Skip to content

Yes, corporate tax havens cost you too!

By Catholic Online (NEWS CONSORTIUM)
6/6/2014 (3 years ago)
Catholic Online (https://www.catholic.org)

Corporations act as they do, and so does Congress.

Surprise, surprise, surprise!  The same day Cardinal Maradiaga condemned unethical business practices that do nothing to help those at the bottom of society, a report was released that shows a majority of Fortune 500 companies stash their money offshore to avoid U.S. taxes. The practice cheats American taxpayers out of $90 billion per year.

It's common and it cheats millions of their due.

It's common and it cheats millions of their due.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (https://www.catholic.org)
6/6/2014 (3 years ago)

Published in Business & Economics

Keywords: tax haven, congress, corporations


LOS ANGELES, CA (Catholic Online) - Several Fortune 500 companies, using no more than an offshore post office box, are banking hundreds of billions of dollars in offshore tax havens. The estimated $90 billion shortfall in U.S. taxes is made up by taxpayers who pay higher rates or will pay higher rates later as interest on federal debt.

This practice costs every man, woman and child in America about $300 per year in extra taxes. However, it keeps corporate balance sheets looking better and makes millionaires richer.

We must each do our part to serve those in need.

Corporate bosses have a fiduciary responsibility to build shareholder value. Part of that pursuit is to protect income from tax burdens imposed by various governments. However, there is another responsibility which is being shirked, which is a responsibility to the people of the United States, often where these businesses make much of their money.

Such practices may boost the bottom line, which is great for investors, but it hits Americans in the pocketbook each tax cycle.

So who are the culprits?

Apple, GE, Microsoft, Pfizer and Merck are listed as the top savers using these tactics. The Netherlands, Singapore, Hong Kong, Luxembourg, the Caymans and Ireland are the places used for these havens.

The blame is not entirely on corporations, which are simply acting as corporations naturally do. Instead, it is up to Congress to close these tax loopholes by passing laws that require payments regardless of where the money goes.

Banks also bear some burden for operating these tax havens. The prime offender is Bank of America, which maintains some 264 tax havens.

It is believed that more tax havens exist and more businesses are using them, but they remain unknown to the federal government for various reasons.

Corporations in the United States are heavily taxes, paying a rate of about 35 percent, which is about 10 percent higher than is usually paid in the industrialized world. Corporations also lobby Congress heavily to keep loopholes open which are worth billions to them over several years.

Despite all this, it's that much less money for the government to spend on social programs and education, and it's less money in the hands of private citizens where it could do the most good of all.

---


'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'


Copyright 2018 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for APRIL 2018
For those who have Responsibility in Economic Matters.
That economists may have the courage to reject any economy of exclusion and know how to open new paths.


Comments


More Business & Economics

Disaster looming? Market flashes warning, worst April since Great Depression Watch

Image of The stock market is in decline. Is recession looming?

Markets have suffered their worst April start since the Great Depression, led by Amazon which lost 5.21 percent of its value in one day ... continue reading


Stock market tumbles, is a recession on the way? Watch

Image of The stock market took a tumble yesterday but may recover today. Nobody is certain of what's next.

Global markets have dropped for the past few days, and just this morning have rebounded. It remains to be seen if the recovery is ... continue reading


Is free money a Christian solution to economic problems? Watch

Image of Is there a Christian solution to our economic problems?

The world is richer and more productive than ever before in history. Yet, income inequality is growing the poverty is on the rise. Middle ... continue reading


Income inequality - Here's why world poverty and hunger remain a problem, frustrating Pope Francis' efforts to solve the crisis Watch

Image of Pope Francis has spearheaded a campaign to end world hunger by 2020.

When Pope Francis accepted the chair of St. Peter, he pledged to end world hunger by 2020. By all appearances, it was an easy win. The math ... continue reading


Jobless claims historic low! - Why workers are getting raises this year, thanks to President Trump Watch

Image of Workers are finally being dealt back into the American Dream, thanks in part to President Trump's economic policies.

Say what you will about President Trump, but American workers are starting to "win" under his administration. Jobless claims have reached a ... continue reading


Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Information
Learn about Catholic world

Catholic Online
Inform - Inspire - Ignite

Catholic Online Saints
Your saints explained

Catholic Online Prayers
Prayers for every need

Catholic Online Bible
Complete bible online

Catholic Online News
Your news Catholic eye

Daily Reading
Today's bible reading

Lent / Easter
Death & resurrection of Jesus

Advent / Christmas
Birth of Jesus

Rest of Catholic Online
All Catholic world we offer

Services
Products and services we offer

Catholic Online Shopping
Catholic medals, gifts & books

The California Network
Inspiring streaming service

Advertise on Catholic Online
Your ads on catholic.org

Catholic Online Email
Email with Catholic feel

Catholic Online Singles
Safe, secure Catholic dating

The California Studios
World-class post production service

Education
Learn the Catholic way

Catholic Online School
Free Catholic education for all

Student Classes
K-12 & Adult Education Classes

School Teachers
Teacher lesson plans & resources

Support Free Education
Tax deductible support Free education

Socials
Connect with us online

Catholic Online on Facebook
Catholic social network

Catholic Online on Twitter
Catholic Tweets

Catholic Online on YouTube
Enjoy our videos

Catholic Online on Instagram
Shared Catholic moments

Catholic Online on Pinterest
Catholic ideas style inspiration

Catholic Online Logo

Copyright 2018 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2018 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.