The Five Biggest Corporate Tax Cheats

Описание: Only two things are inevitable… death and taxes. Although the telling that to these huge corporate monsters. These are The Five Biggest Corporate Tax Cheats In The U.S. Do you know of any other companies hiding their millions from Uncle Sam? Then let us know in the comments section below.
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Anyway… back to tax cheats…

Fed Ex
The biggest import/export company in the world received a $135 million tax refund from the IRS in 2011. That was from U.S profits of $2.7 billion. The company made $6 billion over the last three years but provisions for writing off the cost of new equipment, in this case, airplanes gave FedEx a $2.1 billion taxpayer subsidy. And they’re not finished there: FedEx receives more than $1 billion a year from the U.S. Postal Service to provide air service for mail shipments.

Walmart
A recent report by Americans for Tax Fairness claims Walmart keeps $21.4 billion in profits offshore, safe from those nasty federal taxes most Americans pay. They are also masters at using a loophole allowing them to deduct executive pay increases if they’re deemed to be performance-based. That costs the honest taxpayer $300 million over the last six years. The company employs 74 lobbyists and has spent $32.6 million lobbying to lower taxes even more over the past five years. Let’s just say that at least they’re stimulating the economy inside the Beltway.

Apple
Apple reportedly keeps $138 billion abroad, an amount which would generate $45 billion in taxes. Apple uses “ghost companies,” in Ireland as “a conduit for shifting billions of dollars in income from the U.S.” Consider a subsidiary called Apple Operations International which had $30 billion on its books despite, apparently, having no employees. Pretty blatant but they get away with it! The European Union is taking a hard look at Apple’s Irish connection and is threatening a crackdown. Would that stop Apple and companies like it from finding another haunted tax haven?

Boeing
The renowned Seattle-based aircraft manufacturer made over $26.4 billion in U.S. profits from 2008-2013. At the standard corporate tax rate, it would have had a tax bill of just under $9 billion. Instead, it received a $401 million refund from the IRS, making their effective U.S. corporate income tax rate minus 2 percent. Boeing plays hardball to squeeze out as much public money as they can. The company threatened to move its 777 passenger jet project out of Washington in 2013, inspiring the state government to cough up $8.7 billion in tax breaks.

Bank of America
For sheer nerve, it’s tough to beat the Bank of America. In 2012, the Bank had more than 300 separate subsidiaries – or shells in the shell game – incorporated in offshore tax havens. The Bank made $17.2 billion in profits that year. If that income were declared, they would have owed $4.3 billion in federal income tax. But Bank of America paid zero tax to America. They were also deeply involved in the mortgage crisis of 2008 that brought the global economy to the point of collapse. So, they gladly accepted a $1.3 trillion bailout from Washington. Unbelievable!

Music - Let It In - Josh Woodward