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These Are The 15 US Companies With The Most Offshore Profits

Tyler Durden's picture




 

In the aftermath of several recent events such as i) the issuance of new mega batch of $12 billion in bonds by a suddenly domestic-cash strapped Apple, ii) the repatriation of $9 billion in offshore profits (and payment of $3 billion in taxes) by eBay, iii) the flurry of pharma M&A deals and reverse mergers in which US companies are redomiciled offshore (in low corporate tax hosts like Ireland) to avoid paying US taxes, and iv) the outright use of offshore funds to buy offshore companies such as the GE-Alstom deal which bypasses the US treasury entirely, two questions emerge: who has the most offshore cash, and who is most likely to be the next US corporation to engage in one or all of the above listed transactions which merely seek to optimize a company's offshore cash holdings.

The answer is shown on the chart below: this is the list of the top 15 US companies that have the bulk of accumulated offshore profits, amounting to roughly $1 trillion in cash, which is never subjet to US taxation, and which financial engineers try to generate the highest shareholder returns on.

 

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Sat, 05/03/2014 - 19:21 | 4724685 kaiserhoff
kaiserhoff's picture

So ZH thinks everyone should pay the highest possible taxes?

WTF?

Sat, 05/03/2014 - 19:22 | 4724691 WillyGroper
WillyGroper's picture

Yea, WTF.

How do you derive the highest from none? 

Do you think they repatriate these monies?

Sat, 05/03/2014 - 19:28 | 4724702 kaiserhoff
kaiserhoff's picture

Only the US is greedy and stupid enough to try to tax world wide income on its citizens and corporations.

As ye sow, so shall ye reap.

Sat, 05/03/2014 - 19:29 | 4724705 negative rates
negative rates's picture

Dang, I missed the list again.

Sat, 05/03/2014 - 22:19 | 4725024 TheRedScourge
TheRedScourge's picture

This is easy to explain. These multinationls do a ton of business overseas, esp since America is broke now, and so they're shifting so they can claim losses in the US so they can do gains under a lower tax rate overseas.

American companies that also operate in Canada have done that sort of thing for decades, especially resource companies. They'd get it out of the ground, whatever it is, and ship it back to the US to do all their high value work. Now guess the US is on the opposite side of that deal, sure didn't take long with Conservatives power in in Canada and Liberals in power in US.

Sat, 05/03/2014 - 23:35 | 4725154 James_Cole
James_Cole's picture

This is easy to explain. These multinationls do a ton of business overseas, esp since America is broke now, and so they're shifting so they can claim losses in the US so they can do gains under a lower tax rate overseas.

>>> U.S. multinational companies reported earning 43 percent of their 2008 overseas profits in Bermuda, Ireland, Luxembourg, the Netherlands and Switzerland <<<

That ought to clear that one up..

http://www.bloomberg.com/infographics/2014-03-12/offshore-profits-avoid-...

Sun, 05/04/2014 - 00:28 | 4725232 Theosebes Goodfellow
Theosebes Goodfellow's picture

What's the frickin' deal here?

~"Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains."~

Tommy Jeff busted it all out for you. Now you're acting all surprised?

Did you really think you'd get patriotism, fidelity or trust from a corporation? And nationalizing any corporation isn't a good idea either. Look how .gov handled owning GM.

Sun, 05/04/2014 - 00:44 | 4725250 QQQBall
QQQBall's picture

Easy now - Corporations have feelings too. Day be peeps in the eyes of the SCOTUS

Sun, 05/04/2014 - 02:02 | 4725321 RichardP
RichardP's picture

Only when it comes to expressing political views.  But not when it comes to expressing religious views.

Sat, 05/03/2014 - 20:07 | 4724769 FeralSerf
FeralSerf's picture

Only the US taxpayer is stupid enough to continue supporting corporate welfare tax cheats like GE.

GE is greedy enough to keep taking the taxpayer dollars and giving little in return to the American workers and taxpayers.

