Thursday, April 14, 2011

How 12 Multinational Corporations Avoid Paying Taxes

(We have known about this practice for a long time and warned  the people of PR. 
Puerto Rico's "status quo" is the basis of their generous tax shelter, so they spend millions of dollars to influence politicians in PR and in the USA against statehood, specially local statehood leaders. MJ)


A new report shows how some of the world's biggest companies pay nothing to the IRS through lobbying and loopholes.
AlterNet / By Julianne Escobedo Shepherd
April 13, 2011



Over the past month, General Electric has been held up as the pinnacle of corporate vampirism –– the world’s largest corporation in the world’s lowest tax bracket. But it’s not just GE that’s bilking the system and paying zero dollars in taxes. 


A new report out today illustrates that at least 11 other multinational, billion-dollar corporations managed to get a free pass from the IRS – and not only that, but while average Americans scraped their piggy banks to pay hefty taxes on paltry paychecks, many of these companies actually got a refund. Want to know how they pulled that off? By the fatcat’s swindle: lobbying, campaign contributions, and other legal gladhanding that helps them exploit corporate loopholes and keeps their pockets flush while the rest of us struggle to get by.

The campaign reform group Public Campaign has released a report called "Artful Dodgers," identifying 12 corporations – including GE – that used these tactics to avoid paying any taxes while reaping huge benefits.

More disturbingly, the report notes they collectively spent over a billion dollars influencing politicians to make Washington more corporate-friendly. As the report points out, the money invested to sway groups such as the House Ways and Means Committee and the Senate Finance Committee has been wildly successful. Legislation from both parties has created these tax loopholes, while providing incentives that effectively destroy the American workforce.



more: ttp://www.alternet.org/economy/150598/how_12_multinational_corporations_avoid_paying_taxes