Thursday, 23 October 2014 / TRUTH-OUT.ORG

It's Not Just One Bad "Apple"

Monday, 27 May 2013 09:39 By Lauren Feeney, Moyers & Company | Report

Apple.(Photo: Marco Paköeningrat / Flickr)Earlier this week, a Senate panel investigated how Apple avoided billions in taxes through a web of offshore subsidiaries "so complex it spanned continents and went beyond anything most experts had ever seen." Although the company may have achieved, in the words of Sen. Carl Levin, the "holy grail of tax avoidance," senators didn't accuse Apple of doing anything illegal and it is by no means alone in its use of loopholes and gimmicks to avoid paying taxes.

Here's a list, topped by Apple, of 10 companies that increased their offshore holdings in the past year.

052713-6-chart1

The U.S. corporate tax rate is 35 percent — one of the highest in the world — but as The New York Times reported yesterday, the effective corporate tax rate (what companies actually pay) "fell to 17.8 percent in 2012 from 42.5 percent in 1960," according to the Federal Reserve Bank of St. Louis. Another chart from the Citizens for Tax Justice shows 10 companies that managed to do much better than average, paying little or no taxes for the past five years. Dollar amounts are numbers in millions and "rate" is the effective tax rate that the companies paid.

052713-6-chart2

Read more about these charts on the Citizens for Tax Justice site. 

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.

Lauren Feeney

Lauren Feeney is an award-winning documentary filmmaker and multimedia journalist whose work has taken her from the crime-infested streets of west Philadelphia to the mountains of northern Pakistan. Before joining Need to Know, Lauren was the senior multimedia producer for PBS’s Wide Angle. Feeney is a graduate of Bard College and the Columbia University Graduate School of Journalism.


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It's Not Just One Bad "Apple"

Monday, 27 May 2013 09:39 By Lauren Feeney, Moyers & Company | Report

Apple.(Photo: Marco Paköeningrat / Flickr)Earlier this week, a Senate panel investigated how Apple avoided billions in taxes through a web of offshore subsidiaries "so complex it spanned continents and went beyond anything most experts had ever seen." Although the company may have achieved, in the words of Sen. Carl Levin, the "holy grail of tax avoidance," senators didn't accuse Apple of doing anything illegal and it is by no means alone in its use of loopholes and gimmicks to avoid paying taxes.

Here's a list, topped by Apple, of 10 companies that increased their offshore holdings in the past year.

052713-6-chart1

The U.S. corporate tax rate is 35 percent — one of the highest in the world — but as The New York Times reported yesterday, the effective corporate tax rate (what companies actually pay) "fell to 17.8 percent in 2012 from 42.5 percent in 1960," according to the Federal Reserve Bank of St. Louis. Another chart from the Citizens for Tax Justice shows 10 companies that managed to do much better than average, paying little or no taxes for the past five years. Dollar amounts are numbers in millions and "rate" is the effective tax rate that the companies paid.

052713-6-chart2

Read more about these charts on the Citizens for Tax Justice site. 

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.

Lauren Feeney

Lauren Feeney is an award-winning documentary filmmaker and multimedia journalist whose work has taken her from the crime-infested streets of west Philadelphia to the mountains of northern Pakistan. Before joining Need to Know, Lauren was the senior multimedia producer for PBS’s Wide Angle. Feeney is a graduate of Bard College and the Columbia University Graduate School of Journalism.


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blog comments powered by Disqus