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ExtraTorrent.cc > Articles > America Rewarded Corporations for Hiding Money

America Rewarded Corporations for Hiding Money

America Rewarded Corporations for Hiding Money

Added: Saturday, March 22nd, 2014
Category: Bit Torrent Freedom > The Right To Share
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
The American government seems to be rewarding tech giants, including Microsoft and Apple, who are known for avoiding paying tax by funnelling cash viatax havens like Ireland.The British Bureau of Investigative Journalism (BIJ) revealed that 4 of the biggest American technology groups collectively hold about $124 billion in US Treasury debt (much of it offshore), earning them tax-free interest.

revenueSUM_1708977c.jpg

In other words, Google,Microsoft, Apple, and Cisco Systems hold a large proportion of the $255 billion held in their foreign subsidiaries in US Treasuries. The tech giants can’t bring cash home and use it to help the government pay its debts – because this money would trigger a tax bill. As a result, the corporations prefer to keep it offshore.

American companies say that a "territorial" type of tax system could avoid double taxation and make sure all businesses compete on equal terms. Undoubtedly, this would also encourage companies to shift their revenues overseas. However, the status quo looks equally strange in that the government of the United States appears to reward tech giants for their tax avoidance.

According to a senior international tax policymaker, the American taxpayers paying interest to digital giants investing in American bonds was clearly “a bizarre situation”. Today there’s growing concern that the huge cash mountains held by the largest businesses worldwide may threaten global financial stability.

More than a thousand of the largest US non-financial companies hold $1.48 trillion in cash, according to Moody's, the credit rating agency. In the meantime, more than 20% of the US corporate cash pile is held by Google, Microsoft, Apple, and Cisco.


By:
SaM
March 22nd,2014

Posted by: 
SaM

Date:  Saturday, March 22nd, 2014



Comments (5) (please add your comment »)

1
posted by (2014-03-23 00:38:18)
kingtiger01 avatarthen they wonder, why workers wages are poor and the economy is a mess... Greed, pure, plain and simple. - I could see it, if it was R&D/Payroll budget holding, ONLY for R&D/Payroll. but, this is usually how they hold non-accountable liquid asset holdings. For Bonuses, large-sum purchase{planes,yachts,property}(to avoid luxury taxes) and Attorney fee's in non-territorial courts(For they can claim personal loss for hearings). So nefarious purposes, should go punished. You don't steal out of purses and get away with it? so why do they get away with plain and simple tax fraud?

2
posted by (2014-03-23 13:58:27)
edddy avatarLet's not forget all the subsidies U.S gives to big oil the most profitable industry in the world and G.E gets millions of dollars in tax return each years, this multinational Corporations they just gaming the tax code.

3
posted by (2014-03-23 14:39:14)
mwd25 avatarPeople keep bringing this story up every couple months and its a giant non issue. Congress had hearings on it.....again,waste of time for a non issue. These companies are not "hiding" money and are not dodging taxes. The money that is being held over seas, WAS EARNED over seas. It is NOT money earned in the U.S. that they moved over seas to then avoid taxes. If McDonald's or Dunkin Donuts opens a donut shop in Germany,earns money selling those donuts to Germans,they should not and do not then owe tax to the U.S. They owe tax to Germany. That is all the companies referred to are doing. If they bring that money back to the U.S. they get taxed...at a ridiculous rate. Other countries have revised the tax code to remain competitive in a global market. They encourage companies to repatriate income earned over seas......Not the U.S. We are the only major economy to have not revised the tax code referring to repatriated money in over 30 years!!!!! So please stop with these stories,the companies are doing nothing wrong,its the backward thinking of U.S. tax code that is the problem.

4
posted by (2014-03-23 17:00:02)
No avatarMWD is so correct. I have found the following to be so true these days.

1. It is so easy to hate & bash on thing you have so little knowledge & understanding about; notice I didn't say ZERO, as some knowledge is much more dangerous.
2. It is so cool to hate on the USA, no matter what the truth and realities are.
3. It is so cool to hate on other that are successful and make money, no matter what the truth and realities are.
4. Everyone harbors such jealousy and resentment.
5. No one cares to look in the mirror at themselves or their own doing or their own country's doings.
6. Most people cry and complain like the little bitches they are. Grow up, grown some balls and get some personally responsibility and gain some perspective and reality.

5
posted by (2014-03-24 08:26:39)
No avatarWith reference to 'mwd25' comment that, ''These companies are not "hiding" money and are not dodging taxes'' - you are so wrong. You are assuming that these large corporations are paying their taxes in the countries that are operating in but they are not. They switch their money around the world to whatever location offers the most favourable conditions. Companies like Google and Starbucks pay almost zero corporation tax in UK despite their sizeable presence. Starbucks were ultimately shamed into making a sizeable contribution to UK Exchequer. Corporate tax evasion is rife and, it seems, legal.



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