"If you've ever wondered how it's possible that you pay more to the IRS than General Electric,http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes_print.html
Forbes
has an explanation. You, my friend, do not have the tax benefit of
overseas operations. Microsoft, for example, has its overseas
subsidiaries license software to its US parent company in return for
handsome royalties that get taxed at lower overseas rates. Exxon limits
its tax pain with the help of 20 wholly owned subsidiaries domiciled in
the Bahamas, Bermuda, and the Cayman Islands that shelter cash flow from
operations in the likes of Angola, Azerbaijan, and Abu Dhabi. As a
result, of the $15B it paid in income taxes last year,
http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes_slide_3.html
Exxon
paid none of it to Uncle Sam, and has tens of billions in earnings
permanently reinvested overseas. Likewise, GE has $84B in overseas
income parked indefinitely outside the US. Now quit your carping and get
back to filling out that 1040!"
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