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Forum Post: Report: U.S. companies keeping $166 billion in offshore tax shelters

Posted 11 years ago on March 11, 2013, 10:03 a.m. EST by GirlFriday (17435)
This content is user submitted and not an official statement

The business newspaper said its analysis of 60 big American companies had found that they had collectively parked a total of $166 billion offshore last year.

That shielded more than 40 percent of their annual profits from US taxes, the report said.




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[-] 1 points by analystwanabe99 (153) 11 years ago

No wonder Obama is screaming for more taxes. If all the wealthy took their doe elsewhere that leaves us holding the bag for the taxes. Thats not fair . . . I think when the government finds out these kinds of things they ought to levee a fine equal to or larger than the tax burden on those funds. Hell they can do it they have the power they just don't want to because they will fall out of bed with them.

[-] 0 points by SteadyRock (63) from New York, NY 11 years ago

Im very sure those companies Overseas has to pay overseas taxes. In order to compete with domestic overseas companies. Whenever they earn overseas stays overseas to boost busyness revenue. Whenever they transfer back to mother company in US - is subject to taxation. Very clever. 166 billions is not such a big money comparatively to military spendings . GirlFriday, you have brought very controversial and again misleading topic

[-] -1 points by GirlFriday (17435) 11 years ago

Wrong answer, sock puppet. Try again.

[-] 0 points by factsrfun (8314) from Phoenix, AZ 11 years ago
[-] 0 points by factsrfun (8314) from Phoenix, AZ 11 years ago

If you google news "oversea profits" you can read the Journal story free.

[-] 2 points by GirlFriday (17435) 11 years ago

That's nice.

[-] 1 points by factsrfun (8314) from Phoenix, AZ 11 years ago

ur welcome

[-] -2 points by highlander3 (-62) 11 years ago

With all the talk of the rich paying their fair share, on top of the 35% bracket, it is better for them to keep it offshore. Even out the tax brackets, and perhaps they will come back

[-] 2 points by GirlFriday (17435) 11 years ago

Great. Then it would be best for all, if they just left the states all together.

[-] -1 points by highlander3 (-62) 11 years ago

that would be an interesting experiment. the rich folk can get workers anywhere; where will a group of workers come up with $1 billion?

[-] 1 points by factsrfun (8314) from Phoenix, AZ 11 years ago

Here’s a link to a story on the French 75% rate talking about people leaving the country among other things.


Interesting thing here is that it was not ruled too high as some would have you believe but it was ruled unfair because some income was treated differently from other income, as a result people making the same amount could face different tax rates depending on how they made their money.

Does that sound familiar to anyone?

But getting back to the headline, is it not simply a fact that if we raise taxes to a certain point very wealthy people will simply give up their citizenship as one of the founders of Facebook did before it went public. Is denying that fact somewhat like denying climate change?

In some ways it may be, but it may be a price worth paying, to not do so is to give up on democracy completely. In America we have not yet experienced outright corporate blackmail; however states face it all the time. The blackmail that says if you enforce policy supported by most of the people who live here, we will take our business elsewhere and you will lose jobs. When faced with bending a knee and going hungry almost everyone bends the knee once children are involved and they almost always are at one time or another. We should remember though that those corporations are ran by people, so when we bend our knee to them, we are bowing to Them, (and their children after all the death tax being evil and all)

State after state has decided to offer special treatment to the people who own corporations at the expense of the people who elected them. The people can often be convinced that it is the best thing to do, give privilege to some so they will allow you to work, as we do with cap gains and dividends, it is a form of government that is as old as time, much older than democracy, it is up to us if it will outlive democracy.

Monarchy or Democracy the choice is ours, but will we make it or will They?