GAO Reports Bailout and Tech Firms Love Tax Havens

Posted by kdawson on Saturday January 17, 2009 @08:26AM from the how-to-spell-profit dept.

theodp writes "Most of America's largest publicly traded corporations and Federal contractors — including those receiving billions of dollars from US taxpayers to finance their recovery — have set up offshore operations that could help them avoid paying US taxes, according to a GAO study released yesterday. Of the 100 largest public companies, 83 do business in tax-haven hot-spots like the Cayman Islands, Bermuda, and the British Virgin Islands. The report found that Citigroup, a recipient of $45B in bailout funds so far, has set up 427 subsidiaries in tax-haven countries, including 91 in Luxembourg, 90 in the Cayman Islands, and 35 in the British Virgin Islands. Household names on the lists from the tech sector include Apple (1 tax haven subsidiary), Cisco (38), Dell (29), HP (14), Intel (6), IBM (10), Microsoft (8), Motorola (4), and Oracle (77)."

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Re:Tax policy by Neoprofin · 2009-01-17 12:59 · Score: 0, Offtopic

The point he was making is that the rich contribute far more than the poor both in absolutely terms and in percentages, but since you brought it up:

Let's double how much you pay in taxes every year and see how happy you are about it. In fact how about we cap everyone's income at $1,000 a year and simply take the rest, I bet you'd have a lot of people signing on for that plan.