|Friday, June 27th, 2014||SUGGEST NEWS|
Aus: Glencore tax bill on $15b income: zip, zilch, zero
Posted by: Nebuchadnezzar on June 27th, 2014 @ 10:21AM
COMMENTS (2) | WORLD NEWS | DIGG
Word To Your Mom
June 29th, 2014 @ 6:17AM
|I see more and more pharma companies in the Philadelphia area that are either domiciled in Ireland or in the process of re-domiciling to Ireland. The company and its shareholders win because the company gets a lower tax rate. Ireland wins because it gets tax revenue where there was none. The citizens of the United States get screwed. The only way to prevent this would be to pass stricter laws governing these sorts of tax dodges. Now consider how invested members of Congress are in the stock market and how much they reap in corporate campaign donations, and ask yourself how likely this is to happen.|
June 30th, 2014 @ 2:04PM
|Double Irish with a Dutch Sandwich|
Which is why I always shake my head when I hear economic conservatives always whine about how the US has the highest corporate tax rate in the developed world. The rate could be 99% but what difference does that make when tax loopholes like the above exist. Yes, it's all legal. But only because these companies have an army of lawyers and massive lobbying power to tweak the laws to there benefit. And lets not forget the revolving door in politics. Now throw in government subsidies and that's just rubbing salt in the wound (wasn't it General Electric who just the other year walked away with a tax refund?)
I don't know what the solution is. Ideally make it illegal to create subsiduaries or otherwise incorporate in other countries for the purposes of tax avoidance. As a compromise change the corporate tax rate to something like 18-25% which is still competitive compared to other developed nations.
Or maybe tie the taxes to where the company is headquartered (and none of this PO Box bullshit where a company in Cali for example registers in Delaware to take advantage of the lower tax rate even though there is no actual office or workers located there).
EDITED: 2014-06-30 14:10:40
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