Im sure the defense will be we need another corporate tax cut so they wont do this. Sorry conservatives wont wash, they got a big corporate tax cut and still kept doing it. You cant blame obama , because they started this tax swindle in 1999
The middleclass has shrunk by 1/5th, the poor has grown by 40% and the top 2% have gotten fabulously wealthier and STILL the GOP whines incessantly that its medicare medicaid and food stamps and unemployment and trying to raise the minimum wage thats caused this countries malais. They believe the way to fix all this is to put out Paul Ryan budgets ad nausem cutting everything under the sun for all americans and giving the richest and corporate america a tax cut.
WHERES THE TRICKLE DOWN!
Caterpillar Inc. (CAT) avoided paying $2.4 billion in U.S. taxes by shifting profits from a parts business to a subsidiary in Switzerland, according to a report released today by a Senate investigative committee.
The world’s largest maker of construction and mining equipment made a “paper change” starting in 1999 that made the profits of the subsidiary subject to a Swiss tax rate as low as 4 percent, said Senator Carl Levin, a Michigan Democrat who will question company executives at a hearing tomorrow.
“Nothing changed in the real world after that except Caterpillar’s tax bill,” Levin told reporters today. “Caterpillar waved a magic wand to make billions of dollars in U.S. taxes disappear.”
The report makes the point that offshore profit-shifting by U.S. corporations goes beyond the intellectual property maneuvers of technology companies such as Apple Inc. (AAPL) and Microsoft Corp. (MSFT) that have been the subjects of past hearings by Levin and scrutiny from governments in Europe.
According to the report, Caterpillar was able to take a profitable U.S.-based business, change little if anything about its operations and locate it in Switzerland for tax purposes.
The tax structure saves Caterpillar, which is based in Peoria, Illinois, about $300 million a year, or 7.9 percent of 2013 net income.
http://www.bloomberg.com/news/2014-...aped-2-4-billion-tax-with-swiss-maneuver.html
The middleclass has shrunk by 1/5th, the poor has grown by 40% and the top 2% have gotten fabulously wealthier and STILL the GOP whines incessantly that its medicare medicaid and food stamps and unemployment and trying to raise the minimum wage thats caused this countries malais. They believe the way to fix all this is to put out Paul Ryan budgets ad nausem cutting everything under the sun for all americans and giving the richest and corporate america a tax cut.
WHERES THE TRICKLE DOWN!
Caterpillar Inc. (CAT) avoided paying $2.4 billion in U.S. taxes by shifting profits from a parts business to a subsidiary in Switzerland, according to a report released today by a Senate investigative committee.
The world’s largest maker of construction and mining equipment made a “paper change” starting in 1999 that made the profits of the subsidiary subject to a Swiss tax rate as low as 4 percent, said Senator Carl Levin, a Michigan Democrat who will question company executives at a hearing tomorrow.
“Nothing changed in the real world after that except Caterpillar’s tax bill,” Levin told reporters today. “Caterpillar waved a magic wand to make billions of dollars in U.S. taxes disappear.”
The report makes the point that offshore profit-shifting by U.S. corporations goes beyond the intellectual property maneuvers of technology companies such as Apple Inc. (AAPL) and Microsoft Corp. (MSFT) that have been the subjects of past hearings by Levin and scrutiny from governments in Europe.
According to the report, Caterpillar was able to take a profitable U.S.-based business, change little if anything about its operations and locate it in Switzerland for tax purposes.
The tax structure saves Caterpillar, which is based in Peoria, Illinois, about $300 million a year, or 7.9 percent of 2013 net income.
http://www.bloomberg.com/news/2014-...aped-2-4-billion-tax-with-swiss-maneuver.html
