U.S. States Target Corporate Cash Stashed Overseas

[Disir]

Oregon enacted a bill last June for the 2014 tax year identifying 39 countries and territories—including Barbados, Liberia, and the U.S. Virgin Islands—as corporate shelters. The state counts profits that corporations and their subsidiaries stash in shelter countries as taxable income, and companies that do business in the state must report it on their state tax returns and pay up. On April 16 the Democrat-controlled Maine legislature gave final approval to similar legislation, over objections from some Republicans that it’s anti-business. Minnesota and Rhode Island are studying whether to pursue bills of their own. “The issue at hand is one of fairness,” Maine Representative Adam Goode, a Democrat from Bangor, said during the debate on the bill he sponsored. “It really just seemed not in balance, not smart, and not fair that we would allow multinational corporations to hide their corporate income in a place like the Cayman Islands or in Bermuda.”

Offshore tax shelters cost the federal government $30 billion to $90 billion annually, according to a 2013 Congressional Research Service report. The U.S. Public Interest Research Group, which tracks corporate taxes, puts the amount that states lose at $20 billion a year. The largest U.S.-based multinational companies have accumulated $1.95 trillion in profits outside the U.S. That’s up $206 billion, or 11.8 percent, from a year earlier, according to securities filings from 307 corporations.

U.S. States Target Corporate Tax Shelters Overseas - Businessweek

Good deal!

 

[waltky]

High corporate taxes costin' U.S. $620B in tax revenue...

Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study
Tue Oct 6, 2015 - The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.

The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands. The Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund used the companies' own financial filings with the Securities and Exchange Commission to reach their conclusions. Technology firm Apple (AAPL.O) was holding $181.1 billion offshore, more than any other U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if it tried to bring the money back to the United States from its three overseas tax havens, the study said.

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City​

The conglomerate General Electric (GE.N) has booked $119 billion offshore in 18 tax havens, software firm Microsoft (MSFT.O) is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer (PFE.N) is holding $74 billion in 151 subsidiaries, the study said. "At least 358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014," the study said. "All told these 358 companies maintain at least 7,622 tax haven subsidiaries." Fortune 500 companies hold more than $2.1 trillion in accumulated profits offshore to avoid taxes, with just 30 of the firms accounting for $1.4 trillion of that amount, or 65 percent, the study found.

Fifty-seven of the companies disclosed that they would expect to pay a combined $184.4 billion in additional U.S. taxes if their profits were not held offshore. Their filings indicated they were paying about 6 percent in taxes overseas, compared to a 35 percent U.S. corporate tax rate, it said. "Congress can and should take strong action to prevent corporations from using offshore tax havens, which in turn would restore basic fairness to the tax system, reduce the deficit and improve the functioning of markets," the study concluded.

Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study

 

[Wyatt earp]

High corporate taxes costin' U.S. $620B in tax revenue...

Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study
Tue Oct 6, 2015 - The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.

The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands. The Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund used the companies' own financial filings with the Securities and Exchange Commission to reach their conclusions. Technology firm Apple (AAPL.O) was holding $181.1 billion offshore, more than any other U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if it tried to bring the money back to the United States from its three overseas tax havens, the study said.

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City​

The conglomerate General Electric (GE.N) has booked $119 billion offshore in 18 tax havens, software firm Microsoft (MSFT.O) is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer (PFE.N) is holding $74 billion in 151 subsidiaries, the study said. "At least 358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014," the study said. "All told these 358 companies maintain at least 7,622 tax haven subsidiaries." Fortune 500 companies hold more than $2.1 trillion in accumulated profits offshore to avoid taxes, with just 30 of the firms accounting for $1.4 trillion of that amount, or 65 percent, the study found.

Fifty-seven of the companies disclosed that they would expect to pay a combined $184.4 billion in additional U.S. taxes if their profits were not held offshore. Their filings indicated they were paying about 6 percent in taxes overseas, compared to a 35 percent U.S. corporate tax rate, it said. "Congress can and should take strong action to prevent corporations from using offshore tax havens, which in turn would restore basic fairness to the tax system, reduce the deficit and improve the functioning of markets," the study concluded.

Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study

How is it lost revenue? You want to steal from them for what purpose?

 

[EdwardBaiamonte]

How is it lost revenue? You want to steal from them for what purpose?

obviously because liberal bureaucrats can spend the money better than the corporations that earned it producing products that we bought because they improved our standard of living.!!