Skip to main content

It's a mugs game. They pay tax! The others?

It looks like one can "organise" ones affairs so as to avoid, or at least minimise, the payment of tax. Certainly corporations can, especially if they are multi-national.   Just look at what was revealed about Apple this past week.

"Earlier this week, a Senate panel investigated how Apple avoided billions in taxes through a web of offshore subsidiaries “so complex it spanned continents and went beyond anything most experts had ever seen.” Although the company may have achieved, in the words of Sen. Carl Levin, the “holy grail of tax avoidance,” senators didn’t accuse Apple of doing anything illegal and it is by no means alone in its use of loopholes and gimmicks to avoid paying taxes.

Here’s a list, topped by Apple, of 10 companies that increased their offshore holdings in the past year.




The U.S. corporate tax rate is 35 percent — one of the highest in the world — but as The New York Times reported yesterday, the effective corporate tax rate (what companies actually pay) “fell to 17.8 percent in 2012 from 42.5 percent in 1960,” according to the Federal Reserve Bank of St. Louis. Another chart from the Citizens for Tax Justice shows 10 companies that managed to do much better than average, paying little or no taxes for the past five years. Dollar amounts are numbers in millions and “rate” is the effective tax rate that the companies paid."

Comments

Popular posts from this blog

Whatever democracy the Palestinians had is dying

Almost a desperate cry from a well-known, respected and sober moderate Palestinian.

Mustafa Barghouthi is secretary-general of the Palestinian National Initiative and a member of the Palestinian Legislative Council. He was a candidate for the Palestinian presidency in 2005.

He writes in a piece "The Slow Death of Palestinian Democracy" on FP:

"Palestinian municipal elections were supposed to be held last week. Instead, they were canceled. A statement released by the Palestinian Authority claimed the cancellation was "in order to pave the way for a successful end to the siege on Gaza and for continued efforts at unity" between Hamas, which governs the Gaza Strip, and the government in the West Bank.

The cancellation of this election was an unjustified, unlawful, and unacceptable act. It damages democratic rights and makes a mockery of the interests of the Palestinian people.

But this is far more than an internal Palestinian issue. The only lasting peace between Isr…

Big Brother alive and well in the USA in 2007

The so-called "war on terror" has shown itself up in a multitude of manifestations. The most dangerous thing has been governments using the "excuse" of the war to restrict certain civil liberties, allowing government agencies to pursue a variety of things that they would otherwise would not - and should not - be allowed to do and gathering, and retaining, a variety of information on its citizens.

The Washington Post reports on the latest incursions into civil liberties of all Americans:

"The U.S. government is collecting electronic records on the travel habits of millions of Americans who fly, drive or take cruises abroad, retaining data on the persons with whom they travel or plan to stay, the personal items they carry during their journeys, and even the books that travelers have carried, according to documents obtained by a group of civil liberties advocates and statements by government officials.

The personal travel records are meant to be stored for as lo…