Sunday, June 1, 2014

MORE ON THE OFFSHORE TAX SCAM BY US COMPANIES

MORE ON THE OFFSHORE TAX SCAM BY US COMPANIES

Dozens of Companies Admit Using Tax Havens

By Richard Rubin Mar 12, 2014 
The largest U.S.-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. The multinational companies have accumulated $1.95 trillion outside the U.S., up 11.8 percent from a year earlier, according to securities filings from 307 corporations reviewed by Bloomberg News. Three U.S.-based companies --Microsoft Corp. (MSFT), Apple Inc. and International Business Machines Corp. -- added $37.5 billion, or 18.2 percent of the total increase.

“The loopholes in our tax code right now give such a big reward to companies that use gimmicks to make it look like they earn their profits offshore,” saidDan Smith, a tax and budget advocate at the U.S. Public Interest Research Group, which seeks to counteract corporate influence.