Where do 53% of your Tax dollars go? One Video EVERYONE should see.
Tag Archives | Tax
How Multinational Companies Benefit From Offshore Tax Havens
NPR‘s daily show, Fresh Air, Jesse Drucker from Bloomber News engaged in an interesting discussion yesterday about the multinational companies that save billions in taxes by using other countries with lower corporate income tax. What does this mean for the country’s economy, both that of the US and the offshore tax havens? From WHYY on NPR:
The top corporate income tax level in the United States is 35 percent. In the United Kingdom, it’s 28 percent. But in Ireland, it’s only 12.5 percent, and in Bermuda there’s no corporate income tax at all. That means multinational companies that shift their earnings through Ireland or Bermuda can save billions of dollars in taxes each year.
On today’s Fresh Air, Bloomberg News reporter Jesse Drucker, who has written extensively about corporate tax-dodging, explains how companies like Google, Pfizer, Lilly, Oracle, Facebook and Microsoft have managed to reduce their tax rates by hundreds of millions — and in some cases, billions — of dollars by taking advantage of offshore tax havens.
Should Republicans Consider Hedging Their Bets On Paul ‘Speedy’ Ryan?
Rep. Paul Ryan
disinformation’s readers come through yet again. Responses to my last blogpost were extremely varied and thought provoking, with some well-reasoned and others less so. The persistence of themes played out in some of the latter so impressed me that it well pleases me to once again examine the big ol’ “Fail” written all over Paul Ryan’s (R-WI) endorsement of the Laffer Curve, especially its implications for ‘The Velocity of Money’.
Remember ‘The Velocity of Money’? That’s the basic economic concept introduced in our post about the hypothetical castration of Goldman Sachs. It’s a thumbnail measure of how efficiently an economy employs its capital—the more often a single dollar is spent during a given year, the higher the rate of employment. Any number of other theoretical implications can be drawn from that; the higher the rate of employment, the greater economic, social and political equality, the higher the rate of technological innovation, etc., etc.… Read the rest
