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Showing blog posts tagged with tax avoidance

Report: U.S. Corporations Aren't Paying Their Share of Taxes

The AFL-CIO has long called for an end to tax subsidies for companies that ship jobs overseas. Now, in a new report, Citizens for Tax Justice shows just how much money these loopholes are costing us. The  new report  finds that U.S. multinational corporations are engaging in a massive amount of tax avoidance, particularly through tax havens in small countries like Bermuda. The corporations report that they "earned" large portions of their profits in tiny, low-tax countries in order to lower their tax rates, despite not having much, if any, actual activity or profit in those countries. Bermuda, for instance, is home to reported profits by American companies that are 1,000% of the country's actual GDP.

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Mitt Romney Pays a Lower Total Tax Rate Than the Average American

What's Mitt's Secret? Photo courtesy of United Steelworkers.

Damon Silvers is the policy director and special counsel of the AFL-CIO. 

Mitt Romney’s 2011 tax return is an education in injustice, just like his 2010 return was.  The peculiar letter he released from his tax accountant Pricewaterhouse Coopers concerning his taxes before 2010, simply adds to the mystery—why won’t he follow his father’s and President Obama’s example and release ten years of tax returns?

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’60 Minutes’ Shills for Corporate Tax Breaks

Corporate taxes–or more succinctly corporate tax avoidance–has grabbed some big headlines recently starting with The New York Times report that GE, with worldwide profits of $14.2 billion, didn’t pay a dime of U.S. tax in 2010, but got $3.2 billion tax benefit. All legit and all because of corporate tax loopholes companies like GE have lobbied hard to put in place.

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Template load and register function0.0001 sec0.0037%10.0001 sec
states
state_id_array0.1414 sec3.5042%780.0018 sec
state_identifier_array0.1866 sec4.6237%820.0023 sec
override
Cache load0.0121 sec0.3006%1190.0001 sec
class_abstraction
Instantiating content class attribute0.0014 sec0.0357%350.0000 sec
Sytem overhead
Fetch class attribute can translate value0.0071 sec0.1771%150.0005 sec
Fetch class attribute name0.0607 sec1.5032%300.0020 sec
XML
Image XML parsing0.0207 sec0.5119%150.0014 sec
General
String conversion0.0000 sec0.0005%30.0000 sec
dbfile0.0043 sec0.1070%910.0000 sec
Total script time:4.0355 sec