Many of America's biggest and most well-known corporations have set up off-shore "headquarters" in places like the Cayman Islands to dodge their tax obligations.
In fact, each of the these multi-billion dollar corporations have set up offshore accounts to avoid their taxes:
* AIG
* American Express
* Bank of America
* Comcast
* Coca-Cola
* Dell
* Exxon-Mobil
* Pepsi
* Pfizer
Yet, these are just nine of the numerous companies that have set up an offshore subsidiary to avoid paying their taxes.
They are not in the minority.
In all, 83 of the 100 biggest corporations in America have set up off-shore tax shelters, costing the rest of us as much as $100 billion a year.
President Obama has proposed a budget that will close the loopholes that allow corporations to set up off-shore tax havens, and now it’s in the hands of Congress.
But, as Senator Dick Durbin recently admitted, “The banks—hard to believe in a time when we’re facing a banking crisis that many of the banks created—are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
This is our reality, America. We live in a Corporatocracy where the richest and most powerful corporations play by their own set of twisted, self-serving rules.
In fact, each of the these multi-billion dollar corporations have set up offshore accounts to avoid their taxes:
* AIG
* American Express
* Bank of America
* Comcast
* Coca-Cola
* Dell
* Exxon-Mobil
* Pepsi
* Pfizer
Yet, these are just nine of the numerous companies that have set up an offshore subsidiary to avoid paying their taxes.
They are not in the minority.
In all, 83 of the 100 biggest corporations in America have set up off-shore tax shelters, costing the rest of us as much as $100 billion a year.
President Obama has proposed a budget that will close the loopholes that allow corporations to set up off-shore tax havens, and now it’s in the hands of Congress.
But, as Senator Dick Durbin recently admitted, “The banks—hard to believe in a time when we’re facing a banking crisis that many of the banks created—are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
This is our reality, America. We live in a Corporatocracy where the richest and most powerful corporations play by their own set of twisted, self-serving rules.
Of the 100 largest economies in the world, 51 are corporations.
Of those, 47 are U.S.-based.
The overall share of federal taxes paid by U.S. corporations is now less than 10 percent, down from 21 percent in 2001 and 50 percent during World War II.
Of those, 47 are U.S.-based.
The overall share of federal taxes paid by U.S. corporations is now less than 10 percent, down from 21 percent in 2001 and 50 percent during World War II.
According to the Government Accountability office (the investigative arm of Congress), two out of three U.S. corporations paid no taxes from 1998 through 2005. The study covered 1.3 million corporations of all sizes, with a collective $2.5 trillion in sales. It also included foreign corporations that do business in the U.S.
According to Forbes magazine, one-third of America's largest and most profitable corporations paid zero taxes -- or actually received credits -- in at least one of the previous three years.
According to Forbes magazine, one-third of America's largest and most profitable corporations paid zero taxes -- or actually received credits -- in at least one of the previous three years.
Yet, (and this is really disturbing) there are voices still arguing that corporations pay too much and should in fact be paying even less.
The sad truth is, justice is often hard to find these days in America. We like to think that we live in a true democracy, but we simply live in a republic in which we elect politicians to represent and serve the biggest banks and other giant corporations.
Our government is plainly for sale: In the 10-year period beginning in 1998, financial companies spent $1.7 billion on federal campaign contributions and another $3.4 billion on lobbyists.
And there are 185 former members of the House and Senate registered as Washington lobbyists. Congress simply serves as a gateway to the money and influence-peddling of these lobbyists.
In America, you get what you pay for with campaign contributions and political donations -- not taxes.
That's how money talks.
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Comments: 6
Sean, if you had to pay 39% corporate tax, (after cost of labor, materials, adverstising, lawyers, insurance etc) where would you put your money?
Every small business owner I know comes up with ways to deduct every dime allowable in order to avoid the blood sucking taxes.! Guess we're all guilty, send us to the gallows!
Nora, it's as if you didn't read anything written above, but simply succumbed to your own prejudices and concerns.
This isn't abut small businesses. And large corporations clearly aren't paying 39% -- as noted, many are paying nothing at all. Let's not conflate small businesses and our largest corporations. Unfortunately for you, you obviously don't have the kind of money that buys the political clout to dodge your taxes.
But we do have a smart accountant! His wizardry helps us avoid paying the 39%.
FYI we're incorporated to minimize personal liability from this litigious society.
Business is not in business to be a social welfare teat.
The overall share of federal taxes paid by U.S. corporations is now less than 10 percent (GAO)
Two out of three U.S. corporations paid no taxes from 1998 through 2005 (GAO)
One-third of America's largest and most profitable corporations paid zero taxes -- or actually received credits -- in at least one of the previous three years (Forbes)
This is the personification of a corporate welfare state. How can any individual taxpayer be okay with this? It's bewildering.
Don't say you're opposed to the "social welfare teat" when you clearly support the status quo.
Why am I not suprise by this Sean....most people are just too dumb to really ask the hard question...those who do are scape goated as being stupid...but they should ask whom is living the hight life right now...most likely them...cause when the day is over .... do those people have millions in golden parachutes??? Probably not!!!