Wednesday, December 4, 2019

Tech Taxes

It appears they're not paying what they owe:
The report noted that scrutiny of big corporations’ tax payments often focused solely on tax provisions, which was not always the final amount received by governments. It also claimed that profits continued to be “shifted to tax havens, especially Bermuda, Ireland, Luxembourg and the Netherlands.”

Researchers said the bulk of the shortfall “almost certainly arose outside the United States,” with foreign tax charges amounting to just 8.4% of the profit the companies made overseas during the decade.

Speaking to CNBC via telephone on Monday, Paul Monaghan, CEO of Fair Tax Mark, said there was an enormous difference between what companies accounted for and what they actually handed over in taxes.

“The amount of tax being paid by these businesses is $100 billion less than reported in their accounts,” he said.
The rich have loopholes that are different from the rest of us...

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