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Keyword: taxavoidance

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  • In Florida, 99% of companies pay no corporate income tax — with lawmakers’ blessing | Special Report

    11/14/2019 6:50:15 PM PST · by Tolerance Sucks Rocks · 36 replies
    The Orlando Sentinel ^ | November 13, 2019 | Jason Garcia
    EBay Inc., the online auction company with 180 million buyers around the world, earned $34 million of profit in Florida in 2014, according to state auditors. At Florida’s official corporate income tax rate of 5.5 percent, eBay should have paid more than $1.8 million in state taxes -- enough money to hire 40 new teachers. But records show eBay actually paid $18,810 -- not even enough to hire one. It’s not an isolated example. Auditors say Sanofi Pasteur Inc., one of the world’s largest vaccine manufacturers, earned an estimated $55 million of profits in Florida between 2008 and 2013 --...
  • Apple is named the biggest corporate tax avoider in the US after booking $218 BILLION

    10/04/2016 5:25:01 PM PDT · by Beave Meister · 25 replies
    Daily Mail ^ | 10/4/2016 | KEITH GLADDIS
    Apple has been named as the biggest corporate tax avoider in the United States after booking $218.55 billion (£171.6 billion) of profit offshore last year. The tech giant was able to save $65.08 billion (£51.1 billion) that it should have paid in tax thanks to its convoluted arrangements. The report revealed that last year three quarters of the Fortune 500 companies use subsidiaries in offshore tax havens where they sent a total of $2.42 trillion (£1.9 trillion) of income. In the US alone this amounted to $715.62 billion (£561.9 billion) in tax which they avoided paying. The report of said...
  • U2 frontman Bono's tax avoidance 'depriving poor'

    04/23/2009 1:48:23 PM PDT · by dennisw · 26 replies · 749+ views
    belfasttelegraph ^ | Wednesday, 25 February 2009
    U2 front man Bono came under fire today from campaigners who claim he his not putting his money where his mouth is. The human rights activist was accused of robbing the world's poorest people by storing some of his wealth in a tax haven. Bono impersonator Paul O'Toole joined protesters outside the Irish Department of Finance on the eve of the launch of the band's new album No Line On The Horizon in the Irish Republic. Campaign group the Debt and Development Coalition Ireland (DDCI) claimed the supergroup was depriving the Irish exchequer of much-needed revenue which could be spent...
  • Germany calls to 'turn up heat' on financial crimes

    04/04/2016 7:02:41 AM PDT · by Olog-hai · 1 replies ^ | 04 Apr 2016 15:40 GMT+02:00 | (AFP)
    The German government on Monday said it hoped the revelations from the so-called “Panama Papers” will spur global efforts to combat tax evasion and money laundering. “We hope the current debate will turn up the heat,” finance ministry spokesman Martin Jäger told a news briefing. […] The Panama Papers are a massive leak of 11.5 million documents allegedly exposing the secret offshore dealings of a host of world leaders, celebrities and sports stars, implicating figures from Russian President Vladimir Putin to Barcelona striker Lionel Messi. […] The documents, from around 214,000 offshore entities covering almost 40 years, came from Mossack...

    07/14/2015 4:37:12 PM PDT · by grumpygresh · 13 replies
    ABC news ^ | 7/14/15 | Alan Cledenning
    ... Bokas also does installation and repair jobs — and half of those involve cash deals with no receipts for his labor. The result is that a job costing 250 euros ($275) goes for 125 euros because he doesn’t charge the client sales tax and Bokas doesn’t report the income for taxation. “I’ve got a receipt for everything I sell in my shop,” Bokas said. But tax officials “don’t know what my hands do.”
  • UK report accuses PwC of tax avoidance on industrial scale

    02/06/2015 8:14:46 AM PST · by Olog-hai · 2 replies
    Associated Press ^ | Feb 6, 2015 9:53 AM EST | Danica Kirka
    A British parliamentary committee on Friday accused the accounting firm PwC of promoting tax avoidance on an industrial scale and urged the government to step in and do more to regulate the tax industry. The Public Accounts Committee issued a scathing report, accusing PwC of mass-marketing tax avoidance plans and diverting profits to Luxembourg through intra-company loans. “We believe that PwC's activities represent nothing short of the promotion of tax avoidance on an industrial scale,” committee chair Margaret Hodge said. “The effect has been to reduce the amount of corporation tax that some multinational companies pay in the countries in...
  • France, Germany call for tax avoidance clampdown

