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Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study
Reuters ^ | Tue Oct 6, 2015 6:37pm EDT

Posted on 10/06/2015 9:18:54 PM PDT by TigerClaws

The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.

The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.

Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund used the companies' own financial filings with the Securities and Exchange Commission to reach their conclusions.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Extended News; Foreign Affairs; Government; News/Current Events
KEYWORDS: bermuda; europeanunion; fartyshadesofgreen; ireland; luxembourg; netherlands

1 posted on 10/06/2015 9:18:54 PM PDT by TigerClaws
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To: TigerClaws

Have a 6 month 10% capital gains/corporate tax rate to allow anyone to bring money back into the US.


2 posted on 10/06/2015 9:30:31 PM PDT by LukeL
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To: TigerClaws

So what? If they’ve paid the taxes in the countries they earned that money in, and haven’t used fraud to under/overpay for goods from America to make that profit, what’s the beef? That they don’t want to be double taxed for merely moving that money back to the US?


3 posted on 10/06/2015 9:42:15 PM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: TigerClaws

They earned it. Why should they pay extortion to the .gov mafia simply for existing?


4 posted on 10/06/2015 9:52:18 PM PDT by JParris
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To: VanShuyten; All

Trump’s proposal is a one-time 10% tax to bring the money back here into the U.S.

I posted the article to show the dollar amount.


5 posted on 10/06/2015 9:52:41 PM PDT by TigerClaws
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To: LukeL
Is that you Trump? ; )
6 posted on 10/06/2015 9:59:54 PM PDT by Chgogal (Obama "hung the SEALs out to dry, basically exposed them like a set of dog balls..." CMH)
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To: TigerClaws

the US is the ONLY country that believes you owe taxes even when you’re not working in the US.


7 posted on 10/07/2015 12:45:45 AM PDT by sten (fighting tyranny never goes out of style)
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To: sten

Not quite true—if I remember correctly, there’s one other country that thinks that. I think it’s Eritrea.


8 posted on 10/07/2015 3:20:11 AM PDT by dinodino
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To: LukeL
Have a 6 month 10% capital gains/corporate tax rate to allow anyone to bring money back into the US.

Why pay 10% if they can leave the money overseas and pay nothing?

9 posted on 10/07/2015 3:32:13 AM PDT by DoodleDawg
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To: DoodleDawg

Exactly.

We need to eliminate income taxes entirely, at both the individual and corporate levels...or, at least, at one of those levels. The current system is ridiculous.


10 posted on 10/07/2015 3:42:19 AM PDT by dinodino
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To: TigerClaws

America needs to be about America once again.

Our biggest companies have sold us out.

Bring that money back to the states. And hire Americans once again.


11 posted on 10/07/2015 3:46:34 AM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html)
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To: Cringing Negativism Network
Bring that money back to the states. And hire Americans once again.

I imagine if the corporations brought that money back then it'd go for dividends, stock buy-backs, and acquiring other companies which would lead to lay-offs rather than job expansions.

12 posted on 10/07/2015 3:52:28 AM PDT by DoodleDawg
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To: Cringing Negativism Network

What we need is a Five Year Plan.


13 posted on 10/07/2015 3:54:41 AM PDT by 1rudeboy
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To: 1rudeboy

What we need is to stop playing word games, and to finally get an American president who will start rebuilding our own country once again.

Bring it home.


14 posted on 10/07/2015 3:56:45 AM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html)
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To: Cringing Negativism Network

Just saying, right?


15 posted on 10/07/2015 3:57:15 AM PDT by 1rudeboy
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To: 1rudeboy

Right.

You and I pretty much represent the two positions.

You’re darned right. I am all for bringing that money back to the states, and rebuilding America.

You’re all for this offshoring. So, right.


16 posted on 10/07/2015 3:58:57 AM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html)
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To: Cringing Negativism Network
America needs to be about America once again.

Our biggest companies have sold us out.

Bring that money back to the states. And hire Americans once again.

America needs to reduce taxes and regulations on businesses.

Businesses are trying to remain profitable and viable. That is difficult when America has excessively high corporate taxes and oppressive regulation.

17 posted on 10/07/2015 3:59:15 AM PDT by Senator_Blutarski
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To: Cringing Negativism Network
Correction: you are for bringing other people's money back to the States, and spending my money.
18 posted on 10/07/2015 4:02:19 AM PDT by 1rudeboy
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To: Senator_Blutarski

No they have abandoned the country they belong in.

Other countries have contributed to the mess, but our own companies are FAR too invested in “globalism”.

Bring American companies back, to America.

Trump gets this. He’s the only person in either party, who gets this. It is why he is winning.

Very simple. Americans support this strongly.


19 posted on 10/07/2015 4:02:40 AM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...
Citizens for Tax Justice -- my ass -- and the U.S. Public Interest -- my ass -- Research Group Education Fund -- my ass.

20 posted on 10/07/2015 4:53:44 AM PDT by SunkenCiv (Here's to the day the forensics people scrape what's left of Putin off the ceiling of his limo.)
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