Apple fingered as the worst tax avoider in the US
Apple is one of the worst US tax avoiders, according to new statistics compiled by the Citizens for Tax Justice and the US Public Interest Research Group Education Fund.
The study found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
Jobs’ Mob holds $181.1 billion offshore, more than any other US company, and would owe an estimated $59.2 billion in US taxes if it tried to bring the money back to the United States from its three overseas tax havens, the study said.
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid paying US taxes.
If they all paid up, the country would give $620 billion to the US economy.
Citizens for Tax Justice and the US Public Interest Research Group Education Fund used the companies’ own financial filings with the Securities and Exchange Commission to reach their conclusions.
“At least 358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014,” the study said. “All told these 358 companies maintain at least 7,622 tax haven subsidiaries.”
Fortune 500 companies hold more than $2.1 trillion in accumulated profits offshore to avoid taxes, with just 30 of the firms accounting for $1.4 trillion of that amount, or 65 percent, the study found.
Fifty-seven of the companies disclosed that they would expect to pay a combined $184.4 billion in additional US taxes if their profits were not held offshore. Their filings indicated they were paying about 6 percent in taxes overseas, compared to a 35 percent U.S. corporate tax rate, the study calims.
“Congress can and should take strong action to prevent corporations from using offshore tax havens, which in turn would restore basic fairness to the tax system, reduce the deficit and improve the functioning of markets,” the study said.
Half an hour of exercise a day may NOT be enough to keep you healthy: Risk of heart failure only plummets after 5 hours a week
Doing the recommended 2.5 hours of exercise a week lowers risk by 10%
This ‘isn’t good enough’ and doubling it to 5 hours reduces the risk by 19%
Those who do 10 hours a week had a 35% lower chance of heart failure
Experts: The heart is a muscle and works more efficiently when exercised
Read it all HERE.
More on the above HERE.
Japan’s Largest Company Is ISIS’ Car Maker of Choice
How did so many Toyota pickup trucks and SUVs end up in the hands of ISIS?
The United States has launched an investigation to determine how the terror group ISIS was able to acquire a large number of Toyota pickup trucks and SUVs ABC News reported this week.
Japanese car manufacturer Toyota, the world’s second-largest auto maker, has pledged full cooperation with U.S. authorities and is “supporting” the inquiry led by the Terror Financing division of the U.S. Department of the Treasury.
“We briefed Treasury on Toyota’s supply chains in the Middle East and the procedures that Toyota has in place to protect supply chain integrity,” according to a D.C.-based spokesperson of Toyota. However, “it is impossible for Toyota to completely control indirect or illegal channels through which our vehicles could be misappropriated,” he added.
According to Toyota sales data, the number of Hilux and Land Cruisers sold tripled from 6,000 in Iraq in 2011 to 18,000 sold in 2013. However, sales dropped to 13,000 in 2014.
Toyota Hilux pickup trucks – a lightweight virtually indestructible vehicle – have been prominently featured in various ISIS propaganda videos and played an important role in ISIS’ conquests of large stretches of Iraqi territory last summer by acting as a force multiplier.
Armed with a .50 caliber machine gun the Hilux truck’s maneuverability provided insurgents quickly with close-range fire support during their attacks. Back in 2010, the counterinsurgency expert David Kilcullen referred to the Hilux as “a modern version of light cavalry. They move weapons into positions to fire, and can also shift people around very quickly, with a quick dismount.”
Last year, in an analysis for The European (in German), I referred to the pickup trucks as the insurgents’ equivalent of Germany’s light tank force during their Blitzkrieg campaigns in World War II. Like the German tanks in the 1940s, the images of Hilux trucks armed with machine guns and with hooded ISIS fighters on top of the vehicle serve as much as psychological weapon to intimidate opponents as they add real value on the battlefield.
“Regrettably, the Toyota Land Cruiser and Hilux have effectively become almost part of the ISIS brand,” Mark Wallace, a former U.S. Ambassador to the United Nations, who is CEO of the Counter Extremism Project, a non-profit working to expose the financial support networks of terror groups, told ABS News.
“ISIS has used these vehicles in order to engage in military-type activities, terror activities, and the like,” Wallace continued. “But in nearly every ISIS video, they show a fleet — a convoy of Toyota vehicles and that’s very concerning to us.”
Toyota pledged that it would take immediate action should the company become aware that a dealership is selling cars to a terror group, but repeatedly stated the difficulties of tracking sales. Wallace, however, is adamant that the company could do more:
I don’t think Toyota’s trying to intentionally profit from it, but they are on notice now and they should do more. They should be able to figure it out… how are these trucks getting there. I think they should disclose that, put a stop to that, and put policies and procedures in places that are real and effective to make sure that we don’t see videos of ISIS using Toyota trucks in the future.
Officials of the Terror Financing division of the U.S. Department of the Treasury said that they are “working closely with foreign counterparts and stakeholders” to solve the mystery surrounding the large number of Toyota vehicles operated by ISIS in Iraq and Syria.