Sat, 05/03/2014 - 20:32 | 4724819 strannick
strannick's picture

These companies avail of US services, education and infrastructure. They don't pay taxes but are then subsidized by the tax payers who provide them these services.

Sat, 05/03/2014 - 23:11 | 4725109 Mike in GA
Mike in GA's picture

Don't blame the corporations.  Blame the government policies that incentivise tax avoidance. Blame the politicians for taking the bribes to make the flawed tax policies.  "Set an example" of a few corrupt politicians as they like to do with us and you'll see change.  Until some politicians are brought to justice for their self aggrandizing malfeasance there will be no change.

Sat, 05/03/2014 - 23:38 | 4725157 James_Cole
James_Cole's picture

Blame the government policies that incentivise tax avoidance. Blame the politicians for taking the bribes to make the flawed tax policies. 

You mean the government policies written by lobbyists? 

http://www.theatlantic.com/technology/archive/2010/10/googles-ceo-the-la...

From the horse's mouth:

"The average American doesn't realize how much of the laws are written by lobbyists" to protect incumbent interests, Google CEO Eric Schmidt told Atlantic editor James Bennet at the Washington Ideas Forum. "It's shocking how the system actually works."

Sun, 05/04/2014 - 00:00 | 4725186 prains
prains's picture

Mike

 

the tax laws are written by the corporations hence the term "cronyism" has been bandied about for the last few decades, maybe you've heard of the word?

Sun, 05/04/2014 - 00:11 | 4725201 hidingfromhelis
hidingfromhelis's picture

Both the corporation making the bribe and the legislator accepting the bribe deserve contempt.  Takes two to tango.

Sun, 05/04/2014 - 00:19 | 4725217 prains
prains's picture

if contempt is spelled, r.o.p.e then i would agree

Sun, 05/04/2014 - 02:25 | 4725333 Grouchy-Bear
Grouchy-Bear's picture

Tecnically the system is broke and it does not work with out bandaids all over it!

Sun, 05/04/2014 - 08:01 | 4725513 SilverDOG
SilverDOG's picture

kaiserhoff,


 

**CORRECTION**

 

"Only the U.S. is greedy and stupid enough TO TAX world wide income on its CITIZENS"

 

Now I understand the problem. Constitutional evisceration !

Remove peasant income tax !

Make corporations pay DUE taxes at least; you 90 day investment addict.

Sun, 05/04/2014 - 08:18 | 4725525 AvoidingTaxation
AvoidingTaxation's picture

It is not true Kaiserhoff CIt:

 

Only the US is greedy and stupid enough to try to tax world wide income on its citizens and corporations.

 

USSA, North Korea and Eritrea.

Sun, 05/04/2014 - 08:41 | 4725548 Bloody Muppet
Bloody Muppet's picture

The first $90k/annum tax-free is hardly greedy. What's greedy is companies keeping $100s of billions offshore so they don't feed back into the system that helped them get so big.

Sun, 05/04/2014 - 12:48 | 4726008 FeralSerf
FeralSerf's picture

For individuals that's $90K of tax-free EARNED income. If you don't have a foreign sourced job, it's passive income which is taxed completely. Corporations don't get U.S. taxed on ANY income, passive or otherwise, held off shore.

Sun, 05/04/2014 - 10:20 | 4725667 shouldvekilledthem
shouldvekilledthem's picture

Only the US is greedy and stupid enough
 

 

I'm not sure what planet you are on but I find that every government does the same. 

Sun, 05/04/2014 - 10:27 | 4725679 sessinpo
sessinpo's picture

kaiserhoff         Only the US is greedy and stupid enough to try to tax world wide income on its citizens and corporations.

As ye sow, so shall ye reap.

----

Apparently you missed the memo on various global institutions like the UN, World Bank, and IMF. These social institutions want to brine a NWO that taxes everyone everywhere.

Sat, 05/03/2014 - 19:31 | 4724707 imapopulistnow
imapopulistnow's picture

The dumbest part of our tax policy of encouraging corporations to use every trick in the book to report their profits as coming from overseas, is that they are likely paying foriegn corporate taxes on profits that are earned here.  But the corporation haters just cannot stand the thought of lowering corporate tax rates even though most of the rest of the world has lowered theirs.

