Category: Corporate Tax Evasion

America’s ‘Zero’ Strategy – scheerpost.com

China’s “zero Covid” policy has sparked rare protests across the nation of nearly a billion and a half people. Which led me to think about our very own failed “zero” policy here in the United States. Zero corporate tax. To be fair, it’s not a policy per se, but is clearly an aspiration that has been achieved.

Scores of huge corporations — which have been enjoying record profits — have paid nothing in federal income tax over the past few years. Never mind the bargain basement rates of 30% or even 15%, these multibillion dollar corporations are paying 0%, or even a negative rate (which of course translates to a refund).

Source: America’s ‘Zero’ Strategy – scheerpost.com

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A bunch of shifting bastards: how Big Tech goes small on tax – Michael West

Microsoft, tax avoidance

How do multinationals like Microsoft get away with paying so little tax? They deliberately wipe out their profits in high-tax countries such as Australia. Callum Foote reports on the global tax avoidance structure of the tech giant.

Source: A bunch of shifting bastards: how Big Tech goes small on tax – Michael West

Qantas boss Alan Joyce paid $2.2 million despite carrier’s struggles

Qantas chief Alan Joyce pocketed $2.17 million and more than 600,000 performance share rights this year.

The round table keeps on passing it around win or lose

Qantas chairman Richard Goyder has moved to defend the airline’s chief executive Alan Joyce after the carrier revealed he received a pay increase and bonus shares worth millions last financial year despite widespread customer service problems that have infuriated passengers.

Source: Qantas boss Alan Joyce paid $2.2 million despite carrier’s struggles

Californian Fairytales: what Google, Facebook and Netflix told the Australian Tax Office – Michael West

Google Australia, Netflix Australia, Facebook Australia

It’s been a golden era for Google Australia, Netflix Australia and Facebook Australia. Bunkered in pandemic lockdowns, Australians spent record time on their screens. How then did the digital giants rake in so much cash but pay so little tax? Michael West looks at the tall tales the multinational tax dodgers tell the Australian Tax Office.

Source: Californian Fairytales: what Google, Facebook and Netflix told the Australian Tax Office – Michael West

1 Percent Owes Billions in Unpaid Taxes. IRS Must Reclaim It for Infrastructure. | The Smirking Chimp

During the Trump administration, the running not-so-funny joke was that every week was “Infrastructure Week.” Periodically, like a clockwork designed by M.C. Escher, Trump or one of his flapdoodle minions would pop up and announce that a massive overhaul of the nation’s crumbling roads, bridges, airports, subways and water systems was a mere “two weeks” away.

1 Percent Owes Billions in Unpaid Taxes. IRS Must Reclaim It for Infrastructure. | The Smirking Chimp

Top 1% fails to report over 20% of income using potentially “criminal” tactics: IRS analysis | Salon.com

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Why would anyone believe Trump wasn’t one?

The wealthiest 1% of Americans fail to report more than 20% of their income to the IRS, and some of those ultra-rich people use “sophisticated evasion technologies” and criminal tactics to avoid paying their full share, according to a new analysis by researchers at the IRS and economists. The analysis estimated that the top 1% of households fail to report 21% of their income. Nearly a third of that is through sophisticated schemes that random IRS audits fail to detect. The trend is even starker among the top 0.1% of earners, whose unreported income may be twice as high as the IRS estimates.

Top 1% fails to report over 20% of income using potentially “criminal” tactics: IRS analysis | Salon.com

Wage Rises in the Neoliberal New World Order – » The Australian Independent Media Network

Neoliberals are often wrong but never in doubt. In pursuing its corporate tax cut agenda the Government is attempting to shift the industrial relations paradigm – linking private sector wage rises to public sector funding cuts, despite the fact corporate coffers have rarely been in better shape, writes Rob Stewart.

It is difficult to put into words just how fundamentally bereft and indefensible the Government’s corporate tax cut agenda is. It is not my intention to go into the myriad faults in the policy here. My piece of 9th March this year, posted on John Menadue’s Pearls and Irritations site, touches on just a few elements of the ideologically driven and fiscally reckless policy.

via Wage Rises in the Neoliberal New World Order – » The Australian Independent Media Network

Corporate tax cuts ‘unconscionable’ when poverty is rife, critics say

 

A coalition of Australia’s most prominent welfare groups has implored Senate crossbenchers to reject the Turnbull government’s corporate tax cuts, saying the policy is “unconscionable” when millions live in poverty.

Over the weekend a letter was sent to all Senate crossbenchers, who are being lobbied hard by the government to pass the signature economic legislation before the May budget.

via Corporate tax cuts ‘unconscionable’ when poverty is rife, critics say

Day to Day Politics: You probably won’t read this. It’s about taxation. – » The Australian Independent Media Network

The major banks and others have in their testimony so far to the Royal Commission (the one the Prime Minister and the banks so stridently fought against) have as much as confessed that they are a bunch of crooks of the highest order.

Source: Day to Day Politics: You probably won’t read this. It’s about taxation. – » The Australian Independent Media Network

BHP Billiton has evaded taxes for more than a decade, says Wayne Swan | World news | The Guardian

Former Labor treasurer says miner ‘gamed the system’ by using aggressive transfer pricing to smuggle profits out of Australia

Source: BHP Billiton has evaded taxes for more than a decade, says Wayne Swan | World news | The Guardian

Robert Reich: Corporate tax deserters shouldn’t get the benefits of being American corporations – Salon.com

Apple is only the latest big global American corporation to use foreign tax shelters to avoiding paying VIDEO

Source: Robert Reich: Corporate tax deserters shouldn’t get the benefits of being American corporations – Salon.com

Do you pay more tax than Australia’s biggest companies? | News | The Guardian

More than one-third of the largest public companies and multinational entities paid no tax in Australia in 2013-14. Find out how you stack up against some of the largest corporations with this interactive calculator

Source: Do you pay more tax than Australia’s biggest companies? | News | The Guardian

Top 500 US companies keep $2.1 trillion where tax collectors can’t get it — RT USA

The top 500 US companies retained $620 billion that would have otherwise been taxed and spent by the government by using overseas bank accounts, according to a report from Citizens for Tax Justice and the US Public Interest Research Group Education Fund.

Source: Top 500 US companies keep $2.1 trillion where tax collectors can’t get it — RT USA