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Tax avoidance? Nah- it's tax evasion & we know it!

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shinobinoz On May 28, 2017
Stnd w Standing Rock





Wichita, Kansas
#1New Post! May 22, 2013 @ 03:55:13
"The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or "residence."
Many U.S. multinationals take advantage of a tax law that allows profits earned abroad to be tax-free as long as they are not brought into the United States, or "repatriated." Total U.S. corporate profits parked offshore rose 15 percent to $1.9 trillion last year, according to research firm Audit Analytics.
Taking advantage of this law and others, the offshore earnings of U.S. companies have risen 70 percent in the past five years, Audit Analytics said two weeks ago."


https://finance.yahoo.com/news/apple-congress-spar-over-taxes-114056610.html
white_swan53 On October 07, 2020




n/a, New Mexico
#2New Post! May 22, 2013 @ 12:51:38
@shinobinoz Said


Taking advantage of this law and others,

https://finance.yahoo.com/news/apple-congress-spar-over-taxes-114056610.html




As much as it sucks , as long as the laws are on the books and available , those companies are not evading paying taxes.

Tax Evasion,,
An illegal practice where a person, organization or corporation intentionally avoids paying his/her/its true tax liability.


As a nation ,we had several years to elect politicians that would change the way things were done here , before those 'U.S. multinationals' went offshore .
It's no use crying over spilt milk now. or should that be ,lost revenue instead of spilt milk.
shinobinoz On May 28, 2017
Stnd w Standing Rock





Wichita, Kansas
#3New Post! May 22, 2013 @ 14:07:30
@white_swan53 Said

As much as it sucks , as long as the laws are on the books and available , those companies are not evading paying taxes.

Tax Evasion,,
An illegal practice where a person, organization or corporation intentionally avoids paying his/her/its true tax liability.


As a nation ,we had several years to elect politicians that would change the way things were done here , before those 'U.S. multinationals' went offshore .
It's no use crying over spilt milk now. or should that be ,lost revenue instead of spilt milk.


I understand- still to me it's evading paying taxes. You & I would never get away with such things.
someone_else_again On May 20, 2021
Really. Not a dude.





, Washington
#4New Post! May 23, 2013 @ 21:41:54
@shinobinoz Said

as long as they are not brought into the United States, or "repatriated."



My understanding of politics and laws might be a little off but this part here seems to me that the money made is not actually "American" money and it's not spent in "America." Why should "America" have any right to part of it?
shinobinoz On May 28, 2017
Stnd w Standing Rock





Wichita, Kansas
#5New Post! May 23, 2013 @ 23:06:47
@someone_else_again Said

My understanding of politics and laws might be a little off but this part here seems to me that the money made is not actually "American" money and it's not spent in "America." Why should "America" have any right to part of it?


Smoke & mirrors.
Immediately following your partial quote.
"Total U.S. corporate profits parked offshore rose 15 percent to $1.9 trillion last year, according to research firm Audit Analytics.
Taking advantage of this law and others, the offshore earnings of U.S. companies have risen 70 percent in the past five years, Audit Analytics said two weeks ago."

also:
"Levin's panel said Apple used a cost-sharing agreement "to transfer valuable intellectual property assets offshore and shift the resulting profits to a tax haven jurisdiction.""
as well as:
The panel also said Apple took advantage of loopholes in tax law and regulations known as "check the box" and "look through" that let some offshore units be disregarded for tax purposes, sheltering substantial profits from taxation.
Levin has unsuccessfully called for closing the "check the box" and "look through" provisions of the tax code.
someone_else_again On May 20, 2021
Really. Not a dude.





, Washington
#6New Post! May 24, 2013 @ 16:45:33
@shinobinoz Said

Smoke & mirrors.
Immediately following your partial quote.
"Total U.S. corporate profits parked offshore rose 15 percent to $1.9 trillion last year, according to research firm Audit Analytics.
Taking advantage of this law and others, the offshore earnings of U.S. companies have risen 70 percent in the past five years, Audit Analytics said two weeks ago."

also:
"Levin's panel said Apple used a cost-sharing agreement "to transfer valuable intellectual property assets offshore and shift the resulting profits to a tax haven jurisdiction.""
as well as:
The panel also said Apple took advantage of loopholes in tax law and regulations known as "check the box" and "look through" that let some offshore units be disregarded for tax purposes, sheltering substantial profits from taxation.
Levin has unsuccessfully called for closing the "check the box" and "look through" provisions of the tax code.