Sat, 05/03/2014 - 19:41 | 4724725 LetThemEatRand
LetThemEatRand's picture

The reason this matters is that it is just another example of the mega-corporations writing the laws in a way that they receive a benefit that small business does not.   It also encourages off-shoring.  I'm not a corporation hater.  I own a corporation.  I am an anti-competitive oligarch corporation hater.

Sat, 05/03/2014 - 20:12 | 4724781 y3maxx
y3maxx's picture

...Corrupt American Corporations have Corrupted Washington Lawmakers and both are laughing all the way to "Banks".... in NY. No pun intended

Sun, 05/04/2014 - 00:04 | 4725192 prains
prains's picture

the corporations ARE to blame MIKE......

 

they've poisoned the well of ideas around FAIR and HONEST trade. The OLIGARCHS have tilted the playing field in their favor when it comes to policy, finance, lawmaking, labor arbitrage, etc....I'm getting sick and tired of fucking lists

Sun, 05/04/2014 - 05:22 | 4725437 Fiat Envy
Fiat Envy's picture

The idea that someone "corrupted" previously honest politicans is laughable.  Not that the crony capitalists are any better.

Sun, 05/04/2014 - 07:51 | 4725507 falak pema
falak pema's picture

cocka doodle to you! 

Didn't spell it right to avoid ruffling tea and sympathy feathers! 

Sat, 05/03/2014 - 19:36 | 4724714 RSloane
RSloane's picture

Wow. That list is no different than one of major corporations who contribute heavily to political campaigns. Immelt, who Obama referred to as "someone who knows how to get business done in the US", also had off-shored thousands of jobs before he was appointed Jobs Council czar. I wonder what the total cost of that appointment was.

Sat, 05/03/2014 - 19:36 | 4724715 Sudden Debt
Sudden Debt's picture

You don't get it.

Look: GE

They fucking top the bill!!!

7 YEARS AGO THEY WHERE BANKRUPT AND NEEDED TO BE SAVED WITH HUNDREDS OF BILLIONS OF TAXMONEY!!

And what do they do? They simply don't pay taxes.

So in the end, there's only one greater fool, the one paying taxes.

Sat, 05/03/2014 - 19:46 | 4724733 RSloane
RSloane's picture

Yup: http://www.cnsnews.com/news/article/obama-administration-gave-general-electric-parent-company-nbc-249-million-stimulus 

In all GE got 14 different stimulus grants even though at the time GE was laying off thousands of American workers whose jobs were being shipped overseas.

 

Sat, 05/03/2014 - 20:06 | 4724764 negative rates
negative rates's picture

And look what happened with that, a failed reactor and failed back up system. The U.S. citizens have been duped and used by gvts far and wide, and for an extened period of time too.

Sat, 05/03/2014 - 21:30 | 4724942 optimator
Sat, 05/03/2014 - 20:04 | 4724760 JenkinsLane
JenkinsLane's picture

amen

Sat, 05/03/2014 - 20:08 | 4724770 buzzsaw99
buzzsaw99's picture

um, they still are bankrupt. lulz

Sat, 05/03/2014 - 22:23 | 4725038 Kirk2NCC1701
Kirk2NCC1701's picture

Don't just get mad. Get even, do the same thing: offshore part of your assets and (if possible) your revenue stream.

Enter guys like Simon Black, whose mission and biz model it is to keep a good chunk of your assets globally.

As for the rest (of us), we need to protect whatever assets we can, and TRY to get these freeloaders to pay up. You start by raising REAL issues at elections, and not get distracted/suckered by "Red Meat" issues, that the GOP and Libertarian voters always fall for.

Sun, 05/04/2014 - 00:12 | 4725204 ricky663
ricky663's picture

We left the country already ... Sold everything including a profitable business and move to Thailand in 2012.
Once the TBTF banks got away with their heist of taxpayer loot, and "paid a fine" as their "legal settlement," I realized that the legal system was broken.
As far as using elections to change the system... Not gonna happen. The criminopoly is too far entrenched to allow any major changes IMO.

