Mar 18, 2013
Recently the business press reported that 83 of the largest corporations in the U.S. found places to park almost one and a half trillion dollars outside this country. Yes, a trillion and a half dollars – that’s more money than all the student loans owed in the country plus half of everyone’s personal debt.
In this way, the corporations avoid U.S. taxes. The practice is so widespread that just three of those corporations – Microsoft, Apple and Google – are holding more than 130 billion dollars in other countries.
These companies love to claim they made the profits overseas. Overseas or in the U.S., it’s all the same to capitalism. The world is their oyster, to move investments, profits, currencies, goods, factories wherever they can make the most profit, and find ways to cheat every country out of the very low taxes they are supposed to pay.
In every country, they will lay off workers, push speed-up, pretend they must cut wages and benefits, and cry that taxes are too high.
At tax time, it’s useful to identify the biggest liars and cheats in the U.S.