The Great American Tax Dodge | Arthritis Information
Considering American companies pay way less taxes than in other countries - we have a way to pay for health care reform. Look how much we could get if they paid the taxes we do.
The Great Corporate Tax Dodge
* AIG
* American Express
* Bank of America
* Comcast
* Coca-Cola
* Dell
* Exxon-Mobil
* Home Depot
* Pepsi
* Pfizer
Of the ten companies listed above, only Home Depot has not set up an offshore subsidiary to avoid paying its taxes.
They are truly 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 0 billion a year!
President Obama has proposed a budget that invests in many of America's priorities, including education, health care, modern infrastructure and middle class tax relief. His budget will also close the loopholes that allow corporations to set up off-shore tax havens, and now it’s in the hands of Congress.
This April 15, please sign our Tax Day Declaration telling Congress to close these loopholes.
TAX DAY DECLARATION
Dear Congress:
As taxpayers, we foot the bill when large corporations skip out on their taxes by setting up off-shore havens in places like the Cayman Islands.
This tax day, we’re saying, “No more!”
The president has proposed a budget that will close corporate tax havens. The budget is now in your hands and we call upon you to close these off-shore tax havens once and for all.
The teabag protests should be protesting this.
"According to the Government Accountability Office,
nearly all of America's top 100 corporations maintain subsidiaries
in countries identified as tax havens. As the GAO notes, there could be
reasons other than avoiding the IRS to set up branches in places such
as Singapore, Luxembourg and Switzerland, where taxes are light or
nonexistent and keeping clients' illicit secrets is considered a matter
of national pride.
But what reason other than evasion could there be for Goldman Sachs
Group to set up three subsidiaries in Bermuda, five in Mauritius, and
15 in the Cayman Islands? Why did Countrywide Financial need two
subsidiaries in Guernsey? Why did Wachovia need 18 subsidiaries in
Bermuda, three in the British Virgin Islands, and 16 in the Caymans?
Why did Lehman Brothers need 31 subsidiaries in the Caymans? What do
Bank of America's 59 subsidiaries in the Caymans actually do? Why does
Citigroup need 427 separate subsidiaries in tax havens, including 12 in
the Channel Islands, 21 in Jersey, 91 in Luxembourg, 19 in Bermuda and
90 in the Caymans? What exactly is going on at Morgan Stanley's 19 subs
in Jersey, 29 subs in Luxembourg, 14 subs in the Marshall Islands, and
its amazing 158 subs in the Caymans? And speaking of AIG, why does it
have 18 subs in tax-haven countries? (Don't expect to find out from Fox
News Channel or the New York Post, because News Corp. has its own
constellation of strange subsidiaries, including 33 in the Caymans
alone.)
. . . None of these tax havens could exist without the connivance or at least
the cooperation of the world's most powerful governments, which remain
dominated by financial industry lobbyists even now.
. . . Congress and the White House should pass . . . legislation and make
breaking the tax havens a high priority in partnership with the
European Union, the OECD and World Bank.
http://www.salon.com/opinion/conason/2009/03/23/big_clawback/
Wow. And here I thought it was mostly Obama appointees who didn't pay their taxes.Nah, Joy - the teabaggers (snicker) are complaining about raising taxes, back to previous levels mind you, for the people earning over 250K. They don't even realize that they would have got to keep more if the corporations would have stepped up the the plate (as in other countries).
[QUOTE=Linncn]Wow. And here I thought it was mostly Obama appointees who didn't pay their taxes.[/QUOTE]And from what I have read over here in Aus, there are a few of them.
Interesting -
The rich seem to all think it's OK to not pay taxes - Dem or Rep -
Yes Bodak, quite a few. The difference is that when these comapnies do it, they are using tax loopholes. You might not like it but it's legal. However, those in our new administration have just been evading their taxes. And that's against the law.
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