Stephan Best 14.04.2016
Pepe Escobar posted today a study by OXFAM-America that shows the tremendous amount of tax dodging by the top 50 US corporations. It’s time to focus this item of the Tax Heaven discussion.
Martin Zeis excerpted some numbers of the study :
Oxfam found that from 2008 – 2014, the top 50 US corporations, cumulatively:
- Paid $1 trillion in taxes globally, $412 billion of which was paid to the US federalgovernment;30
- Received $11.2 trillion in support in the form of loans, loan guarantees and bailoutassistance from the federal government;31
- Made $4 trillion in profits;
- Reported an average overall effective tax rate of 26.5%, 8.5% lower than thestatutory rate of 35%;32
- Received $337 billion in tax “breaks”;33
- Currently hold $1.4 trillion in offshore cash reserves;
- Disclosed 1608 subsidiaries in offshore tax havens;34and
- Spent $2.6 billion on lobby expenditures.These 50 companies collectively earned $4 trillion in profits from 2008 – 2014, and received approximately $27 in federal government loans, loan guarantees and bailouts for every $1 they paid in federal taxes during that period (figure 2).
There is no doubt that data from this time frame is shaped heavily by the federal programs, like the auto-bailout and TARP, that were created to deal with the largest economic crisis since the Great Depression. Additionally most loans and bailouts are paid back in full with interest. There are also relevant distinctions to be made between companies and sectors on their tax practices and their receipt of federal support.
Companies benefit in different ways from federal investments and from tax laws, only some of which are revealed in the data Oxfam analyzed. The data also does not show the value of other forms of federal support that companies receive beyond loans, loan guarantees and bailouts. …
==The study is attached==
ciao Stephan Best
mail (at) steven25.com