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

TheDemSocialist

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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.

“It’s misguided to say it’s 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 :doh
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

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

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

All which could of been used to pay down that deficit :doh[/FONT][/COLOR]

Then make it illegal to do it. Until it's illegal it's simply good business practice. Nothing more and nothing less.
 
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?

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

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

" If the companies brought that money home, they would pay combined more than $92 billion in U.S. taxes, the report found."

My understanding is that they want to bring the money "home" from all the profits they made overseas. Not like they made the money off of US citizens. The next thing you know these companies are going to move to where all their money is. Probably won't hurt the feds but it will hurt the state and local governments.
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

If a company can avoid taxes legally, then the CFO wouldn't be doing his job if he didn't take advantage of it. That's how business works. Don't be angry at the companies. They are doing what companies do and doing it as they should do it. Be angry at the tax laws. Sorry, this one is clearly on the government, not the private sector.
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

Good for them, our government will only have wasted it anyways.
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

Or, or, or. Perhaps this is a sign that our corporate taxes (the highest in the world) are too high? :O

They're never too high or too low, corporations don't pay taxes, they pass the cost down to the consumers of their products/services.

" If the companies brought that money home, they would pay combined more than $92 billion in U.S. taxes, the report found."

My understanding is that they want to bring the money "home" from all the profits they made overseas. Not like they made the money off of US citizens. The next thing you know these companies are going to move to where all their money is. Probably won't hurt the feds but it will hurt the state and local governments.

If only we stopped chasing the money away and were more business friendly so it would stay.
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

Capital is extremely portable and the resources of businesses and the technical acumen of their advisers and staff dwarfs that of their regulators. I think it is not only a waste of energy and resources to try and "go after" these companies but that it is billed as a deceptively simple solution that is primarily populist misdirection. Look at how poor our job market is, look how anemic our growth is... look at those fat cats hiding their wealth from you! It's an easy answer, it doesn't mean the solution actually is easy let alone worth it.
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

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 :doh[/FONT][/COLOR]

Good for them. The money wouldn't of been used for deficit anyways. If you really are concerned about the deficit, then lets start cutting out useless socialist bs that weakens the country and promotes weak individuals who rely on government instead of doing things themselves.

If social spending won't be cut, then more companies should do this until the government spending spree causes total collapse of the budget and then let people reap the harvest they have sown.
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

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.

I do not totally disagree with you, however, if a company does not exist in the US and never brings money to the US, then how does the US have a claim on any of that companies profits, even if the company is owned or partially owned by US individuals or Companies? Dividends paid, capital gains,etc of the US entities, sure, but not total or even any profits of the foreign company. Congress simply cannot extend taxation outside of US jurisdictions or to non-US entities.
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

I do not totally disagree with you, however, if a company does not exist in the US and never brings money to the US, then how does the US have a claim on any of that companies profits, even if the company is owned or partially owned by US individuals or Companies? Dividends paid, capital gains,etc of the US entities, sure, but not total or even any profits of the foreign company. Congress simply cannot extend taxation outside of US jurisdictions or to non-US entities.

Well, if that's the way it's done, then why do we have any claim on it being taxed in the first place? If what you're saying is that companies that are headquartered in the United States keep their foreign profits separate? Why are we unhappy they're doing that? It's their right. We shouldn't have any claim to profits made in other countries....unless they bring it home. And why would they? They need expansion money, investment money, etc., etc. in their foreign operations. (I didn't read the OP right...we have no claim to that money.)
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

Well, if that's the way it's done, then why do we have any claim on it being taxed in the first place? If what you're saying is that companies that are headquartered in the United States keep their foreign profits separate? Why are we unhappy they're doing that? It's their right. We shouldn't have any claim to profits made in other countries....unless they bring it home. And why would they? They need expansion money, investment money, etc., etc. in their foreign operations. (I didn't read the OP right...we have no claim to that money.)

The US Taxes companies here on Global Profits, not just domestic profits. We are the only Industrialized nation to do so and we also have the highest corporate tax rate of any Industrialized nation. The surprise is not that some are doing it, but that these owners/shareholders are actually patriotic enough to keep their companies registered in the US.
 
Re: 18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. T

They're never too high or too low, corporations don't pay taxes, they pass the cost down to the consumers of their products/services.



If only we stopped chasing the money away and were more business friendly so it would stay.

They are too high when companies that pay taxes are at a 35% disadvantage to ones that don't.
 
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