Big California corporations parking $262 billion offshore

[Locutus]

A dozen of California's largest corporations are holding nearly $262 billion in foreign earnings in offshore subsidiaries to shield the money from American taxation, according to a new study by a consumer advocacy group.

The 12 are on a list of 105 publicly traded American corporations collectively holding $1.17 trillion in earnings offshore, according to the study by a coalition of state Public Interest Research Group affiliates, including CALPIRG in California.


The critical study is entitled Offshore Shell Games and the PIRG coalition says the practice is depriving federal and state governments of much-needed revenue for public services.


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Capitol Alert: Big California corporations parking $262 billion offshore

 

[Cliffy]

Duh! I thought it was all those welfare bums who were tanking the economy.

 

[B00Mer]

That's interesting as the USA taxes individuals on their worldly income, I guess they forgot to tax corporations on their overseas income too..

 

[captain morgan]

That's interesting as the USA taxes individuals on their worldly income, I guess they forgot to tax corporations on their overseas income too..

They set up wholly-owned subsidiaries in tax friendly jurisdictions and all the money (profits) from that subsidiary remain in that nation (and subject to those taxes). The sub is a unique, legal entity outside the USA and therefore not considered in the overall global revenues by the IRS

Perfectly legal and been going on for the last number of years - accelerated since BHO has taken office

 

[Kreskin]

They freeload no matter what the tax rate is.

 

[Cliffy]

They freeload no matter what the tax rate is.

Not the holy corporations! Say it ain't so!

 

[captain morgan]

They freeload no matter what the tax rate is.

Take a look at this link.
What The Top U.S. Companies Pay In Taxes - Forbes

An example of what ConocoPhillips pays is:

• Pretax income: $19.8 billion
• Provision for income taxes: $8.3 billion
• Net income: $11.4 billion
• Tax rate: 42%

Add in all the other taxes, fees, licenses, etc and that is a ton of cash into the gvt's hands.


Not exactly like they aren't giving back

 

[B00Mer]

It's truly no different than some Canadian corporations..

Corporate back patting by Big Government pisses me off..

Shipbuilding contract holds $250M mystery - Politics - CBC News

Here's a perfect example, pay 250 million for plans then scrape the idea.. that's $7 out of every Canadian's pocket to a company that could care less about the little guy.

 

[L Gilbert]

A dozen of California's largest corporations are holding nearly $262 billion in foreign earnings in offshore subsidiaries to shield the money from American taxation, according to a new study by a consumer advocacy group.

The 12 are on a list of 105 publicly traded American corporations collectively holding $1.17 trillion in earnings offshore, according to the study by a coalition of state Public Interest Research Group affiliates, including CALPIRG in California.


The critical study is entitled Offshore Shell Games and the PIRG coalition says the practice is depriving federal and state governments of much-needed revenue for public services.


more


Capitol Alert: Big California corporations parking $262 billion offshore

lmao It isn't just Californian companies. One of our very own prime ministers got busy shuffling his goodies around in order to dodge taxation. Must be legal in Canada to do that. Is it legal in the States?

 

[coldstream]

An inevitable result of Free Trade. And that figure understates the issue by multiples. The shipping of profits by way of transfer prices to offshore tax havens, frees the corporations from all social obligations. They proceed to gouge the American shopper by charging First World Prices, and the foreign subsistance salary sweatshop worker by paying Third World Wages.. and pocketing the difference. It's a giant shell game and scam.

 

[gopher]

Duh! I thought it was all those welfare bums who were tanking the economy.

Corporations are welfare queens.

 

[taxslave]

An inevitable result of Free Trade. And that figure understates the issue by multiples. The shipping of profits by way of transfer prices to offshore tax havens, frees the corporations from all social obligations. They proceed to gouge the American shopper by charging First World Prices, and the foreign subsistance salary sweatshop worker by paying Third World Wages.. and pocketing the difference. It's a giant shell game and scam.

And your pension plan is raking in the loot because of it. WHo do you think owns corporations?