    12/03/2014 4:21:42 AM PST · by Olog-hai · 7 replies
    EU Observer ^ | 12/02/14 @ 10:28 | Benjamin Fox
    The finance ministers of Germany, France and Italy have called on the EU to propose new law to curb corporate tax avoidance.In a joint letter to the EU’s economics commissioner Pierre Moscovici on Monday (1 December), Germany’s Wolfgang Schäuble, France’s Michel Sapin and Pier-Carlo Padoan from Italy said that a new EU directive on anti-base erosion and profit-sharing could be presented before the end of 2014. […] The letter is not the first time that the eurozone’s three largest countries have presented a united front on tax. They are also among the eleven countries who have promised to introduce a...
  • Socialist NYC Mayor Bill De Blasio is Really Good at Tax Avoidance

    04/17/2014 8:51:04 AM PDT · by SeekAndFind · 11 replies
    Townhall ^ | 04/17/2014 | Mike Schauss
    Suffering from a clear lack of intellectual honesty, the morally bankrupt progressive socialist mayor of New York City seems to have a knack for tax avoidance. (And remember: despite what Harry Reid would have you believe, tax avoidance is not a crime.) According to public records, Bill “punish the rich” de Blasio paid a mere 8 percent of his income in federal taxes. Just to put that in context for any liberal that has accidently stumbled across this paragraph: That’s less than that capitalist pig, Mitt Romney paid in prior years. Of course, to be fair, it is possible...
  • EU nations agree on rules to fight tax evasion (tax avoidance actually)

    03/20/2014 5:43:47 PM PDT · by Olog-hai · 4 replies
    Associated Press ^ | Mar 20, 2014 8:31 PM EDT | Raf Casert
    European Union nations on Thursday agreed on a sweeping policy to fight tax evasion after tiny Luxembourg dropped its reservations to new rules which render its secretive banking culture more transparent. Luxembourg Prime Minister Xavier Bettel confirmed at Thursday’s summit of EU leaders “the willingness of the government to take that road,” a key step to scrap the banking secrecy for foreigners. […] The legislation proposes an EU-wide automatic exchange of data on bank deposits to allow governments to identify and pursue tax evaders with foreign accounts on home soil. Van Rompuy said it would “close down loopholes, promote automatic...
  • Tax Expert: ‘Staying Unmarried Is the Tax Shelter for the Poor’

    09/18/2013 9:28:40 PM PDT · by Olog-hai · 14 replies
    Cybercast News Service ^ | September 18, 2013 - 3:40 PM | Penny Starr
    Federal tax expert Gene Steuerle said at a discussion on low-wage workers on Tuesday at the Capitol that government social welfare programs penalize low-income people for being married. “Staying unmarried is the tax shelter for the poor,” Steuerle, a fellow at the Urban Institute and former deputy assistant secretary of the Treasury for tax analysis in the Ronald Reagan administration, said at an event to release a survey commissioned by Oxfam America on low-wage workers in the United States. …
  • Dolce and Gabbana sentenced to jail for tax evasion (no, avoidance)

    06/19/2013 10:19:26 PM PDT · by Olog-hai · 2 replies
    France 24 ^ | 06/19/2013 | (AFP News Wires)
    An Italian court Wednesday sentenced fashion house duo Dolce & Gabbana to one year and eight months in prison for tax evasion of around €1 billion ($1.33 billion), according to media reports. Lawyers for Dolce and Gabbana, whose celebrity clients include Beyoncé and Madonna, immediately said they will be appealing, and under Italian law the sentence will be suspended in the meantime. Domenico Dolce and Stefano Gabbana were accused of having transferred control of their brands to a shell company in Luxembourg in 2004 and 2005 to avoid paying Italian taxes. …
  • Corporate Tax Avoidance: Where’s the Harm?

    05/27/2013 7:54:05 AM PDT · by SeekAndFind · 7 replies
    Townhall ^ | 05/27/2013 | Chris Edwards
    Politicians are having fun slapping around big corporations for supposedly not paying enough taxes. In this country, Apple is the current target, while in Europe it’s Google, Amazon, and Starbucks, according to the Washington Post today. But there is an elephant in the room that the many reporters and politicians blustering over the issue have been too ideologically blind to see: There is no obvious harm being done by today’s corporate tax avoidance. The first thing to note is that when investment flows through tax havens, it’s not clear that it causes any economic distortions. The Washington Post story...

    05/23/2013 2:30:05 AM PDT · by Maurice Tift · 12 replies
    Silver Doctors ^ | MAY 22, 2013 | The Doc
      The European Parliament met Tuesday to discuss the issue of tax evasion throughout the UK and the Eurozone, and how the European Parliament might clamp down on those attempting to protect their well earned wealth from government confiscation.    All was going according to plan, until UKIP member Nigel Farage was given the floor.    Farage immediately launched into a classic rant against Barroso and the rest of the EU bureaucrats, stating that it is not the average man on the street that is engaging in tax fraud, but the European Parliament members themselves:    If we look at the...
  • EU steps up fight against tax evasion by end 2013 (tax avoidance really)

