Multinational corporations pay little or no US income tax...

[realinvestment]

Here's part of a letter that was sent to me from Senator Levin.

<<<While the tax rate on corporate profits is 35%, the reality is that in 2011, corporations paid an average effective tax rate of just 12.1%, the lowest effective tax rate in generations. One study found that 30 of the largest U.S. companies, with combined profits over $160 billion, paid no income tax at all during the period 2008-2010. Many of the loopholes that multinational corporations used to achieve
low or non-existent tax rates are not available to most domestic small businesses.

Among the corporate deductions that should be closed are tax loopholes that allow large,
multinational corporations to use shell companies and accounting maneuvers to shift their profits
offshore and avoid their US taxes. According to the U.S. Senate Permanent Subcommittee on
Investigations, which I chair, three successful U.S. companies - Apple, Google and Microsoft -
used these loopholes to avoid taxes on $80 billion in profits over just three years>>>

 

[boedicca]

What a load of crap.

What you are advocating is double taxation of profits. Profits earned overseas are already taxed by the country in which operations take place. Tax havens exist due to tax treaties entered into by countries to address tax rates.

If what Levin suggests takes place, what will happen is that large multinationals will move their headquarters offshore to avoid U.S. taxation.

 

[realinvestment]

What a load of crap.

Does that mean you feel this is ok? It's a list of 30 mulitanational corporations with substantial US operations, yet paying no US income tax from 2008 to 2010.

30 Major Corporations Paid No Income Taxes In The Last Three Years, While Making $160 Billion | ThinkProgress

 

[ClosedCaption]

What a load of crap.

What you are advocating is double taxation of profits. Profits earned overseas are already taxed by the country in which operations take place. Tax havens exist due to tax treaties entered into by countries to address tax rates.

If what Levin suggests takes place, what will happen is that large multinationals will move their headquarters offshore to avoid U.S. taxation.

Theres one building (caymans I think) that has thousands of PO boxes that are registered as "operations". They are welcome to try to occupy that space but it's a small building. Get it. Anyways Multinational companies already have spots in other countries they just choose to use America as their base and it's not because they are nice guys, and their greed extends to putting the tax burden onto YOU! Now, you'll probably begin some tripe about the poorest not paying income taxes but you're planing small ball if you talk numbers. But it's easier to go after poor Ppl though, isn't it.

 

[realinvestment]

Here's a similar list, source Forbes...Hopefully that source is legit....

29 Companies That Paid Millions For Lobbying (And Didn't Pay Taxes) - Forbes


Company Profits Taxes Paid Lobbying
General Electric $10,460 -$4,737 $84.35
PG&E Corp $4,855 -$1,027 $78.99
Verizon Communications $32,518 -$951 $52.34
Wells Fargo $49,370 -$681 $11.04
American Electric Power $5,899 -$545 $28.85
Pepco Holdings $882 -$508 $3.76
Computer Sciences $1,666 -$305 $4.39
CenterPoint Energy $1,931 -$284 $2.65
NiSource $1,385 -$227 $17.47
Duke Energy $5,475 -$216 $17.47
Boeing $9,735 -$178 $52.29
NextEra Energy $6,403 -$139 $9.99
Consolidated Edison $4,263 -$127 $1.79
Paccar $365 -$112 $0.76
Integrys Energy Group $818 -$92 $2.45
Wisconsin Energy $1,725 -$85 $2.45
DuPont $2,124 -$72 $13.75
Baxter International $926 -$66 $10.45
Tenet Healthcare $415 -$48 $3.43
Ryder System $627 -$46 $0.96
El Paso $4,105 -$41 $2.94
Honeywell International $4,903 -$34 $18.30
CMS Energy $1,292 -$29 $3.48
ConLway $286 -$26 $2.29
Navistar International $896 -$18 $6.31
DTE Energy $2,551 -$17 $4.37
Interpublic Group $571 -$15 $1.30
Mattel $1,020 -$4 $2.81
Corning $1,977 -$4 $2.81
FedEx $4,247 $37 $50.81

 

[tyroneweaver]

I bet if ya got rid of the double taxation companies would be more inclined not to go over seas and send those taxes here.

 

[realinvestment]

I bet if ya got rid of the double taxation companies would be more inclined not to go over seas and send those taxes here.

Of course, I don't blame the companies. It is their duty to shareholders to maximize profits and that includes reducing taxes as much as possible.

It's a system that allows such nonsense, where companies use sophisticated accounting to transfer their profits out of the US. And as Levin said, these tax rates are not available to most domestic small businesses.

 

[hortysir]

What a load of crap.

Does that mean you feel this is ok? It's a list of 30 mulitanational corporations with substantial US operations, yet paying no US income tax from 2008 to 2010.

30 Major Corporations Paid No Income Taxes In The Last Three Years, While Making $160 Billion | ThinkProgress

"Ok" and "legal" are two very different words.

Go to a 3-page Tax Code.
Problem solved.

Until then, anybody and everybody can and will take advantage of every loophole that they/we can find.