How Do Multi-Billion Dollar Corporations Avoid Paying Taxes

The following 3 minute video will show you how just 4 of these multi-billion dollar companies get way with not paying their “fair share” of taxes.  And in some cases, they get tax refunds.

Should we be upset with these corporations? Of course!  But we should be outraged at our government for letting them get away with it.

According to Wikipedia:

  • Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts.
  • Tax avoidance is the legal use of tax laws to reduce one’s tax burden.
  • Both tax evasion and avoidance can be viewed as forms of Tax Non-Compliance, as they describe a range of activities that intend to subvert a state’s tax system.
  • When taxpayers try to find loopholes with the intention to pay less tax, even if technically legal, their actions may be against the spirit of the law and in this sense considered non-compliant.

Over $2 trillion in U.S. corporate profits are parked offshore, to avoid paying taxes in the U.S., while law-abiding, taxpaying citizens work hard to pay their “fair share.” What’s the justice in this?

Former Labor Secretary Robert Reich said it best when he said that lost tax revenue has to be made up by you and me and every other taxpayer who can’t afford high-flying attorneys and accountants to shift our income into places with low taxes.”

Instead of paying taxes, they pay lawyers and lobbyists to help them get even more and better tax breaks. If the government starts talking about raising the corporate tax rates, they only complain about how the U.S. has the highest tax rate and then threaten to move their business overseas where the tax rates are more favorable.

How can they be more favorable than zero percent (0%).  I say okay, let them move overseas, but they should be banned from doing business in the U.S. and excluded from participating in any government contracts.

To these multi-billion dollar companies it’s all about profits, and paying less taxes helps them achieve higher profits.

To everyone else it’s all about GREED.

Greedy by samgrittercom

 

Don’t Worry…The Adults are in Charge Again

Adults in Charge AgainNo sir, you don’t have to worry anymore because the adults are now in charge. We know what you want. We know what is good for the country.

  • We’ll protect you from all those liberal, socialist-thinking ideas
  • We’ll repeal ObamaCare – we won’t force affordable insurance and health care on you
  • We’ll reform Social Security – you should be able to save for retirement on your own
  • We’ll reform Medicare – why should we have to pay for health care for all those old people
  • We’ll stop all this ridiculous climate change activity – it’s our world and it will last forever
  • We’ll stop all these alternative energy initiatives – OIL is all we need (drill baby drill)
  • We’ll remove all those pesky safety regulations that are holding back our big businesses
  • We’ll stop all this talk about immigration reform – we just need to get rid of all these foreigners
  • We’ll stop all this minimum-wage discussion – our big businesses need cheap labor to stay profitable

This is just for starters. We will continue to dismantle all those other bad things the Democrats did while they were in charge. If the President tries to stop us from doing our job, we will teach him a lesson and ”shut down the government.”

We know this is what you want because you voted us back in power.

We know what’s good for the country because our financial supporters told us.

So, don’t worry, we are going to take care of you.

Elizabeth Warren: It’s time to work on America’s agenda

Re-posted from The Washington Post | by Elizabeth Warren | November 7, 2015

Elizabeth Warren is one of the few politicians that is willing to speak the truth and say what others are thinking. As she expresses in this article, our government is not working for us, the American people.

<snip>

“It’s not about big government or small government. It’s not the size of government that worries people; rather it’s deep-down concern over who government works for. People are ready to work, ready to do their part, ready to fight for their futures and their kids’ futures, but they see a government that bows and scrapes for big corporations, big banks, big oil companies and big political donors — and they know this government does not work for them.

http://my.elizabethwarren.com/page/m/2852d641/45817bc3/6e09686a/66bc4d02/106598162/VEsE/

General Electric – Top U.S. Corporate Tax Evader

GE LogoAll the arguments being used by the Republicans to defend their continuous string of tax breaks for corporations can be debunked by this one example – General Electric.

From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service.

G.E.’s effective U.S. corporate income tax rate over this six year period was -9 percent.

In 2012, GE stashed $108 billion in offshore tax havens to avoid paying income taxes. If this practice were outlawed, GE would have paid $37.8 billion in federal income taxes that year.

During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when its CEO Jeffrey Immelt was a director of the New York Federal Reserve.

Mr. Immelt has a retirement account at General Electric worth an estimated $59 million and made $19 million in total compensation last year.

He is a member of the Business Roundtable, a group that wants to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, increase taxes on working families, and cut corporate taxes even further.

GE is also a leader in outsourcing decent paying jobs to China, Mexico and other low-wage countries.

On December 6, 2002, Jeffrey Immelt said at an investors’ meeting, “When I am talking to GE managers, I talk China, China, China, China, China. You need to be there. You need to change the way people talk about it and how they get there. I am a nut on China. Outsourcing from China is going to grow to $5 billion. We are building a tech center in China. Every discussion today has to center on China. The cost basis is extremely attractive. You can take an 18 cubic foot refrigerator, make it in China, land it in the United States, and land it for less than we can make an 18 cubic foot refrigerator today, ourselves.”

Does this support their arguments that the corporate tax rate is too high?

Does this support their arguments that corporations need tax breaks?

Does this support their arguments that they are job creators?

No. But what this does support is that they are a prime example of corporate tax evasion and a leader in outsourcing American jobs overseas.

Yet the Republicans will continue to support corporate-welfare over the welfare of the American citizen, including our military veterans.

It’s plain to see that it’s “all about the money.”

 

Source: Bernie Sanders Presents America’s Top 10 Corporate Tax Evaders!,