Change the system - unlikely, live within the system - continue to be fleeced, or exit the system - maybe the best option for some.

Sun, 05/04/2014 - 09:41 | 4725612 FredFlintstone
FredFlintstone's picture

Hasn't there been a lot of political turmoil there in the past decade or so? Do you speak the local lanuage? I take it you are happy with the move?

Sun, 05/04/2014 - 10:47 | 4725716 sessinpo
sessinpo's picture

Kirk2NCC1701          Don't just get mad. Get even, do the same thing: offshore part of your assets and (if possible) your revenue stream.

----

The US is/has already pursued people that hide offshore accounts and profits in various banks. Even Switzerland's banks, which were know for protection and privacy, gave in.

------

Kirk2NCC1701           As for the rest (of us), we need to protect whatever assets we can, and TRY to get these freeloaders to pay up. You start by raising REAL issues at elections, and not get distracted/suckered by "Red Meat" issues, that the GOP and Libertarian voters always fall for.

I hope you meant liberals because there are few and far between Libertarians to even make a difference even if they get distracted/suckered. Just upon that, you need to rethink your statement. Libertarians are hated by the left and right as they are not part of the two party system. The truth is that "REAL" issues aren't really brought up at elections. Has the deficit been solved by Dems or Reps yet? No. Is our military standing and safehood of the US better? No. Basically, those are the main two things the Government should be doing, but is not. Instead, it is enslaving its own population to make up for its own flaws. Nothing new historically here. Government either attacks abroad or it attacks internally. Watch out when it tries to do both!

Sat, 05/03/2014 - 19:42 | 4724721 mrmister
mrmister's picture

General Electric? You mean the company that didn't pay hardly any us taxes at all and got a government bailout from the tax payers? The company that most of its business is from the government? The company that makes everything from light bulbs to jet engines yet is not a monopoly because they may have one competitor from another country?

Sat, 05/03/2014 - 20:45 | 4724843 kurt
kurt's picture

They built and sold, along with Hitachi, that God Damn Fucking Fukushima!

I don't YET see them doing anything to help out.

Sun, 05/04/2014 - 07:31 | 4725494 TeamDepends
TeamDepends's picture

The warranty expired.

Sun, 05/04/2014 - 10:02 | 4725633 Ropingdown
Ropingdown's picture

They chintzed when offered the extended warrantee.

Sat, 05/03/2014 - 21:19 | 4724925 vincent
vincent's picture

So, how much in taxes did GE pay in the US last year?

Oh, that's right, they got a fucking rebate....

Would you consider that a high tax rate?

Sun, 05/04/2014 - 05:45 | 4725445 falak pema
falak pema's picture

Is Piketty now elected to rank of TD? 

LOL ! 

Sat, 05/03/2014 - 19:21 | 4724688 WillyGroper
WillyGroper's picture

Well, there's only 2 that I can make a contribution held worth of difference to.

I'm doing my part.

Sat, 05/03/2014 - 19:51 | 4724716 buzzsaw99
buzzsaw99's picture

GE, $400B in debt. #WINNING!!

(edit: rated AA+ by S&P) #WINNING!!

Sat, 05/03/2014 - 19:43 | 4724729 MedicalQuack
MedicalQuack's picture

Ok if you have never seen it, "The Tax Free Ride" a documentary on off shore tax havens.  It's done well and starts out even showing you how companies really market to keep this issue away from how the public perceives CEOs, in other words don't associate this little factor with them:)

Check out the old rich guy and his early stock technologies...pretty interesting..

http://ducknetweb.blogspot.com/2013/08/the-tax-free-tour-documentary-on-...

 

 

Sat, 05/03/2014 - 19:55 | 4724746 buzzsaw99
buzzsaw99's picture

C, $500B in debt. #WINNING!!

(edit: subordinated debt rated BBB+) #WINNING!!

