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By Catholic Online (NEWS CONSORTIUM)

8/1/2013 (8 months ago)

Catholic Online (www.catholic.org)

Practice is depriving federal, state governments of revenue

The story goes: Whereupon a Southern belle found how much one of her clients had in the bank, she replied, "I do declare!" "I don't!" her client replied, "That's why I get to keep it!" In this vein, it's been learned that a dozen of California's largest corporations are holding nearly $262 billion in foreign earnings. These offshore subsidiaries protect the money from American taxation, according to a new study by a consumer advocacy group.

It must be stressed that while parking profits in other nations whose corporate tax rates are lower is not illegal, it has been widely criticized by leftist groups.

It must be stressed that while parking profits in other nations whose corporate tax rates are lower is not illegal, it has been widely criticized by leftist groups.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/1/2013 (8 months ago)

Published in Business & Economics

Keywords: Offshore corporations, Apple, California, taxes


LOS ANGELES, CA (Catholic online) - According to the study by a coalition of state Public Interest Research Group affiliates, including CALPIRG in California, the "dirty dozen" are on a list of 105 publicly traded American corporations collectively holding $1.17 trillion in earnings offshore.
 
Entitled "Offshore Shell Games and the PIRG coalition," the study concludes that the practice is depriving federal and state governments of much-needed revenue for public services.

Listed as having has the most offshore holdings of any American corporation, California's Apple is secreting away $82.66 billion.

It must be stressed that while parking profits in other nations whose corporate tax rates are lower is not illegal, it has been widely criticized by leftist groups.

Chevron, California's largest corporation, is holding $26.5 billion, the report says, and others from the state on the list, by size of the firm, include Hewlett-Packard, $33.4 billion; McKesson, $3.8 billion; Apple, $82.7 billion; Wells-Fargo, $1.3 billion; Intel, $17.5 billion; Safeway, $1.3 billion; Cisco Systems, $41.3 billion; Walt Disney, $566 million; Sysco, $910 million; Google, $33.3 billion; Ingram Micro, $2.1 billion; and Oracle, $20.9 billion.

The lesson that may be inferred by this bit of news goes directly to Uncle Sam: Maybe the companies bringing in the most revenue should be rewarded, in lieu of slapped with higher tax rates.

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