Blog

How Much Did You Pay for Tax Dodging Corporations?

By Phineas Baxandall
Senior Analyst for Tax & Budget Policy

Yesterday, millions of Americans rushed to the post office to file their federal income tax returns. For all of us, the checks we wrote were an average of $434 higher because of the burden we are forced to shoulder for major corporations and wealthy individuals who use offshore tax havens to avoid paying their share.

According to a new U.S. Public Interest Research Group (U.S. PIRG) report, many of the largest corporations as well as individuals move money made here in the United States offshore in order to avoid paying federal taxes -- to the tune of $100 billion per year. That $100 billion has to be made up by the rest of us.

This month it came to light that America's largest corporation, General Electric, reported profits of $5.1 billion in the United States, yet appear to have paid no federal income taxes in 2010. The Columbia Journalism Review published a recent article that examines G.E.'s flurry of claims attempting to refute this finding. Regardless of all their objections and explanations, you can bet that the nearly 1,000 people working in G.E.'s tax department used every trick in the trade, including shifting profits to their 14 subsidiaries in tax haven countries, to get their bill down to a number smaller than that of most small businesses and households.

That there is so much confusion surrounding this issue -- or that G.E. deploys an army of tax lawyers and accountants -- illustrates the scale at which these giant corporations use complicated loopholes to minimize paying their fair share.

G.E., however, isn't alone. Corporations like AIG, American Express, Bank of America, Comcast, Coca-Cola, Dell, Exxon-Mobil, Home Depot, Pepsi, and Pfizer have all set up offshore accounts to avoid their taxes. According to a GAO study, more than 80 percent of America's biggest banks and corporations, including some of those we bailed out with TARP funds, have subsidiaries in offshore tax havens that they use to minimize or wipe out their taxes altogether.

These corporations take advantage of, among other things, an education system that educates much of their workforce, government funded research and development, and infrastructure to transport their products throughout the country, but leave it up to the rest of us to pay the bill. Meanwhile, the small businesses that don't have an army of accountants at their disposal are at a disadvantage in the marketplace. The system is backwards and it has to change.

For months, Congress has considered, and passed, deep cuts to many essential public programs, affecting everything from education, to consumer protection, to clean air and drinking water. Instead, our leaders should take a close look at our unbalanced tax code and close the outrageous tax loopholes that allow the wealthiest individuals and corporations to skip out on paying their share.

Comments

Ett roligt initiativ. Som svensk man kan jag instämma i vad modechef Juhlin och Lindström konstaterade, att detta samarbete nog inte är för den genomsnittliga mannen. Oavsett kommer jag kolla lite i butikerna när plaggen kommit.

http://maskodoq.blogspot.com/2013/07/CiptoJunaedy.html
http://fb.me/1z6FGBNTX

berita terkini klasemen liga inggris hari ini http://bola.liputan6.com/kategori/liga-inggris hari ini
berita terbaru liga eropa http://bola.liputan6.com/kategori/liga-eropa hari ini
berita terbaru persik kediri http://www.liputan6.com/tag/persik-kediri/?channel=bola hari ini
berita harian persib bandung http://www.liputan6.com/tag/persib-bandung hari ini
berita terkini mitra kukar http://www.liputan6.com/tag/mitra-kukar hari ini

Easily, the article is actually the best topic on this registry related issue. I fit in with your conclusions and will eagerly look forward to your next updates. Just saying thanks will not just be sufficient, for the fantasti c lucidity in your writing. I will instantly grab your rss feed to stay informed of any updates. - http://www.kirimbungabandung.com/

I loved what you've done here. The design is elegant, your content classy. Yet, you've got an edginess to what you're offering here. Ill definitely come back for more if you keep this up. Don't lose hope if not too many people see your vision, know you've got a fan right here who values what you've got to say and the way you've presented yourself. Good on you! - http://www.floristjogja.com/

Very good blog post. I definitely love this site. Keep it up!I seriously appreciate people like you! Take care!!!please visit my web site and watch online streaming pacquiao vs rios and feel confident and enjoy your watching. - Susu Kolostrum

They studied applying of Duloxetine Hcl to cure muscle aches and stiffness and explain the pros for receiving it. All consumers having cymbalta effects ejaculation with anxiolytics for any labeling should be watched carefully for worsening and different changes in actions, specifically during the first few months of a course of cure remedial program, or at period of quantity changes. As anxiolytic, Duloxetine Hcl induces the raise of serotonin and noradrenalin volume in the brain. Blood count and liver enzymes should be tested properly specifically with longer work. Often, the values increase during therapy and lower then revert to a regular scale.

or at period of quantity changes. As anxiolytic, Duloxetine Hcl induces the raise of serotonin and noradrenalin volume in the brain. Blood count and liver enzymes should be tested properly specifically with longer work. Often, the values increase during therapy and lower then revert to a regular scale. http://aokmedia.co

People and negotiators are so careful nowadays especially if it is a public content and matter. There is no surprise is that; a published material is so tightly concerned with the mortgage business party. Because if there are flaws in the settlement, that means public will make them pay.
http://rosie.besaba.com/alfamart-official-partner-merchandise-piala-duni...
http://maskodoq.blogspot.com/2013/07/CiptoJunaedy.html
http://maskodoq.blogspot.com/2014/03/unit-link-terbaik-di-indonesia.html
http://etnisjawa.blogspot.com/2013/08/apakah-cipto-junaedy-bohong.html
http://rosie.besaba.com/situs-online-terbaik-terpercaya/

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I'm simply now operating on, and I've been on the look out for such information.
http://www.seoedan.com/2014/04/abcbolacom-agen-judi-bola-terpercaya.html
http://www.seoedan.com/2014/03/itucasino.html
http://www.seoedan.com/2014/03/itubola.html
I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job!
http://www.seoedan.com/2014/03/afatogelcom-bandar-terbesar-situs-togel.html
http://www.seoedan.com/2014/04/eyangtogelcom-togel-singapura-togel.html
http://lashoraslentas.blogspot.com/2014/03/itudominocom-judi-domino-agen...
http://www.seoedan.com/2014/04/globalbola.html

Hotel murah di jakarta saat yang tepat untuk berburu hotel

Very nice post. I just stumbled upon your website and wished to say that I have truly enjoyed browsing your website posts After all I’ll be subscribing to your feed and I hope you write again very soon! Thanks!