Sat, 05/03/2014 - 20:02 | 4724753 buzzsaw99
buzzsaw99's picture

In order to pay their taxes, pay off all their debts, buy back all their stock (at Friday's prices) those companies would need many, many (5X? 10X?)  multiples of cash on hand. And C, unless they plan to corzine depositor's money, would need like infinity X.

Sat, 05/03/2014 - 20:43 | 4724838 kurt
kurt's picture

Wipe them out. Take it all.

We'll find others to do what they did right

And we'll be better off because of what they do wrong.

Kill The Beast

Stab it through the Heart!

Sun, 05/04/2014 - 10:15 | 4725656 scrappy
scrappy's picture

They intend to wipe us "kingons" out with the TPP.

Toilet Paper Please.

Kampla! Let the war continue!

Sat, 05/03/2014 - 21:00 | 4724885 sangell
sangell's picture

If corporations are people for political contributions and free speech purposes, then why cannot they be 'people' for AMT purposes? I don't want to rape large corporations with steep taxes but the idea that these big US outfits generate huge earnings in Ireland is ridiculous. You want to be an Irish company move their, make no donations to US politicians, rely on the Irish government to lobby on your behalf and negotiate trade deals based on its international clout etc.

Sat, 05/03/2014 - 21:50 | 4724975 Kreditanstalt
Kreditanstalt's picture

Written by a socialist.  Wouldn't you do the same if it were profitable to do so?

Sat, 05/03/2014 - 23:12 | 4725113 Savyindallas
Savyindallas's picture

Yeah sure. I wonder where they all are on the list of contributions to corrupt US politicians? I have a pretty good idea without seeing the numbers.

Sun, 05/04/2014 - 00:21 | 4725221 prains
prains's picture

socialism in America is a double penetrated concept, maybe you've tasted both ends and can elaborate

Sun, 05/04/2014 - 06:01 | 4725446 CuttingEdge
CuttingEdge's picture

Neither socialism nor capitalism have anything to do with corporate fascism.

What is blatantly obvious from the above (and has been for many years) is that corps dictate government policy. The US politicians, red or blue, are bought and paid for, same as their counterparts in Europe, and the masses who elect them have to be content with taking it up the arse and treated like mushrooms by the MSM. For how much longer before these shysters are rounded up and get their comeuppance is anyone's guess, but that moment is drawing inexorably closer. There is a credible air of increasing air of desperation in everything they do to hold on to the status quo, and the clusterfuck in Ukraine emphasises that fact in spades.

Kudos to none-MSM outlets like ZH, who paint a bloody great target on the major guilty players, ready for when that day arrives. Hope you're listening Corzine, Dimon, Clapper et al - what goes around eventually comes around.

Hope I'm around and well-stocked in the popcorn department (among other things) when this shit goes down.

Viva la fucking Revolution.

Sun, 05/04/2014 - 11:13 | 4725733 sessinpo
sessinpo's picture

duplicate

 

Sun, 05/04/2014 - 11:12 | 4725769 sessinpo
sessinpo's picture

Kreditanstalt      Written by a socialist.  Wouldn't you do the same if it were profitable to do so?

-----

Excellent philosophical question. Here is my answer.

If I were to have a large corporation, hopefully it would be profitable in the nation I reside. And if it is and I want to expand to other nations because I thought it would be profitable, I would create a new corporation within that nation that had nothing to do with the original corporation. Company in US pays US taxes. Company in foreign company pays foreign taxes. There would be no issue repatriation as they are not owned or associated with each other. If I want to actually use any money I make from that company abroad, I, not the corporation, personally have to go through the conversion process of the foreign exchange market and paying. Otherwise I can just keep the money in the foreign currency and use it when I visit.

Instead, we have companies headquarted in one place, but have their fingers everywhere. That isn't wrong. But, if that money offshore doesn't count, then why does it count when they do their taxes, accounting, and forward guidance to analyst on Wall Street? It shouldn't.

