PressTV-US companies avoided $700 billion in taxes
The largest US corporations have managed to hold trillions of dollars in profits offshore in order to avoid billions of dollars in taxes, according to a new study by a group of researchers.
Fortune 500 companies have managed to shelter $2.5 trillion in profits offshore to avoid paying about $717 billion in taxes to the US government, according to an exhaustive study released on Tuesday.
The study shows that one of the practices that has become standard for Fortune 500 companies is to create subsidiaries in a country that has no income or corporate tax.
The authors of the study, which include Citizens for Tax Justice and Institute on Taxation and Economic Policy, examined the tax filings of the Fortune 500 for 2015 and found a whopping 73 percent of the companies “maintained subsidiaries in offshore tax havens.”
According to the study, 367 of the companies on the Fortune 500 have at least one of these subsidiaries.
The researchers calculated that if all the Fortune 500 companies paid taxes on their sheltered profits, the US government would receive an astonishing $717.8 billion in revenue.
(read report at - http://ctj.org/pdf/offshoreshellgames2016.pdf )
(So next time Fox goes on about moochers and people living off welfare, remember this report.
"In FY 2016 total US government spending on welfare — federal, state, and local — is “guesstimated” to be $1,084 billion, including $610 billion for Medicaid, and $474 billion in other welfare.
http://www.usgovernmentspending.com/us_welfare_spending_40.html )
The largest US corporations have managed to hold trillions of dollars in profits offshore in order to avoid billions of dollars in taxes, according to a new study by a group of researchers.
Fortune 500 companies have managed to shelter $2.5 trillion in profits offshore to avoid paying about $717 billion in taxes to the US government, according to an exhaustive study released on Tuesday.
The study shows that one of the practices that has become standard for Fortune 500 companies is to create subsidiaries in a country that has no income or corporate tax.
The authors of the study, which include Citizens for Tax Justice and Institute on Taxation and Economic Policy, examined the tax filings of the Fortune 500 for 2015 and found a whopping 73 percent of the companies “maintained subsidiaries in offshore tax havens.”
According to the study, 367 of the companies on the Fortune 500 have at least one of these subsidiaries.
The researchers calculated that if all the Fortune 500 companies paid taxes on their sheltered profits, the US government would receive an astonishing $717.8 billion in revenue.
(read report at - http://ctj.org/pdf/offshoreshellgames2016.pdf )
(So next time Fox goes on about moochers and people living off welfare, remember this report.
"In FY 2016 total US government spending on welfare — federal, state, and local — is “guesstimated” to be $1,084 billion, including $610 billion for Medicaid, and $474 billion in other welfare.
http://www.usgovernmentspending.com/us_welfare_spending_40.html )
