Tax evasion: 1400 billion dollars in the pockets of US multinationals – Liberation

In full Panama scandal Papers, Oxfam America has published a new study on tax evasion fifty largest US companies between 2008 and 2014. The figures subtracted more or less legally to tax by the world companies are staggering. Four information to remember.

1400 billion in paradise

The biggest US companies have placed 1,400 billion (about 1200 billion) in tax havens between 2008 and 2014 to reduce their taxes. To do this, they used a network “opaque and secret over 1600 subsidiaries’ by Oxfam America study. Result: “more than 43% of the profits of US multinationals abroad come from tax havens, which only represent 4% of their payroll and 7% of their investments outside the US” .

these tax havens, such as Bermuda is rather speaking. “In 2012, US companies reported having made $ 80 billion profits” on this island, a “amount greater than the total accumulated profits in Japan, China, Germany and France. ” However, the report stresses that Bermuda represent “less than 0.02% of the payroll” multinationals with subsidiaries registered on the island.

Apple leads the Top 50

and the winner of tax evasion is still and always … Apple, with over $ 181 billion (160 billion euros) in tax exempt and stored in tax havens. The giant apple is monitored by other heavyweights of global business, such as General Electric (119 billion), Microsoft ($ 108 billion) and Pfizer (74 billion). A report published in 2015 by the organization Citizens for Tax Justice confirms the practices of these groups. Between 2008 and 2014, Apple “should have paid $ 59.2 billion in taxes to the United States if its profits were not placed in tax havens,” a painful sacred . But in reality, the firm has managed to pay “a tiny 2% tax on its profits”

Estimated cost for the United States: $ 111 billion

Only five fifty on multinationals pay the entire tax rate on corporations, set at 35% in the United States. This is one of the highest rates in the OECD. But employees montages by the majority of companies allow them to achieve a real average rate of 26.5%.

This massive tax evasion would cost $ 111 billion to US public finances. “If companies do not pay taxes, you pay the bill,” ensures the organization. To offset the amount of tax evasion, Oxfam America figure: On its website, the organization says “Every taxpayer should pay 1026 dollars a year.” “In 1952 the corporation tax covering 32% of the federal US budget. In 2014 it was only 10.6%, “ with a collection of 320.7 billion dollars by the federal government.

These companies also cause a loss of ” $ 100 billion annually to developing countries. “ the organization fighting against poverty in the world believes that this amount would ” quadruple spending on education in 47 countries poorest in the world, providing care necessities to 2.2 billion people each year and provide drinking water to 2.2 billion people. “

lobbying ROI winner

“An incredible return on investment,” that’s how the study denounces the lobbying implemented by these multinationals . “For every dollar spent, these fifty groups have received collectively $ 130 of tax relief and $ 4 000 federal loan or bailout.” The advanced report: “Ironically these multinationals that rely on an army of lobbyists to influence federal decisions are among the main beneficiaries of the taxes paid by taxpayers. “

Anais Cherif