Friday, July 01, 2011

How U.S. corporations avoid taxes


Some of the nation’s largest corporations have amassed vast profits outside the country and are pressing Congress and the Obama administration for a tax break to bring the money home.
But Nobody Pays That : From the N.Y. Times
Billions Offshore
Articles in this series will examine efforts by businesses to lower their taxes and the debate over how to improve the tax system.

Apple has $12 billion waiting offshore, Google has $17 billion and Microsoft, $29 billion.
Under the proposal, known as a repatriation holiday, the federal income tax owed on such profits returned to the United States would fall to 5.25 percent for one year, from 35 percent. In the short term, the measure could generate tens of billions in tax revenues as companies transfer money that would otherwise remain abroad, and it could help ease the huge budget deficit.
Watch the video here
http://www.nytimes.com/2011/06/20/business/20tax.html?_r=1
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