http://moneymorning.com/2015/05/21/chart-u-s-corporations-that-pay-no-taxes/
U.S. Corporations That Pay No Taxes
Apple is hiring in Ireland to avoid taxes. According to Reuters this morning, "Apple is to hire an additional 1,000 staff in Ireland as the iPhone maker bids to boost its presence in the country where it declares much of its overseas profit for tax purposes."
The company is far from unique in its mission to avoid the steep U.S. corporate tax...
There are a record 54 U.S. corporations that pay no taxes or are at least partially exempt. That's more than twice the amount five years ago. Most of them actually got tax refunds.
On top of that, there are currently 13 Fortune 500 companies that don't pay taxes. We are talking about some of the biggest businesses in the nation. CBS Corp. (NYSE: CBS), which earned $1.8 billion in 2014, paid no federal tax, and received a $235 million tax refund. (If you look back at the last five years, one more Fortune 500 giant makes the list. General Electric Co. [NYSE: GE] made $33 billion from 2010-2014, paid no taxes, and received $1.4 billion in refunds.)
By keeping their cash parked overseas, companies like CBS avoid triggering U.S. corporate taxes. Instead, they take advantage of foreign tax structures that are much more forgiving. You see, according to Cato Institute research, the U.S. has the highest corporate tax rate among major industrial nations. Its effective tax rate of 35.6% on new corporate investment is nearly twice the average rate for the 90 countries studied.
As these giants dodge taxes, it's no surprise their contribution toward the nation's total tax revenue has declined.
U.S. Corporations That Pay No Taxes
Apple is hiring in Ireland to avoid taxes. According to Reuters this morning, "Apple is to hire an additional 1,000 staff in Ireland as the iPhone maker bids to boost its presence in the country where it declares much of its overseas profit for tax purposes."
The company is far from unique in its mission to avoid the steep U.S. corporate tax...
There are a record 54 U.S. corporations that pay no taxes or are at least partially exempt. That's more than twice the amount five years ago. Most of them actually got tax refunds.
On top of that, there are currently 13 Fortune 500 companies that don't pay taxes. We are talking about some of the biggest businesses in the nation. CBS Corp. (NYSE: CBS), which earned $1.8 billion in 2014, paid no federal tax, and received a $235 million tax refund. (If you look back at the last five years, one more Fortune 500 giant makes the list. General Electric Co. [NYSE: GE] made $33 billion from 2010-2014, paid no taxes, and received $1.4 billion in refunds.)
By keeping their cash parked overseas, companies like CBS avoid triggering U.S. corporate taxes. Instead, they take advantage of foreign tax structures that are much more forgiving. You see, according to Cato Institute research, the U.S. has the highest corporate tax rate among major industrial nations. Its effective tax rate of 35.6% on new corporate investment is nearly twice the average rate for the 90 countries studied.
As these giants dodge taxes, it's no surprise their contribution toward the nation's total tax revenue has declined.
