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Wednesday, March 13, 2013

How Congress Handles Tax Reform

 The Hangman's Loophole

According to the Wall Street Journal (via Raw Story) 60 American corporation alone have put One Hundred and Sixty-Six Billion Dollars in off-share accounts in order to avoid paying taxes. Pretty good deal if you can get away with it:

The business newspaper said its analysis of 60 big American companies had found that they had collectively parked a total of $166 billion offshore last year. That shielded more than 40 percent of their annual profits from US taxes, the report said. [...]
The practice is a result of US tax rules that allow companies to not pay taxes on profits earned by overseas subsidiaries if the money is not brought back to the United States, the report pointed out.

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