
Key Facts
Tax avoidance through offshore tax
loopholes is a significant reason why
corporations, which paid
one-third of
federal revenues 60 years ago, now pay
one-tenth of
federal revenues.
U.S. corporations dodge $90 billion a
year in
income taxes by shifting profits
to subsidiaries—often no more
than a
post office box—in tax havens.
U.S. corporations hold $2.1 trillion in
profits offshore – much in tax havens –
that have not been taxed
in the U.S.
General Electric, which uses a loophole
for offshore
financial profits, earned
$27.5 billion in profits from 2008 to
2012 but claimed tax refunds of $3.1
billion.
Apple made $74 billion from 2009-2012
on worldwide sales (excluding the
Americas) and paid almost nothing
in
taxes to any country.
26 profitable Fortune 500 firms paid no
federal income taxes from 2008-2012.
111 large, profitable
corporations paid
zero federal income taxes in at least one
of
those five years.
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