Bernie Sanders has identified $128bn of offshore tax avoidance from just 31 large Corporations.
He has still managed to miss some of the largest offenders.
These include Apple, Google, Amazon and Starbucks.
These are all large donors to the Democrats and Obama of course.
How much would the additional revenues be if we went through the list of every company in the S&P 500 and Nasdaq 100?
To put this in context the payroll tax expiry was $108bn a year in additional revenues.
The diversion of US generated profits to foreign tax havens to avoid paying US Corporation Tax must be well over double that.
The practice is now becoming so widespread that even medium sized businesses are now getting in on the act.
I read about a largish law firm that was setting up an off shore subsidiary, purely as a mechanism to avoid US Corporation Tax a few months ago.
We have single office buildings in the Cayman Islands that are the registered offices of over 8,000 subsidiaries of mostly US Corporations.
How big is this one office building in the Cayman's, probably a few floors?
And that is before you get into the industry and company specific tax breaks for large Corporations.
Is the $9.4bn a year for offshore loans by the big banks included in these numbers?
The tax breaks for the large arms companies certainly aren't.
For Bernie Sanders report in full, read :-
http://www.politicususa.com/sanders-report-corporations-tax-dodge.html
Top Ten list : Tax evaders wall of shame
http://communities.washingtontimes.com/neighborhood/ad-lib/2011/apr/10/tax-evaders-wall-shame/
This list includes Wells Fargo - I cannot imagine why this was missed off from Bernie Sanders list (sic).
Also Google and Citigroup.
Update 02/16
Facebook gets a multi billion dollar tax break. $1.1bn in profits and a $429m tax REFUND for 2012. Corporatism gone mad.
http://www.businessweek.com/articles/2013-02-15/facebook-gets-a-multi-billion-dollar-tax-break
A taster of Bernie Sanders information :-
1. Bank of America CEO Brian Moynihan.
Number of Offshore Tax Havens in 2010? 371.
Amount of federal income taxes Bank of America would have owed if offshore tax havens were eliminated? $2.5 billion.
Amount of federal income taxes paid in 2010? Zero. $1.9 billion tax refund.
Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? Over $1.3 trillion.
2. JP Morgan Chase CEO James Dimon
Number of Offshore Tax Havens in 2010? 83.
Amount of federal income taxes JP Morgan Chase would have owed if offshore tax havens were eliminated? $4.9 billion
JP Morgan Chase has stashed $21.8 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $4.9 billion in federal income taxes.
JP Morgan Chase has stashed $21.8 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $4.9 billion in federal income taxes.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion.
3. Goldman Sachs CEO Lloyd Blankfein
Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.
3. Goldman Sachs CEO Lloyd Blankfein
Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.
Number of offshore tax havens in 2010? 39.
In 2010, Goldman Sachs operated 39 subsidiaries in offshore tax haven countries.
Amount of federal income taxes Goldman Sachs would have owed if offshore tax havens were eliminated? $3.32 billion.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $824 billion.
Amount of federal income taxes Goldman Sachs would have owed if offshore tax havens were eliminated? $3.32 billion.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $824 billion.
During the financial crisis, Goldman Sachs received a total of $814 billion in virtually zero interest loans from the Federal Reserve and a $10 billion bailout from the Treasury Department.
4. General Electric CEO Jeffrey Immelt
Number of offshore tax havens? At least 14.
Amount of federal income taxes General Electric would have owed if offshore tax havens were eliminated? $35.7 billion.
GE has stashed $102 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $35.7 billion
more in federal income taxes.
more in federal income taxes.
Amount of federal income taxes paid in 2010? Zero. $3.3 billion tax refund. In 2010, not only did General Electric pay no federal income taxes, it received a $3.3 billion tax refund from the IRS, even though it earned over $5 billion in U.S.
profits.
profits.
Taxpayer Bailout from the Federal Reserve? $16 billion.During the financial crisis, the Federal Reserve provided GE with $16 billion in
financial assistance, at a time when Jeffrey Immelt was a director of the New York Federal Reserve.
financial assistance, at a time when Jeffrey Immelt was a director of the New York Federal Reserve.
Jobs Shipped Overseas? At least 25,000 since 2001.
5. Verizon CEO Lowell McAdam
Amount of federal income taxes paid in 2010? Zero. $705 million tax refund.
In 2010, Verizon received a $705 million refund from the IRS despite earning $11.9 billion in pre-tax U.S. profits.
Amount of federal income taxes Verizon would have owed if offshore tax havens were eliminated? $525 million.
Verizon has stashed $1.5 billion in offshore tax havens to avoid paying U.S.
income taxes. Verizon would owe an estimated $525 million in federal income taxes if its use of offshore tax avoidance was eliminated.
American Jobs Cut in 2010? In 2010, Verizon announced 13,000 job cuts, the
third highest corporate layoff total that year.
In 2010, Verizon received a $705 million refund from the IRS despite earning $11.9 billion in pre-tax U.S. profits.
Amount of federal income taxes Verizon would have owed if offshore tax havens were eliminated? $525 million.
Verizon has stashed $1.5 billion in offshore tax havens to avoid paying U.S.
income taxes. Verizon would owe an estimated $525 million in federal income taxes if its use of offshore tax avoidance was eliminated.
American Jobs Cut in 2010? In 2010, Verizon announced 13,000 job cuts, the
third highest corporate layoff total that year.
6. Honeywell International CEO David Cote
Amount of federal income taxes paid from 2008-2010? Zero. $34 million tax refund.
From 2008 through 2010, not only did Honeywell pay no federal income taxes, it received a $34 million tax refund from the IRS, even though it earned over $4.9 billion in U.S. profits during those years.
Amount of federal income taxes paid from 2008-2010? Zero. $34 million tax refund.
From 2008 through 2010, not only did Honeywell pay no federal income taxes, it received a $34 million tax refund from the IRS, even though it earned over $4.9 billion in U.S. profits during those years.
Amount of federal income taxes Honeywell would have owed if offshore tax havens were eliminated? $2.835 billion.
Honeywell has stashed $8.1 billion in offshore tax havens to avoid paying U.S. income taxes. Honeywell would owe an estimated $2.835 billion in federal
income taxes if its use of offshore tax avoidance was eliminated.
Honeywell has stashed $8.1 billion in offshore tax havens to avoid paying U.S. income taxes. Honeywell would owe an estimated $2.835 billion in federal
income taxes if its use of offshore tax avoidance was eliminated.
7. Merck CEO Kenneth Frazier
Amount of federal income taxes paid in 2009? Zero. $55 million tax refund.
In 2009, not only did Merck pay no federal income taxes, it received a $55 million tax refund from the IRS, even though it earned more than $5.7 billion in U.S. profits.
In 2009, not only did Merck pay no federal income taxes, it received a $55 million tax refund from the IRS, even though it earned more than $5.7 billion in U.S. profits.
Amount of federal income taxes Merck would have owed if offshore tax havens were eliminated? $15.5 billion.
Merck has stashed $44.3 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $15.5 billion more in federal income taxes.
Updated 05/21
Tax breaks to corporations are worth $180bn a year.
http://www.huffingtonpost.com/2013/05/19/michael-moore-irs-scandal_n_3303395.html?ir=Business
Updated 05/21
Tax breaks to corporations are worth $180bn a year.
http://www.huffingtonpost.com/2013/05/19/michael-moore-irs-scandal_n_3303395.html?ir=Business
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