    05/22/2013 11:29:08 AM PDT · by Olog-hai · 11 replies
    Associated Press ^ | May 22, 2013 12:33 PM EDT | Juergen Baetz and Raf Casert
    The European Union’s leaders have agreed to push through a major policy to tackle tax evasion by the end of the year. The EU said the 27 heads of state and governments agreed at summit in Brussels Wednesday to an automatic exchange of bank information among the bloc’s tax authorities to catch tax cheats. … European Union leaders on Wednesday sought to advance their fight against tax fraud and close the loopholes for large corporations’ tax avoidance schemes. … According to a draft summit conclusion obtained by The Associated Press, the leaders are urging rapid progress in the “efforts taken...
  • IRS High-Tech Tools Track Your Digital Foorprint

    04/06/2013 4:19:30 AM PDT · by benasawin · 101 replies
    US News ^ | 4-5-2013 | Richard Satran
    The Internal Revenue Service is collecting a lot more than taxes this year--it's also acquiring a huge volume of personal information on taxpayers' digital activities, from eBay auctions to Facebook posts and, for the first time ever, credit card and e-payment transaction records, as it expands its search for tax cheats to places it's never gone before.
  • GREG MANKIW: Warren Buffett Doesn't Tell You About How He's A Master Of Tax Avoidance

    11/26/2012 11:20:51 AM PST · by SeekAndFind · 24 replies
    Business Insider ^ | 11/26/2012 | Joe Weisenthal
    In a NYT Op-Ed today, Warren Buffett argued that the rich should pay a certain minimum tax, and he explained to activist Grover Norquist that it's preposterous to think that businessmen would forgo profitable deals merely because the rate of tax on the profits would go up. But why do people listen to Buffett on taxes? Basically because he's a rich, successful guy (which is why a lot of people are listened to on a lot of subjects). To that end, economist and former Romney advisor Greg Mankiw has a short post talking about Buffett as a master of "tax...
  • Jobs’s Philanthropic Record Is The Subject Of Debate

    10/07/2011 11:02:08 AM PDT · by Lmo56 · 35 replies
    Wa Po ^ | 10/7/11 | Peter Whoriskey
    For one of the nation’s most famous billionaires, Steve Jobs kept a low profile as a charitable donor. Unlike fellow tech leaders Bill Gates of Microsoft and Mark Zuckerberg of Facebook, he did not sign the Giving Pledge, the effort under which the nation’s richest individuals commit to giving at least half of their wealth to philanthropy. His name is absent from the list of gifts of $1 million or more maintained by Indiana University’s Center on Philanthropy. And it wasn’t until after an unflattering media report aboutJobs on the subject over the summer that Apple in September initiated a...
  • GOP accuses (liberal Dem candidate)Dayton of avoiding Minn. taxes

    09/08/2010 10:19:23 AM PDT · by MplsSteve · 6 replies · 1+ views
    Minnesota Republican leaders are accusing Democratic gubernatorial candidate Mark Dayton of avoiding state income taxes with trust funds located outside the state. GOP chairman Tony Sutton pressed Wednesday for Dayton to release more information about his family's trusts and voluntarily pay Minnesota money from earnings on the accounts. Dayton's campaign quickly responded that the GOP was relying on outdated information and he has no current offshore holdings. Dayton has built his campaign for governor on a pledge to raise taxes on Minnesotans with the highest incomes. Dayton's family founded a major department store chain. The GOP used details from the...
  • Do as I say……Barack Obama

    04/15/2010 7:08:54 PM PDT · by scannell · 14 replies · 887+ views
    Next Stop Lauderdale ^ | 4/15/2010 | Steve Cannell
    Obama’s tax return for 2009 was just published today. There is some interesting information that you WILL NOT hear in the mainstream press. Barack Obama made $1.6 million dollars in dividends and investment “income” from “foreign” (as in overseas) investments (providing foreign capital for foreign jobs some likely “exported” from the USA) and only made $12,000 dollars in dividends from US based companies, and even this was because he was the beneficiary of a Trust that made the investment decisions not likely Barack Obama. Obama didn’t pay any US taxes on the $1.6 million in foreign income as corroborated on...
  • Heavenly Tax Havens

    02/26/2008 3:57:18 PM PST · by Tolerance Sucks Rocks · 80 replies · 624+ views
    Cato Institute ^ | February 26, 2008 | Daniel J. Mitchell
    The German government's purchase of data stolen from a Liechtenstein bank has reinvigorated longstanding debates about privacy, law enforcement and international relations. Much of the fallout has followed predictable patterns. Some argue that Germany's richest citizens should be brought to justice for failing to comply with the tax laws, while others point out that it is unseemly for a nation to spy on a peaceful neighbor. The conflict between Germany and Liechtenstein also has triggered a broader debate about tax competition and the role of so-called tax havens. The Paris-based Organization for Economic Cooperation and Development is trying to use...