America’s 50 biggest corporations are hiding over $1 trillion overseas

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http://www.huffingtonpost.com.au/entry/biggest-corporations-hiding-over-trillion-overseas_us_57100f97e4b0060ccda2c625?section=australia

Corporate America’s accountants are having a tough week.

A government report revealed on Wednesday that a significant percentage of large, profitable U.S. corporations pay no federal taxes at all. A study released Thursday gives fresh insight into some of the practices that make those light tax burdens possible.

The 50 largest U.S. corporations currently stash about $1.4 trillion in offshore tax havens, according to the analysis by anti-poverty group OxFam America.

Between 2008 and 2014, these titans of big business — a group that includes Apple, Coca-Cola and Disney — together received approximately $27 in federal loans or similar aid for every $1 they paid in federal taxes, OxFam America calculated.

All together, the 50 biggest companies’ overseas tax avoidance techniques allowed them to pay an effective corporate income tax rate of 26.5 percent during those years, the nonprofit estimates. That is well below the official top rate of 35 percent.

Released just days before the deadline for Americans to file their tax returns, “Broken at the Top” seeks to expose how corporate tax dodging limits global governments’ ability to address poverty.

“The vast sums large companies stash in tax havens should be fighting poverty and rebuilding America’s infrastructure, not hidden offshore in Panama, Bahamas, or the Cayman Islands,” OxFam America president Raymond Offenheiser said in a statement accompanying the study.

OxFam America relied primarily on data from the companies’ annual financial filings to the Securities Exchange Commission.

Other organizations have come up with slightly different numbers using similar research methods. A March study from the liberal Citizens for Tax Justice found that the 500 largest corporations are holding $2.4 trillion overseas, allowing them to avoid paying $695 billion in taxes.

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is that all?

“OxFam America relied primarily on data from the companies’ annual financial filings to the Securities Exchange Commission.”

sounds a bit small to be honest..i would think even more..

“The 50 largest U.S. corporations currently stash about $1.4 trillion in offshore tax havens, according to the analysis by anti-poverty group OxFam America. Between 2008 and 2014, these titans of big business — a group that includes Apple, Coca-Cola and Disney — together received approximately $27 in federal loans or similar aid for every $1 they paid in federal taxes, OxFam America calculated.”

401

~ by seeker401 on April 19, 2016.

6 Responses to “America’s 50 biggest corporations are hiding over $1 trillion overseas”

  1. I can’t wait to carefully read this article
    Thank you

  2. Just wait for the pangs

    “For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs. (ESV)”

    For because of this you also pay taxes, for rulers are servants of God, devoting themselves to this very thing. 7Render to all what is due them: tax to whom tax is due; custom to whom custom; fear to whom fear; honor to whom honor.

    These companies are so big they rule the rulers now .

  3. Maybe they could use some of it to pay off some of the massive debt they’re holding…

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