As a US person, if you make money abroad, you are legally required to report that even if that money is kept abroad. It has been declared that Corporations are people too (for lobbying purposes). Then why aren't they held to the same standard?

Sat, 05/03/2014 - 22:09 | 4725007 WhiteWolf
WhiteWolf's picture

Perfectly stated. I worked for this company for years. They find US companies making product and profits. They then find better places to produce that product (cheaper labor and raw materials) then offshore production and US jobs) pay no taxes. Then become Obammys jobs Czar and tell all you AMERICANS TO GET WITH IT. FUCK JEFFREY IMMELT. TIME TO ZERO IN YOUR RIFLES BOYS. 

Sat, 05/03/2014 - 22:41 | 4725010 WhiteWolf
WhiteWolf's picture
  1. IT WOULD BE FINE IF..AMERICAN TAXPAYERS DIDN'T FUND THE TGLP WHICH BAILED OUT GE. WHO WANTS TO GO HUNTING???
Sat, 05/03/2014 - 22:12 | 4725011 WhiteWolf
WhiteWolf's picture

Hang and kill immelt. 

Sun, 05/04/2014 - 00:22 | 4725226 prains
prains's picture

is there skinning alive anywhere in your plan, if not, please adjust accordingly

Sat, 05/03/2014 - 22:50 | 4725030 WhiteWolf
WhiteWolf's picture

Guess what prominent executive of GE CAPITAL WAS PROMOTED TO THE BOARD OF DIRECTORS AT JPM? The same guy who used to come down and Brag about how easy it was to make money off of the Resolution trust portfolios sold by the US GOVT? Michael Neal. The guy who package up all those guaranteed COMMERCIAL Loans and Leases, and sub par residential loans. Fuck Mike Neal. Who wants to go hunting?

Sat, 05/03/2014 - 22:47 | 4725048 WhiteWolf
WhiteWolf's picture

Guess what prominent executive of GE CAPITAL WAS PROMOTED TO THE BOARD OF DIRECTORS AT JPM? The same guy who used to come down and Brag about goes easy it was to make money off of the Resolution trust portfolios sold by the US GOVT? Michael Neal. The guy who package up all those guaranteed COMMERCIAL Loans and Leases, and sub par residential loanS AND resold them without knowledge of clear title? Mike Neal. Who wants to go hunting? It will soon be time to get revenge on many of these guys. When he'll breaks loose here in the USSA who wants to track down the real thieves like Jeff Immelt, Mike Neal? HE LOVES HARLEYS.Ever see that movie where you string up razor wire across a road approximately helmet high? HE can then drive right through it. You can get his head served right up on a platter.

Sat, 05/03/2014 - 22:32 | 4725051 Kirk2NCC1701
Kirk2NCC1701's picture

If they are...
Too Big To Fail (TBTF), or
Too Big To Jail (TBTJ), or
Too Big To Tax (TBTT),

Then... You break them into a hundred little pieces. Just use the cobwebbed Antitrust Laws on the books, you DC motherfuckers!

Sun, 05/04/2014 - 05:41 | 4725441 falak pema
falak pema's picture

JFK tried to break up the CIA-- best example of TBTF/TBTJ government state within a state-- into a thousand pieces, after Bay of Pigs and Nam militarist gigs and the Dr Strangelove type jiggery pokery by the MIC shills of Capitol Hill/Pentagon crony baloney think tanks cabal; look where it got him on Aldous Huxley day; in fracked to the Grassy knoll crack of Dallas Cowboys town! 

The writing has been on the wall since then, written in the unrequited blood stained remnants of his brain (along with that of brother and fellow traveller MLK).

Pax Americana of warmongering, Oil guzzling lobby foreva! 

Sun, 05/04/2014 - 11:18 | 4725779 sessinpo
sessinpo's picture

falak pema       The writing has been on the wall since then.

----

The writing on the wall was way before then. Huxley was just repeating the history that has been repeated hundreds of years, even before Huxley.

