How the US Congress Hands US Corporate Taxes To Europe

[tigerred59]

The American Congress is so incompetent that it is arbitrarily handing billions of dollars of U.S. tax revenues to Europe. The issue involves tax manipulation by America's top IT and pharmaceutical companies, including Google, Apple, Amazon, Microsoft, Gilead and others. These companies should be paying U.S. taxes that instead are increasingly being collected by European countries thanks to Congressional (and IRS) gross negligence.

This is what happens when white america is sick and tired of seasoned politicians and want outsiders to handle the people's business. So my question to all you morons that voted this last crop of nuts in a few Nov.'s ago.....HOW'S IT WORKING OUT FOR YA?????

 

[Toddsterpatriot]

I agree, the morons who elected Obama really fucked up.

 

[Penelope]

Obama had tried to rid the Inversions, the greedy rich will find every loophole they can to not pay taxes. I don't know why you think Obama is behind this.

Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.

Google’s income shifting -- involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” -- helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.

(Snip)

Google, the owner of the world’s most popular search engine, uses a strategy that has gained favor among such companies as Facebook Inc. and Microsoft Corp. The method takes advantage of Irish tax law to legally shuttle profits into and out of subsidiaries there, largely escaping the country’s 12.5 percent income tax. (See an interactive graphic on Google’s tax strategy here.)

(Snip)

“You accumulate profits within Ireland, but then you get them out of the country relatively easily,” Stewart said. “And you do it by using Bermuda.”

Eoin Dorgan, a spokesman for the Irish Department of Finance, declined to comment on Google’s strategies specifically. “Ireland always seeks to ensure that the profits charged in Ireland fully reflect the functions, assets and risks located here by multinational groups,” he said.

Once Google’s non-U.S. profits hit Bermuda, they become difficult to track. The subsidiary managed there changed its legal form of organization in 2006 to become a so-called unlimited liability company. Under Irish rules, that means it’s not required to disclose such financial information as income statements or balance sheets.


http://www.bloomberg.com/news/articles/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes

 

[blastoff]

The corporations are simply using U.S. tax laws to protect their shareholders' investments. They can either bring their foreign profit back here and pay tax on it, or leave it overseas and pay those countries' lower taxes. That's a no-brainer.

If you don't like the laws get to work spreading the word and making life miserable for your representative about it. In fact, drop a note to that fat lefty whale Charlie Rangel about it too as I recall he was the head House honcho tax law guy, or something, for several years. Ask Chuck what's up with the IRS laws.

 

[Penelope]

No they don't want to pay taxes period. Other countries are also getting pissed at these big corps and banks not paying taxes as well.

 

[Iceweasel]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

 

[Penelope]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

They have been using Delaware and these tax haven avenues forever. This is nothing new. Once Ireland stops this they will create others. Most of the money ends up in Bermuda and the Cayman Islands, and then back to the US in their pockets.

 

[tigerred59]

I agree, the morons who elected Obama really fucked up.

LOLOLOL....typical response...deflect, derail and avoid the obvious....NEXT?

 

[tigerred59]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

They have been using Delaware and these tax haven avenues forever. This is nothing new. Once Ireland stops this they will create others. Most of the money ends up in Bermuda and the Cayman Islands, and then back to the US in their pockets.

The United States has the third highest general top marginal corporate income tax rate in the world at 39.1 percent, exceeded only by Chad and the United Arab Emirates. Keep in mind, the US also yields the highest profit margins for companies in the world....so we make take a little, but we also give you a lot in profits to work with.

 

[Iceweasel]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

They have been using Delaware and these tax haven avenues forever. This is nothing new. Once Ireland stops this they will create others. Most of the money ends up in Bermuda and the Cayman Islands, and then back to the US in their pockets.

The United States has the third highest general top marginal corporate income tax rate in the world at 39.1 percent, exceeded only by Chad and the United Arab Emirates. Keep in mind, the US also yields the highest profit margins for companies in the world....so we make take a little, but we also give you a lot in profits to work with.

40% is taking a little? What's your source that we have the highest profit margins?

 

[Penelope]

So they don't even want to pay the 12.5% its at in Ireland. They want to pay 0%. Lowering the tax bracket to 0 will make their miserable life's easier, otherwise they will continue to find an avenue not to pay taxes.

 

[Toddsterpatriot]

I agree, the morons who elected Obama really fucked up.

LOLOLOL....typical response...deflect, derail and avoid the obvious....NEXT?

I agree. Obama has been an obvious failure.

 

[tigerred59]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

How the fuck else do you get to prosperity in this country save through taxing the rich? The same rich that denies pay raises, decent wages, longer hours and cut in retirement benefits and health care.....the same rich that has enjoyed SINCE OBAMA, the highest profit margins in US fuckin history. You sir, need to get a fuckin taste of reality.

 

[LogikAndReazon]

Just think of the programs there could be if that elusive "fair share" could be had !!!

 

[Toddsterpatriot]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

How the fuck else do you get to prosperity in this country save through taxing the rich? The same rich that denies pay raises, decent wages, longer hours and cut in retirement benefits and health care.....the same rich that has enjoyed SINCE OBAMA, the highest profit margins in US fuckin history. You sir, need to get a fuckin taste of reality.

How the fuck else do you get to prosperity in this country save through taxing the rich?

Da, kill the greedy kulaks, eh comrade?

 

[Iceweasel]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

How the fuck else do you get to prosperity in this country save through taxing the rich? The same rich that denies pay raises, decent wages, longer hours and cut in retirement benefits and health care.....the same rich that has enjoyed SINCE OBAMA, the highest profit margins in US fuckin history. You sir, need to get a fuckin taste of reality.

You raise prosperity by not punishing those creating the wealth, business. When businesses do well, we all do well. The middle class doesn't pay taxes in your area? WTF?

 

[LogikAndReazon]

Its really state civil servants that create wealth !!!!
Lol

 

[Penelope]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

How the fuck else do you get to prosperity in this country save through taxing the rich? The same rich that denies pay raises, decent wages, longer hours and cut in retirement benefits and health care.....the same rich that has enjoyed SINCE OBAMA, the highest profit margins in US fuckin history. You sir, need to get a fuckin taste of reality.

I agree, not sure you can lay on Obamas feet though.

 

[Iceweasel]

They do that because we have the highest corporate tax rate in the world. Don't blame congress, blame the left winger that put Democrats in the driver's seat and think we can tax ourselves into prosperity.

How the fuck else do you get to prosperity in this country save through taxing the rich? The same rich that denies pay raises, decent wages, longer hours and cut in retirement benefits and health care.....the same rich that has enjoyed SINCE OBAMA, the highest profit margins in US fuckin history. You sir, need to get a fuckin taste of reality.

I agree, not sure you can lay on Obamas feet though.

I don't think I singled him out, it's been that way for a while.

 

[Staidhup]

So just for a second, why would one re-patriotize post European and Asian earnings to be taxed again at the highest rate in the industrialized world when they will be building future infrastructure in those very countries the earnings derive from? The problem with America is they are so freaking stupid they shoot themselves in the foot, drive companies off shore, rant and rave how evil and corrupt they are and expect corporate leaders to be as dumb as they are. Maybe the problem stems from the inability of government and the electorate to understand where jobs and tax revenue comes from. Liberals are the best thing that every happened to corporate America, it forced them to wake up an walk away from this crap.