessarily skyrocket.

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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ

    All which could of been used to pay down that deficit [/FONT][/COLOR]
    You could just as easily have inferred that the money could have been used to provide more Obamaphones, expand the food stamp program, or to offset the costs of Obamacare.

    The only question that I have is what, if anything, about this violates the law? If it does not violate the law the it is a policy issue that needs to be looked at. It is in a corporation's best interest to take advantage of every loophole there is to keep their tax burden as low as possible. Don't we all do the same thing when we fill out our own taxes? Seriously, would you or do you know anyone that pays more in taxes than they absolutely have to?
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    Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ

    All which could of been used to pay down that deficit [/FONT][/COLOR]
    Or, or, or. Perhaps this is a sign that our corporate taxes (the highest in the world) are too high? :O

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