I'm not understanding how that pertains to what I said. If the money comes from somewhere other than the US and part of the stipulation that it won't be taxed rides on the money not entering our economy...why would this country have a right to any of it?
DorkySupergirl On November 02, 2017




, Canada
#7New Post! May 24, 2013 @ 17:03:06
I'm confused. I thought it was like say Apple made 10$ in Canada and its all money made in my country from say phone sales, it's Canadian profits so if money is made and Canadian profit, they keep money in Canada, they pay Canadian tax on it from Revenue Canada but if they bring the 10$ Canadian sales into the US, then IRS taxes them.
someone_else_again On May 20, 2021
Really. Not a dude.





, Washington
#8New Post! May 24, 2013 @ 17:16:02
@DorkySupergirl Said

I'm confused. I thought it was like say Apple made 10$ in Canada and its all money made in my country from say phone sales, it's Canadian profits so if money is made and Canadian profit, they keep money in Canada, they pay Canadian tax on it from Revenue Canada but if they bring the 10$ Canadian sales into the US, then IRS taxes them.


That was the way I understood it as well.
DorkySupergirl On November 02, 2017




, Canada
#9New Post! May 24, 2013 @ 17:21:58
@someone_else_again Said

That was the way I understood it as well.



I'm on my phone right now so no idea how to copy and paste article. I find Canadian article on Apple and its saying the same as me and you think.

Any money earned in say Canada that stays in Canada, Revue Canada taxes them like your IRS does. They are not going to pay US taxes on Canadian profits that stay in Canada.
El_Tino On August 10, 2020
booyaka!





Albuquerque, New Mexico
#10New Post! May 24, 2013 @ 17:25:49
@someone_else_again Said

I'm not understanding how that pertains to what I said. If the money comes from somewhere other than the US and part of the stipulation that it won't be taxed rides on the money not entering our economy...why would this country have a right to any of it?


Here's what companies do. They transfer intellectual property to countries with low tax rates. Say I had a trademark for TFS, I could transfer it to some country with little or no tax. Then I would charge myself large fees in order to use the trademark in the United States. If my profit was $500, I could "charge" myself $495 for use of the trademark. That $495 then becomes an expense in the US, and profit in the country with low taxes where the trademark is held. My "profit" in the US is now $5, so I pay tax on the $5.

A company without a creative tax department would pay tax on the whole $500, putting it at a disadvantage.
magicgoat On July 05, 2013

Deleted



Stockbridge, Georgia
#11New Post! May 24, 2013 @ 17:28:31
Flat tax. Simplify the code and do away with loop holes
someone_else_again On May 20, 2021
Really. Not a dude.





, Washington
#12New Post! May 24, 2013 @ 17:30:06
@El_Tino Said

Here's what companies do. They transfer intellectual property to countries with low tax rates. Say I had a trademark for TFS, I could transfer it to some country with little or no tax. Then I would charge myself large fees in order to use the trademark in the United States. If my profit was $500, I could "charge" myself $495 for use of the trademark. That $495 then becomes an expense in the US, and profit in the country with low taxes where the trademark is held. My "profit" in the US is now $5, so I pay tax on the $5.

A company without a creative tax department would pay tax on the whole $500, putting it at a disadvantage.



Thank you. That makes much more sense.

I also have a tendency to forget about the concept of "intellectual property."
El_Tino On August 10, 2020
booyaka!





Albuquerque, New Mexico
#13New Post! May 24, 2013 @ 17:31:00
@magicgoat Said

Flat tax. Simplify the code and do away with loop holes


https://www.businessweek.com/articles/2013-05-15/flat-tax-wave-ebbs-in-eastern-europe
shinobinoz On May 28, 2017
Stnd w Standing Rock





Wichita, Kansas
#14New Post! May 27, 2013 @ 01:53:02
Here's some more on the Irish tax avoidance schemes of large Corps.
"The Sunday Business Post said Ireland's finance ministry was examining options to phase out the "Double Irish", a tax avoidance technique in which multinationals funnel profits through two linked Irish subsidiaries.
Google's international headquarters in Dublin made tax-deductible payments to a Bermudan subsidiary via a Dutch affiliate in a related arrangement known as a "Double Irish Dutch sandwich.""
https://news.yahoo.com/ireland-considering-reform-corporate-tax-system-paper-101516571.html
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