Check the excite article http://arentin.blogspot.com/2014/02/unit-link-terbaik-di-indonesia-commo... Unit link terbaik di Indonesia Commonwealth Life investra link , and don't forget please browse valuable article http://arentin.blogspot.com Unit link terbaik di Indonesia and good article http://www.postingku.com Junaedy and article http://arisnbw.blogspot.com/2013/10/ciptojunaedy.html Junaedy and good article http://arentin.blogspot.com/2013/05/cipto-junaedy.html Ciptojunaedy that's good and valuable article http://www.aa-gallery.co.id sentra kerajinan tembaga and valuable article http://www.aagallery.co.id kerajinan kuningan.

motor sport yamaha selalu keren Yamaha R15 dan Yamaha R25 Motor Sport Racing dan Kencang mantap kan

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I"m simply now operating on, and I"ve been on the look out for such information.
http://goo.gl/gQfGyg
http://goo.gl/AKZ5uC
http://goo.gl/6Du9vL
http://goo.gl/5Rw9kG
http://goo.gl/NvDCfi
http://goo.gl/rWpFgu
http://goo.gl/LTwuVQ
http://goo.gl/BkTrFg

Easily, the article is actually the best topic on this registry related issue. I fit in with your conclusions and will eagerly look forward to your next updates. Just saying thanks will not just be sufficient, for the fantasti c lucidity in your writing. I will instantly grab your rss feed to stay informed of any updates. - http://www.kirimbungatangerang.com/

i like this reiki attunement thanks

http://clorot.blogspot.com/2014/04/kursus.html "/>kursus seo dan internet marketing terbaik di Jakarta

i like what your share here how to make your dick bigger great

throughout the country, but leave it up to the rest of us to pay the bill. Meanwhile, the small businesses that don't have an army of accountants at their disposal are at a disadvantage in the marketplace.. Restaurant POS System

Blood count and liver enzymes should be tested properly specifically with longer work. Often, the values increase during therapy and lower then revert to a regular scale.
cctv murah

if you keep this up. Don't lose hope if not too many people see your vision, know you've got a fan right here who values what you've got to say and the way you've presented yourself. buy google followers

All the contents you mentioned in post is too good and can be very useful. I will keep it in mind, thanks for sharing the information keep updating, looking forward for more posts.Thanks
Methods For Glass Bubblers

G.E.'s tax department used every trick in the trade, including shifting profits to their 14 subsidiaries in tax haven countries, to get their bill down to a number smaller than that of most small businesses and households. soundcloud downloader

We can not be uninvolved to these challenges. This post gives good ideas and concepts. Very informative and practical. parapharmacie en ligne

Thanks for taking the time to discuss this, I feel strongly that love and read more on this topic. If possible, such as gain knowledge, would you mind updating your blog with additional information? It is very useful for me.
Methods For Glass Bubblers

Som svensk man kan jag instämma i vad modechef Juhlin och Lindström konstaterade, att detta samarbete nog inte är för den genomsnittliga mannen. Oavsett kommer jag kolla lite i butikerna när plaggen kommit. read blog

would be brought where the relationship, if you keep putting off delay without any definite reason between you and me ... just sing to entertain themselves being lonely ...
http://www.jualanbusana.com/2013/12/kemeja-batik-motif-terbaru.html
http://www.jualanbusana.com/2013/10/long-dress-batik-pekalongan.html

- Toko Bunga Bandung - I loved what you've done here. The design is elegant, your content classy. Yet, you've got an edginess to what you're offering here. Ill definitely come back for more if you keep this up. Don't lose hope if not too many people see your vision, know you've got a fan right here who values what you've got to say and the way you've presented yourself. Good on you!

These corporations take advantage of, among other things, an education system that educates much of their workforce.
APKLate

The businesses that don't have an army of bookkeeping companies at their comfort are at a disadvantage in the market. The system is backwards and it has to alter.The South america Literary works Assessment launched a newest article that looks into G.E.'s volume of claims trying to battle this finding.
http://storify.com/utahseo

http://arenawanita.com Terrific paintings! That is the kind of information that are supposed to be shared across the internet. Shame on Google for no longer positioning this publish higher! Come on over and visit my website . http://www.carpaper.net

thank you for your information, this is very helpful.

Regards,
Zeintin Pusat Fashion

with its standard Web Service functionality and its Axis2 plugin. The standard Web Service support in NetBeans IDE is based on the JAX-WS stack. These are the frameworks used in this article: http://drpaullubitz.brandyourself.com/

but leave it up to the rest of us to pay the bill. Meanwhile, the small businesses that don't have an army of accountants at their disposal are at a disadvantage in the marketplace. The system is backwards and it has to change. Dr Paul Lubitz

with its standard Web Service functionality and its Axis2 plugin. The standard Web Service support in NetBeans IDE is based on the JAX-WS stack

click here

Do you want to secure your premises with latest design wireless alarm systems and video surveillance cameras? Haha, check our latest website, and sourcing the latest alarm products here Thanks you for taking your time to read more comments.

Pages

Priority Action

The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the Food and Drug Administration to put an end to the worst practices.

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.