Most Big Corporations Avoid Paying Taxes in the US
Listen to story:
Download: mp3 (Duration: 14:59 — 13.7MB)
FEATURING MICHELLE SURKA – As if you needed more reasons to be suspicious and contemptuous of corporate America, a new report will make your blood boil. The U.S. PIRG Education Fund, Citizens for Tax Justice and the Institute on Taxation and Economic Policy together just released a scathing publication finding that, “more than 73 percent of Fortune 500 companies maintained subsidiaries in offshore tax havens,” and ‘[c]ollectively, multinationals reported booking $2.5 trillion offshore, with just 30 companies accounting for 66 percent of this total.”
While those of us with salaried jobs have our taxes garnished in our paychecks, most corporations and their wealthy owners and executives find ways to avoid funding our common needs – think Trump.
Apple, Nike, and Goldman Sachs were among the worst abusers of our tax code, hiding hundreds of billions of dollars offshore.
Michelle Surka, advocate with the US Public Interest Research Group.