Tuesday, July 19, 2011

Here's why our taxes are so f@*$ing high!

US companies with Multinational status use "innovative" tax practices - another word for "legal" loopholes set up by the US GOV to allow big corporations to lessen or avoid paying taxes at all! And by US GOV I mean this goes way back to around the time your old friend Reagan was in office, in other words it is nothing new, just another reason why politicians with no term limits keep this process going.

“Swiss structure” in the Caterpillar case, income shifting by Google and Microsoft last year involved “Double Irish” and “Dutch Sandwich” strategies, references to moving profits through Ireland (where the corporate tax rate is 12.5 percent compared to 35 percent in the United States) and the Netherlands.

General Electric, of course, grabbed all kinds of headlines earlier this year with the news that despite making $14.2 billion in profits in 2010, the company paid zero taxes because most of the profits — about $9 billion — came from offshore interests.

Corporations seem to find a way when it comes to taxes, whether taking advantage of global resources or writing letters to governors.

SOLUTION: Flat tax with zero loopholes is the only way for this to end, and allow the tax we pay as individuals to go down by having the big money companies pay their fair share! Term limits are the only way to get this done...

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