From Rick Cooley: “If corporations are the government, we are all in big trouble.”
Some of the largest corporations making the most profits selling products in the United States are able to shelter the vast bulk of their income from taxes here. Last week, a panel in the US Senate investigated how Apple managed to use corporate tax loopholes to avoid billions of dollars in taxes by offshoring profits to subsidiaries in countries such as Ireland which tax at rates as low as 2%. Although the corporate tax rate of 35% in the United States is one of the highest in the world, the effective tax rate actually paid fell from 42,5% in 1960 to 17.8% in 2012. Some of the more profitable firms have done much better than that, paying rates less than 10%, none at all or even paying negative tax rates.
It is important to note that many companies sell products produced by labor in factories moved to or subcontracted to…
View original post 1,000 more words