Analysis of the companies listed on Standard and Poor’s Index finds that 37 corporations, one in nine, don’t pay any taxes at all.
Some even enjoy a negative liability.
However, there are profitable companies, with excellent accountants, that paid a 0% tax rate.
Yes, General Motors, that would be you. And in regards to the bailout from the American taxpayers, you’re welcome.
Oh and Verizon, you’re on the list. Can you hear taxpayers now?
Companies banking money offshore has become such a huge problem that Congress finally noticed. In 2014, with cooperation from Switzerland and the Cayman Islands, the government will be going after folks trying to swindle the IRS.
Apple Corporation found a loophole in Ireland’s tax laws that allowed the company to shelter $100 billion dollars, not pay a penny in taxes as a result.
The cost of sending American money to vacation in Cayman accounts costs the United States $300 billion…annually.
What is fascinating and perhaps surprising to some, is that most of the tax dodging is done by individuals, not corporations.
Yes Mitt Romney that includes you.
True patriots, who love their country, pay their taxes.