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10 Top American Corporate Tax Avoiders

10 Top American Corporate Tax Avoiders

“Bigtime companies are moving their ‘headquarters’ overseas to dodge billions in taxes, and that means the rest of us pay their share,” bemoans Allan Sloan, a Journalist with Fortune 500.

 

In his feature, entitled ‘Positively Un-American’, Sloan alludes to a “new kind of American corporate exceptionalism,” which he describes as being “companies that have decided to desert the US to avoid paying taxes but expect to keep receiving the full array of benefits that being American confers.”

 

The problem, Sloan explains, is that leaving the country – a process termed ‘inversion’ – is perfectly legal.

 

“A company does this by reincorporating in a place like Ireland, where the corporate tax rate is 12.5% compared with 35% in the US. Inversion also makes it easier to divert what would normally be US earnings to foreign, lower-tax locales.”

 

But, Sloan states emphatically, being legal isn’t the same as being right: “If a few companies invert, it’s irritating but no big deal for our society. But mass inversion is a whole other thing, and that’s where America is heading.”

 

Moreover, Sloan refers to a second form of abandonment, termed ‘never-here’. He explains: “Never-here firms can duck lots of US taxes without being accused of having deserted the country because technically they were never here. So far,” he continues, “by Fortune’s count, some 60 US companies have chosen the never-here or the inversion route, and others are lining up to leave.”

 

Two key issues arise, according to Sloan: “All of this threatens to undermine our tax base, with projected losses in the billions. It also threatens to undermine the American public’s already shrinking respect for big corporations.”

 

Here, Gold News recreates – in no particular order – Fortune’s list of the ’10 Top American Corporate Tax Avoiders’, of which Sloan writes: “The S&P 500 stock index supposedly includes the largest public American companies. It turns out that 28 of them are incorporated in places like Ireland and Switzerland to avoid high US tax rates. 

 

“These 10 companies sure seem American – expect when it comes to paying taxes.”

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