US Companies Avoiding $620B In Taxes: Report
America’s largest companies are harboring more than $2.1 trillion in profits overseas to avoid paying taxes stateside, a report showed. The accumulated profits, if repatriated from places that include Bermuda, Ireland, Luxembourg and the Netherlands, would amount to an estimated $620 billion in U.S. tax revenue. The study, which was conducted through two left-leaning nonprofit organizations…
33 responses to US Companies Avoiding $620B In Taxes: Report
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Buford2k11 October 7th, 2015 at 10:56
The IRS is starving me, while the wealthy pay nothing….I blame the wealthy…
Roctuna October 7th, 2015 at 13:40
That would be silly. I blame the tax dodgers, many of whom happen to be wealthy.
Tommie October 7th, 2015 at 11:04
Where is Bill O’Reilly’s report on this, oh yeah, sure he is doing the same damn thing but complains over starving people on food stamps, what an a$$!
rg9rts October 7th, 2015 at 11:20
$620 B that we know of
DogsRgoodpeople October 7th, 2015 at 11:22
Way to create those jobs job creators !
Suzanne McFly October 7th, 2015 at 11:38
But, but what about food stamps, welfare, social security, medicare, medicaid…..
Jimmy Fleck October 7th, 2015 at 14:05
This is money that was earned by business in a foreign country. Why should this be taxable in America if the money was never here? It is not like this is illegal either. The company is simply operating to maximize revenue and minimize tax obligations. Do you criticize people that take a mortgage interest tax deduction as avoiding taxes? Probably not since that is how the tax code is written. What about all those people hiding income in tax deferred 401ks – are they dodging taxes by participating in these?
Bunya October 7th, 2015 at 14:25
Before you bend over backwards justifying their greed, hese are also the same companies receiving corporate welfare.
Jimmy Fleck October 7th, 2015 at 14:29
What you term corporate welfare is in fact the US tax policy. Again, do you count child tax credits as welfare to people? Deductions for charitable contributions? You know what is welfare – Welfare! Deciding to let a company keep some of its own money is not the same as the government giving it money it did not earn.
Bunya October 7th, 2015 at 15:43
Of course I take advantage of deductions when I can, but it’s a drop in the bucket compared to what, say, Monsanto, is collecting. Huge corporations are collecting corporate welfare while at the same time shipping jobs overseas. I can guarantee they have more money than a single mother living in New Jersey trying to feed her children.
Jimmy Fleck October 7th, 2015 at 16:16
Again, Monsanto and other companies are not “collecting” anything from the government. They are just paying less by participating in the tax programs as defined by the government.
allison1050 October 7th, 2015 at 17:36
It welfare Jimmy any way you want to turn it and look it, still boils down to corporate welfare. Don’t confuse yourself by dragging people and children into a discussion that’s about US companies moving jobs (lower wages but leaving unemployed behind, you with me so far Jimmy? And unemployed who then receive what now?).
Any real confusion should be cleared if you just stay on the 1 subject..if it’s real, if not then I say you must be a TROLL here to visit.
Jimmy Fleck October 7th, 2015 at 17:44
Allison – you will need to cite payments from the government to a business for something other than services rendered and I will agree it is welfare. Offering tax benefits to companies such that they have lower taxes is not welfare unless you also consider the similar tax deductions allowed to citizens to be welfare.
allison1050 October 7th, 2015 at 17:53
Are you really that dumb Jimmy? I really would hate to think that you are but, maybe you are. Right now I’d rather think of you as the newest TROLL that’s just dropped by for a quick visit.
arc99 October 7th, 2015 at 14:46
No because most ordinary people who take advantage of the tax benefits available to consumers, use the money to pay other bills or to provide necessities for their families.
They do not leave the money sitting in investment accounts making only themselves and their banks richer.
We send jobs overseas. We send profits overseas. It costs our economy billions.
But we begrudge a single mother on welfare, a few hundred bucks a month to feed her family and make her pee in a cup after being laid off from a job she held for 15 years. Anyone who cannot see the inherent obscenity in this, just might be a conservative.
