These 15 companies account for 66% of those profits ($776B/$1.2T). This is according to a Left leaning organization called US PRIG.
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| Source: US PRIG |
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Wednesday, July 31, 2013
Here is a list of the Top 15 companies that shelter profits offshore to avoid US taxes. I bet you love many of them. I hate when that happens...
Here is a list of the Top 15 US companies with corporate profits "sheltered" in offshore subsidiaries ostensibly to avoid US taxes. There is an estimated $1.7 Trillion dollars in profits held offshore by the Top 100 US multi-nationals.
These 15 companies account for 66% of those profits ($776B/$1.2T). This is according to a Left leaning organization called US PRIG.
These 15 companies account for 66% of those profits ($776B/$1.2T). This is according to a Left leaning organization called US PRIG.
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Is this considered an issue for some reason?
ReplyDeleteIt is considered a political issue, so i would say yes. Not sure what you are asking. Please clarify. Thanks!
DeleteThe actions of the companies listed are perfectly legal. They read the tax code and they followed it with the intent of minimizing their taxes, just like the rest of us. What is the basis for complaint? It would be silly to expect them to surrender more money to the government than the law requires. It's only a political issue to those who want this money taken from those to whom it belongs and handed over to someone else to whom it does not belong.
DeleteI agree with you about the legality. Congress passes the law. The IRS via the Treasury interpret it and enforce. I have no problems with that and we are on the same page.
DeleteI also agree with your last sentence but with caveats. A growing dependency is an economic, social and political issue and money spent on social safety net programs can be better spent (or not spent at all to the extent is already is).
But not all spending is on social safety net programs. What about Defense? Social Security and Medicare? Defense speaks for itself and SS and Medicare are promised programs that are considered sacrosanct.
Having said that, my personal belief is the the best govt is one that governs least and takes in taxes just enough to fund essentials.
Thanks for your thoughtful and respectful comment(s). I appreciate it. Please don't hesitate to do so on anything else I post in the future.
You've made a leap from taxation to spending, as if to suggest that this money could be better used if the government spent it than if the rightful owners held on to it and therefore it should be taken, even though current tax law does not allow for it to be taken. Furthermore, government is not capable of spending money wisely.
DeleteFar too much is spent on what is referred to as Defense. SS and Medicare have no constitutional authority. Neither does most of the other things the federal government spends all that money on.