Stewart Acuff

Jun 10

US Corporations Hiding Taxable Income Overseas

18 American corporations who make the vast majority of their money in the United States are hiding their profits in foreign countries with lower corporate tax rates.

All together, these corporations are depriving the United States of $92 billion. That means the federal budget would have $92 billion more in revenues. IT IS THE HEIGHT OF HYPOCRISY AND ECONOMIC TREASON TO ENACT THE SEQUESTER AND CUT SOCIAL SECURITY WHEN AMERICA’S BIGGEST CORPORATIONS ARE CHEATING ON THEIR TAXES!!!!!!!!!

They do this in spite of corporate tax write-offs that mean many American corporations., including energy companies, pay no taxes at all.

The 18 corporations include Microsoft, Apple, and Oracle, and Nike.

The Citizens for Tax Justice have dug in and done the research to find all this out.

Another 235 companies have admitted hiding wealth overseas, but have not estimated what they would owe in US taxes if they weren’t cheating. Citizens for Tax Justice estimate that together those 235 corporations would OWE $1.3 TRILLION.

There is no debt nor deficit crisis. The US is the richest country in the history of the world. But our priorities are a mess – an evil mess. We allow 50% of our country’s children to live below or right at the poverty level.

When I lived in Atlanta, I worked out with a lawyer who worked for Turner Broadcasting. One day I asked him what he did for Turner. He said his full-time job was to hide Turner’s assets around the world.

How in the world can we allow this kind of wealth to be created in this country and hidden from the government while our children go to bed hungry, our elders go without, and our people are without jobs?

 

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Photo credit: (Joe Kekeris/AFL-CIO)

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