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04-17-2014, 08:31 PM #1
Study: Untaxed U.S. corporate profits held overseas top $2.1 trillion
http://news.yahoo.com/untaxed-u-corp...RTh0wARiLQtDMD
Foreign profits held overseas by U.S. corporations to avoid taxes at home nearly doubled from 2008 to 2013 to top $2.1 trillion, said a private research firm's report, prompting a call for reform by the Senate's top tax law writer.
"The new numbers ... certainly highlight what is one of the key challenges for tax reform. I do think there need to be some reforms in this area," Senate Finance Committee Chairman Ron Wyden told reporters on Tuesday on Capitol Hill.
Under U.S. law, corporations do not have to pay income tax on most of their overseas profits until they are brought into the United States. These earnings can be held offshore for years if they are classified as indefinitely invested abroad.
Research firm Audit Analytics said in a report issued last week that the total of such earnings was up 93 percent from 2008 to 2013, citing federal financial filings for companies listed in the Russell 1000 index of U.S. corporations.
Conglomerate General Electric Co had the biggest pile of earnings stored abroad, at $110 billion, the firm said.
Next were software maker Microsoft Corp, with $76.4 billion; drugmakers Pfizer Inc, with $69 billion, and Merck & Co Inc, with $57.1 billion; and high-tech group Apple Inc, with $54.4 billion, it said.
In response, GE said in a statement: "GE operates in more than 170 countries, and most of these overseas earnings have been reinvested in active business operations like manufacturing facilities and loans to non-U.S. customers."
Microsoft, Merck and Pfizer were not immediately available for comment. Apple did not respond to requests for comment.
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04-17-2014, 08:41 PM #2
If you pay corporate tax in another country, then you should not have to declare anything in the USA.
I will never become a USA citizen because of this. I will retire in Canada. Why should I have to pay tax to the IRS in retirement, when I will already be paying Revenue Canada over 30% to begin with. The ideas of the IRS as insane at best, especially when people are never going to live in the USA again.
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04-18-2014, 08:12 AM #3
if our taxes were lower, those companies would stay headquartered here.
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04-18-2014, 08:42 AM #4
In the meanwile which these rich jackals hide their money overseas the IRS comes after the working man who cannot afford to pay his taxes after paying for food, gasoline and rent with full force.
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04-18-2014, 11:14 AM #5
I agree. They need to lower and simplify the tax code so businesses don't find these loop holes. Plus, if we have lower and easier tax codes one could argue that foreign businesses might use the U.S. as U.S. companies use other countries to house much of their money.
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04-18-2014, 11:16 AM #6
It does suck, but I'm not of the opinion of blaming the companies for finding loop holes to pay fewer taxes. To me this is more on the tax laws.
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04-18-2014, 01:46 PM #7
Considering most American companies claim to love their country and support it to the ends of the earth...
I wonder how many of the "We did do that!" crowd is avoiding the very taxation spoken of this way. They didn't even indirectly do it by paying their taxes.
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04-18-2014, 05:38 PM #8
I am a financial conservative, but I think avoiding taxes by moving overseas suck balls. The big wigs in these companies are not trickling the money down. Some times the Free Market needs reigning in. I will call this what it is.... Disgusting Corporate Greed.
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04-18-2014, 08:19 PM #9
if we lowered the rate they would stay, others would come, more jobs, more taxes paid.
I have no issue with people going where there is better money, only makes financial sense. Now that I live in an unincorporated township, I know longer have to pay school taxes or Rita, pretty sweet. my take home has went up a nice little amount and now I can spend that money for stuff I need to turn my property into what I want.
Thus I pay less taxes but use that money to buy stuff from local business' and people directly get that money, without the government taking another cut from it. That is the true trickle down effects of paying less taxes.
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04-19-2014, 01:07 AM #10
If you lowered taxes and did nothing else, they would suddenly come to the US despite some places having virtually zero taxes.
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