Jimmy Fleck October 7th, 2015 at 15:17
There is a really simple way to get companies to move this money back to America. Let them bring it here either tax free or at a lower tax than what they are paying in the other countries. Why not set up America’s tax laws for businesses such that foreign companies would want to hold their investments here? We could become the world’s banking center and have foreign holdings of several trillion dollars at a low marginal tax rate that would generate a lot of tax revenue that we currently do not get.
Do you have any investments in either individual stocks, 401k, pension fund, or mutual funds? Chances are you are benefiting from these tax strategies.
arc99 October 7th, 2015 at 16:39
Your suggestion underlines the inherent weakness of capitalism.
Yes, we could change our tax laws. Then after we do, the foreign countries can change their laws to give the companies a better deal.
Such is life when nothing is more important than money. Some things are more important than money. Free market capitalism is inherently unable to recognize that reality. If an action is not profitable, it will not happen. I see that as a weakness.
Also taking into account that countries like Switzerland do not have to spend their treasure on misbegotten wars thousands of miles away from home, I am not optimistic that the United States could ever be competitive in offering lower taxes.
Yes, I have retirement funds and I also burn fossil fuels. When society provides no choices to be more socially responsible, what are the alternatives?
tracey marie October 7th, 2015 at 16:06
tax deferred, do you know what deferred means?
Jimmy Fleck October 7th, 2015 at 16:14
Yes – it means I do not pay taxes on this income at my highest tax rate during my prime earning years. Instead I pay it at a much lower rate well into the future while earning interest off the money that would have been paid as taxes as well. Pretty nice deal the government set up to encourage people to save for retirement. So am I a tax dodger for taking part in this tax program set up by the government? I am definitely reducing the overall taxes I would have paid to the government right? I am in essence avoiding taxes that I would otherwise owe right?
tracey marie October 7th, 2015 at 16:23
How is that evading taxes?
Jimmy Fleck October 7th, 2015 at 16:33
How are the companies in question evading taxes? They are following the tax laws aren’t they? They are choosing to leave their money overseas (i.e. investing in a 401k) and deferring to pay any taxes on it until they need it in America (i.e. withdrawing money from a 401k).
allison1050 October 7th, 2015 at 17:25
Jimmy, read the article again but slowly this time.
Jimmy Fleck October 7th, 2015 at 17:34
Allison – maybe you can explain how this is evading taxes but citizens that take allowable deductions are not evading taxes. Does the report claim they are doing anything illegal? The article claims the companies are engaging in tax evasion, but it sounds to me like they are engaging in tax planning. Taking advantage of legal tax laws is not tax evasion. If the companies are evading taxes illegally then I expect our government to prosecute them.
allison1050 October 7th, 2015 at 17:38
Scroll further down and read my comment to you dear.
tracey marie October 7th, 2015 at 18:28
No, corporations are changing their company “headquesrters” on paper only to stop paying taxes.
Jimmy Fleck October 7th, 2015 at 18:57
So companies should not be allowed to incorporate wherever they choose? Do you think people that decide to move out of high tax states to a state with lower taxes are tax evaders?
tracey marie October 7th, 2015 at 19:03
correct, when they leave on a lie you bet they should be stopped. Hit them with huge tariffs for any and all materials they want to sell in the USA.
Mike October 7th, 2015 at 21:20
I work 4 months of the year in Germany but I’m forced to pay taxes on the money I earned in a foreign country…why the double standard…???
People aren’t hiding money in 401’s thay are merely deferring the tax to take advantage of a better rate at a later date.
These companies in the article benefit from doing business here while manufacturing in a cheap labor market to circumvent the tax code, not take advantage of a loophole. The fact they donate so much money to politicians should be proof they are buying preferential treatment.
Roctuna October 8th, 2015 at 08:17
I direct you to the first paragraph of the study, which is linked. It says “Rather than paying their full share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their profits are generated in offshore tax havens, countries with minimal or no taxes where a company’s presence may be as little as a mailbox.” They use accounting tricks to PRETEND their profits were generated locally. There is no evidence presented in this study to support your contention that the money was earned overseas. It’s merely hidden overseas.
amersham46 October 7th, 2015 at 18:55
The CEOs and their bonuses thank you
amersham46 October 7th, 2015 at 19:03
The next time they go running to the government sobbing ” Help me , help me they are infringing on my patents” The government should say that’s nice , you can afford your own Irish lawyer
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Böcker October 8th, 2015 at 09:04
Un-American