Sun, 05/04/2014 - 11:54 | 4725841 falak pema
falak pema's picture

I'm sure you are right but the subject of my post was the universal empire of this age and its morph from benevolent hegemon, of that generation which fought on the beaches of Normandy to defend freedom, into something more ominous and deadly from the day Huxley died...

History rhymes for sure, about universal empires and their fall from pedestal due to hubris. 

Sat, 05/03/2014 - 22:43 | 4725062 Colonel Klink
Colonel Klink's picture

Perfect list of companies to boycott.

Sat, 05/03/2014 - 22:59 | 4725089 WhiteWolf
WhiteWolf's picture

Nervous Mike, Jamie, Blasphemous Lloyd?  Those Jet tires you will depend on are worked on and inspected by Americans. Better get out of the USA SOON.

Sat, 05/03/2014 - 23:15 | 4725116 Dingleberry
Dingleberry's picture

Unless I can do business, earn cash and park it offshore, these fuckers should not be able to do so either.

A corporation is a PERSON, ya know.

If I make money overseas, I have to file a tax return as a US citizen.

Should be the same for them, too.

Sun, 05/04/2014 - 00:24 | 4725229 hidingfromhelis
hidingfromhelis's picture

If you had the right kind of legal department and a powerful congress-critter in your pocket, Dingleberry Holdings of Bermuda could be all yours.  Sit back and allocate all your profits to the tax haven offshore account and expense everything to your U.S. operations; let's call them Hemorrhoid, Inc.  Voila!  Collect a tax rebate every year!

Sun, 05/04/2014 - 00:31 | 4725236 DeusHedge
DeusHedge's picture

I'd take apple over microsoft any day... on wall street. ^^

Sun, 05/04/2014 - 06:02 | 4725447 Obamanism
Obamanism's picture

I wonder when the IRS will stop looking at the individual Swiss bank accounts for tax related income and go after the Double Dutch and Irish sandwich crowd.

 

Look at this Link

http://www.finfacts.ie/irishfinancenews/article_1026675.shtml

Sun, 05/04/2014 - 10:02 | 4725632 slightlyskeptical
slightlyskeptical's picture

 It is my thought that since they are American traded corporations then they should pay those taxes regardless of where the money is earned. If they don’t pay the taxes then they shouldn’t be able to include those amounts in their filed financial statements. They either need to be forced to pay the taxes or forced to divest their foreign operations. They are getting American protection in their international businesses without paying the costs to America so they are nothing but freeloaders.

Sun, 05/04/2014 - 10:26 | 4725678 Chuck Knoblauch
Chuck Knoblauch's picture

APB 23

APB 23

APB 23

APB 23

APB 23

Sun, 05/04/2014 - 10:36 | 4725700 RaceToTheBottom
RaceToTheBottom's picture

So much effort is made to mine expats while US firms get off scott free.

So much for corporations being people

Sun, 05/04/2014 - 12:03 | 4725877 Backtable
Backtable's picture

We've got vets returning home from multiple deployments to Iraq & Agfhganistan who can't get the time of day from the VA. I wonder what corporations made the most money off of these useless wars, and the shatetrred lives of thousands, but who employ the world's largest tax experst to avoid paying taxes? How do these corporate fucks sleep at night? Oh, I forgot, they're sociopaths...

Sun, 05/04/2014 - 12:52 | 4726019 baldski
baldski's picture

The great enabler of this corporate rape is the US Supreme Court! Corporations are people and money is speech have fucked over the real people for too long, about a 150 years. Time to reign in the power of the unelected branch of our government! Scalia is a shithead and Roberts never met a corporation he did not like!

Sun, 05/04/2014 - 17:39 | 4726629 honestann
honestann's picture

Yes, baldski... let us review

... the facts...

#1:  Corporations are people, sez supreme court.

#2:  People must may tax on worldwide income.

#3:  Magically, corporations do not.

But it is worse than that.  For a corporate person, "income" means "profits after all expenses".  But for a living person, "income" means "every cent you ever see, including every penny you need to survive".

Who sez corporations don't run the USSA?

Do NOT follow this link or you will be banned from the site!