From Accountable.US An Accountable.US review has found that five of these tax-dodging corporations had an average effective tax rate of -11.6% and together owed -$636 million in federal income tax in 2020—meanwhile in 2019, the average taxpayer owed $10,649 in taxes for an average tax rate of 13.3%. Then in 2021, these same companies started raising costs on American consumers…
Category: tax
Amazon had sales income of €44bn in Europe in 2020 but paid no corporation tax | Amazon | The Guardian
Fresh questions have been raised over Amazon’s tax planning after its latest corporate filings in Luxembourg revealed that the company collected record sales income of €44bn (£38bn) in Europe last year but did not have to pay any corporation tax to the Grand Duchy. Accounts for Amazon EU Sarl, throug h which it sells products…
An Accidental Disclosure Exposes a $1 Billion Tax Fight With Bristol Myers – The New York Times
Almost nine years ago, Bristol Myers Squibb filed paperwork in Ireland to create a new offshore subsidiary. By moving Bristol Myers’s profits through the subsidiary, the American drugmaker could substantially reduce its U.S. tax bill. Years later, the Internal Revenue Service got wind of the arrangement, which it condemned as an “abusive” tax shelter. The…
How FedEx Cut Its Tax Bill to $0 – The New York Times
In the 2017 fiscal year, FedEx owed more than $1.5 billion in taxes. The next year, it owed nothing. What changed was the Trump administration’s tax cut — for which the company had lobbied hard. The public face of its lobbying effort, which included a tax proposal of its own, was FedEx’s founder and chief…
Big businesses paying even less than expected under GOP tax law – POLITICO
Federal tax payments by big businesses are falling much faster than anticipated in the wake of Republicans’ tax cuts, providing ammunition to Democrats who are calling for corporate tax increases.The U.S. Treasury saw a 31 percent drop in corporate tax revenues last year, almost twice the decline official budget forecasters had predicted. Receipts were projected…
Google Uses Shell Companies, NDAs To Hide Its Tax Break Negotiations From Public
For years, Google has used anonymous LLCs to secure development deals and tax breaks with local officials, whom it then signs to broad nondisclosure agreements in an attempt to keep its role in negotiations secret for as long as possible, the Washington Post reports. The news comes days after Google announced a plan to spend $13B…
U.S. Companies Shelter 40 Percent Of Foreign Profits, Study Finds | HuffPost
The Trump tax cuts have had no real impact on any of the goals it was purportedly designed to achieve, including this one: Multinational companies based in the U.S. and elsewhere hide close to 40 percent of their foreign profits in overseas tax havens, according to a new study, and the massive U.S. corporate tax…
Corporate Tax Cuts Don’t Create Jobs, They Enrich CEOs | The Nation
Though congressional Republicans and the White House rarely see eye-to-eye these days, they are united on the idea that cutting corporate taxes will spur an hiring boom that will reach down to the ordinary worker. A new report from the Institute for Policy Studies shows this isn’t true. US companies are already paying minimal amounts…
valueedgeadvisors.com 