60 Minutes: New Corporate Tax Havens

60 Minutes replayed this segment on tonight's show.

(CBS News) - Our government is in knots over ways to lower the federal budget deficit. Well, what if we told you we found a pot of money - over $60 billion a year - that could be used to help out?

That bundle is tax money not coming in to the IRS from American corporations. One major way they avoid paying the tax man is by parking their profits overseas.

Read the full transcript at CBS...

Comments

[TLNL]

UNTAXED FOREIGN PROFIT

GE - $94 Billion
Pfizer - $48.2 Billion
Merck - $40.4 Billion
Johnson & Johnson - $37 Billion
Exxon Mobil - $35 Billion
Citigroup - $32.1 Billion
Cisco Systems - $ 31.6 Billion
IBM - $31.1 Billion
Proctor & Gamble - $30 Billion
Microsoft - $29.5 Billion

http://money.cnn.com/galleries/2011/news/companies/1104/gallery.foreign_untaxed_profits.fortune/?hpt=T1

[DailyBail]

Great link. Thanks.

[Inurface]

Simple question, if taxs are so low in Ireland and have many,many US companys, WHY ARE THEY FUCKEN BROKE, huh?

[DailyBail]

@Inurface...Because of the banks...and a real estate collapse...they had a real estate bubble of intense proportions.

[Jack Lohman]

Corporate taxes should be ZERO, and transfer the taxes lost to the Fat Cats that own the companies. Implement an import tariff, but first, get the politicians off the payroll of the corporations. Only public funding of campaigns will get the bastard politicians working the the United States.

[Ronald29609]

Since corporations are people (according to Mitt Romney) then why don't they pay taxes on world wide income like other USA people?

[Jack Lohman]

Because Ronald, corporations simply pass those taxes on to the consumers and we reimburse them at the cash register, in a very regressive way, and they move their jobs offshore. We are better off with ZERO corporate taxes to keep the companies and jobs in the US, and tax the wealthy CEOs and shareholders to make up the difference. Oh, they'll move offshore? Then add an import tariff if the want to do business in the US.

But hey, as long as the politicians are on their payroll these corrupt assholes won't make it happen anyway, so don't worry.

[john]

http://www.renewableenergyworld.com/rea/news/article/2011/01/abu-dhabi-rise-of-a-renewable-energy-titan

[john]

Swiss Ponder Battle Over Runaway Franc

http://www.bloomberg.com/news/2011-08-15/swiss-ponder-unthinkable-as-world-s-chaos-turns-franc-economy-upside-down.html

[snip]

“The franc is catastrophically overvalued,” said Blocher, a former justice minister for the People’s Party, Switzerland’s largest. “It’s almost like economic warfare -- to wage a war, you must use all measures at your disposal, and you must win.”