Friday, October 31, 2014

Job, Employment & Government

President Obama, US Congress & the US Senate can fix the unemployment & economy just by offering TAX breaks to all US based multinational organizations that had to move their organizations to other countries to save US Taxes. The reality is hitting worldwide and EU members started the crack down and are now changing their TAX laws to charge higher taxes to these multinational organizations – US can take advantage of the situation and offer same TAX break which must gradually end over some period but organization will be required to create employment, invest in educational sponsorships. This fixes the economy, jobs & education and the dysfunctional broken US government! Its not a democratic or republican problem its an American Problem !!

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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