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Showing blog posts tagged with offshore profits

Here’s What We’re Reading: Tuesday News Roundup

Here’s What We’re Reading: Tuesday News Roundup

Here are some headlines from the working families’ news we're reading today (after the jump).

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Apple Avoiding Billions and Billions of Dollars in Taxes

Apple Avoiding Billions and Billions of Dollars in Taxes

Apple (like many giant, multinational corporations) has been avoiding paying the taxes they owe to the country by setting up foreign “subsidiaries” in tax-haven countries and moving jobs and profit centers out of the country. They have accumulated billions upon billions of dollars in these tax havens. Now they want a special tax break to reward them for doing that.

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How Corporations Use Offshore Havens to Avoid Paying Their Taxes

How Corporations Use Offshore Havens to Avoid Paying Their Taxes

Current laws in the United States allow corporations to use offshore havens to avoid paying their taxes and, if it's up to many in Washington, the problem will only grow larger, particularly if the so-called "territorial" tax system is passed. The details of the use of such tax havens were discussed in a conference call with Campaign for America's Future, Americans for Tax Fairness and Citizens for Tax Justice.

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New PayWatch Spotlights CEO Pay, Fix the Debt Hypocrisy, Golden Nest Eggs and More

www.paywatch.org

Did you know that the CEOs of the Campaign to Fix the Debt, the corporate front group that wants to cut Social Security and Medicare and lower corporate taxes, have parked more than $418 billion of untaxed corporate profits overseas? Overall it is estimated that U.S. corporations have as much as $1.9 trillion sheltered overseas. That would make a nice down payment on fixing the debt.

You can read about "Fix the Debt" and more in the 2013 edition of the AFL-CIO’s Executive PayWatch launched today. PayWatch not only shines a light on Fix the Debt hypocrisy, but it also explores the huge wage gap between CEO pay and the average U.S. worker. PayWatch started in 1997. 

Visit www.paywatch.org.

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30 Dow Firms Dodge Taxes, Boost Profits with Overseas Tax Havens

30 Dow Firms Dodge Taxes, Boost Profits with Overseas Tax Havens

Over the past 40 years, some of the nation’s biggest and most profitable companies have not only moved America's jobs and manufacturing overseas, but by taking advantage of a U.S. tax code that encourages companies to shift their income overseas, they have cut the taxes they owe by more than half. The result, writes Jia Lynn Yang in The Washington Post,

is lower revenue here that could pay for infrastructure, education and other services that support domestic growth—and that make life easier for U.S. firms.

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Dave Johnson: If You Want to Reform Something, Reform the Trade Agreements

Dave Johnson: If You Want to Reform Something, Reform the Trade Agreements

When you hear anyone from the big multinationals or Wall Street using the word “reform,” watch out! The way they use the word, it means give them more and We, the People, get less. They want to “reform” Social Security, “reform” Medicare and “reform” the income tax code. And now they want to “reform” the taxes corporations pay on money made outside the United States. It’s like “reforming” an oak tree with an ax.

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Tell Us What You Think: What's Romney Trying to Hide by Not Releasing His Tax Returns?

Tell Us What You Think: What's Romney Trying to Hide by Not Releasing His Tax Returns?

Unlike nearly every other presidential candidate, Republican Mitt Romney refuses to make public more than two years of tax returns. Today, the multimillionaire said he has paid a tax rate of at least 13 percent on his income in each of the past 10 years—but he still won't release his returns. Meanwhile, President Obama's returns have long been public and show he pays a 20 percent tax rate.

At a measly 13 percent, Romney, who is worth a quarter of a billion dollars, is paying significantly less in taxes than other high-income earners who pay 35 percent. Through the use of offshore tax shelters and other means, Romney pays a smaller tax rate than average taxpayers like nurses, firefighters and construction workers.

In more than three decades, no other nominees for either party—except Sen. John McCain (R-Ariz.)— have released fewer than five years’ worth of returns. Romney’s own father released a dozen years’ worth when he ran for the Republican presidential nomination in 1968.

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Romney Business Model and Economic Policy: Blueprint for Weak and Unjust Economy

The business model on which Mitt Romney built his private-equity, outsourcing career and fortune at  Bain Capital “has made our economy weaker and our society more unequal; it has hollowed out our tax base, and it has wreaked havoc on our communities,” said the AFL-CIO Executive Council in a statement from its August meeting this week in Washington, D.C.

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Meet Mr. 1%: Here’s What You Say

Last week we launched our Meet Mr. 1% website with shareable infographics on Mitt Romney’s record as a state governor, his overseas bank accounts and his economic attack plan that would harm working families. The graphics also highlight, with Romney at its helm, that Bain killed and outsourced jobs and pushed companies into bankruptcy.

Here are some of the “greatest hits” remarks from our commenters. John DeRosier writes:

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Super Rich Have Hidden at Least $21 Trillion in Offshore Accounts

Super Rich Have Hidden at Least $21 Trillion in Offshore Accounts

Instead of investing in the economy and creating jobs, the global elite super rich (the .001%) stashed their assets in offshore tax havens. Mitt Romney has offshore accounts in Australia, Bermuda, the Cayman Islands, Germany, Ireland, Luxembourg and Switzerland.

new report from the Tax Justice Network estimates the amount of wealth sitting in offshore accounts is at least $21 trillion and as much as $32 trillion.

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