The US Territory of Puerto Rico, with 3.5 million US citizens has been coded as a Foreign Country by this establishment so they have an offshore tax shelter for tax evasion with the benefit of US protection. This is a scam to the US Tax payer.
I also ask, if these companies, who make business in Puerto Rico make such extraordinary amount of money..... how come Puerto Ricans are under the poverty line with uneployment at >17% and per-capita at $14,000.
If this is so good for the economy, how come 600,000 persons left Puerto Rico in the last decade and relocated to one of the 50 states?
Miriam Ramirez
mjean1@gmail.com
McDonald's, Starbucks, Apple Reaping Billions Of Dollars From Little-Known Tax Break: Study:
Hundreds of Fortune 500 companies are reaping billions at the expense of Uncle Sam because of a legal tax break that critics claim defies "common sense."
Over the past three years 280 Fortune 500 companies have taken home a combined total of $27.3 billion, instead of forking it over to the taxman, thanks to an "excess stock options" tax break, according to a report released Wednesday by the Citizens for Tax Justice, a left-leaning research organization.
The tax break allows companies to write off as expenses the value of the stock options they award their executives as part of their compensation. It's also particularly beneficial to large companies, with just 25 companies netting half of the benefits over the past three years, the report found.
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