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When Dante descended into the Inferno, guided by Virgil, he passed through Circles of Gluttony and Greed, and of Heresy and Fraud and Treachery.
Abbott Labs had 42% of its sales in the U.S., but declared a loss in the U.S. along with $12 billion in foreign profits.
Baxter Labs had about 40% of its sales and assets in the U.S., but only 14% of its declared income.
Cisco had 50% of its sales in the U.S., but just 25% of its income.
Dell, with about a 50-50 split in US/foreign revenue, declared only 12% of its profits in the US.
Dow had 32% of its sales in the U.S., but declared a U.S. loss against foreign profits of over $5 billion.
DuPont listed 38% of sales and 67% of property in the U.S., but only 20% of income.
Honeywell had almost 60% of sales in US, but only 34% of its income.
Johnson & Johnson declared 44% of its sales and over half of its long-lived assets in the U.S., but only 32% of its income.
Microsoft claimed over half its sales in the US, but only about 20% of its income.
Circles of Petroleum and Power and Pollution and Pomposity
Exxon has about 39% of its employees, 33% of its sales, 40% of its long-lived assets, and 70-90% of its productive oil and gas wells in the U.S., yet declares only 15% of its income as earned here. The company pays only 2.2% of its total income in U.S. taxes.
Chevron is no better, with "Operable Capacity" and the number of gas stations about equally divided between the U.S. and international sites. About 75% of its oil and gas wells and 90% of its pipeline mileage are in the United States. Yet the company claims only 20% of its income in the U.S., and pays only 3.8% of its total income in U.S. taxes.
General Electric, notorious for its non-payment of taxes, has almost half of its employees and income in the U.S., but paid over four times as much foreign tax as U.S. tax.
Circles of Gibberish
In order to track down tax avoiders, the traveler must trudge through corporate tax filing Limbo, an underworld of jargon and drivel and legalese. Among the most incomprehensible findings are these:
Exxon uses something called a "theoretical tax" to account for almost 90% of its income tax bill. Here's what The Economist says about theoretical taxes: "Companies have two versions of the truth: the theoretical tax bill, calculated using accounting profits..and the actual cash tax they pay.."
Berkshire Hathaway declares "hypothetical amounts" to write off its tax bill.
IBM, apparently without a computing device, contends that "Quantification of the deferred [unrepatriated] tax liability..is not practicable."
Comcast says, "From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax positions using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions."
Even Lucifer had to laugh.
The Path to Paradise
The Bureau of Economic Analysis notes that U.S. employment accounted for 68 percent of total worldwide employment in 2010, and that sales by U.S. parent companies in 2010 were almost twice the amount of majority-owned foreign affiliates. Yet 100 of the largest Fortune 500 companies claimed only 44% of their collective income in the U.S., and paid only 10.5% of their total income in federal taxes.
Despite this betrayal of the American people, neoliberals insist on even less taxes and less regulation and less government. They apparently believe in the words of Dante: "The path to paradise begins in hell."
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When Dante descended into the Inferno, guided by Virgil, he passed through Circles of Gluttony and Greed, and of Heresy and Fraud and Treachery.
Abbott Labs had 42% of its sales in the U.S., but declared a loss in the U.S. along with $12 billion in foreign profits.
Baxter Labs had about 40% of its sales and assets in the U.S., but only 14% of its declared income.
Cisco had 50% of its sales in the U.S., but just 25% of its income.
Dell, with about a 50-50 split in US/foreign revenue, declared only 12% of its profits in the US.
Dow had 32% of its sales in the U.S., but declared a U.S. loss against foreign profits of over $5 billion.
DuPont listed 38% of sales and 67% of property in the U.S., but only 20% of income.
Honeywell had almost 60% of sales in US, but only 34% of its income.
Johnson & Johnson declared 44% of its sales and over half of its long-lived assets in the U.S., but only 32% of its income.
Microsoft claimed over half its sales in the US, but only about 20% of its income.
Circles of Petroleum and Power and Pollution and Pomposity
Exxon has about 39% of its employees, 33% of its sales, 40% of its long-lived assets, and 70-90% of its productive oil and gas wells in the U.S., yet declares only 15% of its income as earned here. The company pays only 2.2% of its total income in U.S. taxes.
Chevron is no better, with "Operable Capacity" and the number of gas stations about equally divided between the U.S. and international sites. About 75% of its oil and gas wells and 90% of its pipeline mileage are in the United States. Yet the company claims only 20% of its income in the U.S., and pays only 3.8% of its total income in U.S. taxes.
General Electric, notorious for its non-payment of taxes, has almost half of its employees and income in the U.S., but paid over four times as much foreign tax as U.S. tax.
Circles of Gibberish
In order to track down tax avoiders, the traveler must trudge through corporate tax filing Limbo, an underworld of jargon and drivel and legalese. Among the most incomprehensible findings are these:
Exxon uses something called a "theoretical tax" to account for almost 90% of its income tax bill. Here's what The Economist says about theoretical taxes: "Companies have two versions of the truth: the theoretical tax bill, calculated using accounting profits..and the actual cash tax they pay.."
Berkshire Hathaway declares "hypothetical amounts" to write off its tax bill.
IBM, apparently without a computing device, contends that "Quantification of the deferred [unrepatriated] tax liability..is not practicable."
Comcast says, "From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax positions using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions."
Even Lucifer had to laugh.
The Path to Paradise
The Bureau of Economic Analysis notes that U.S. employment accounted for 68 percent of total worldwide employment in 2010, and that sales by U.S. parent companies in 2010 were almost twice the amount of majority-owned foreign affiliates. Yet 100 of the largest Fortune 500 companies claimed only 44% of their collective income in the U.S., and paid only 10.5% of their total income in federal taxes.
Despite this betrayal of the American people, neoliberals insist on even less taxes and less regulation and less government. They apparently believe in the words of Dante: "The path to paradise begins in hell."
When Dante descended into the Inferno, guided by Virgil, he passed through Circles of Gluttony and Greed, and of Heresy and Fraud and Treachery.
Abbott Labs had 42% of its sales in the U.S., but declared a loss in the U.S. along with $12 billion in foreign profits.
Baxter Labs had about 40% of its sales and assets in the U.S., but only 14% of its declared income.
Cisco had 50% of its sales in the U.S., but just 25% of its income.
Dell, with about a 50-50 split in US/foreign revenue, declared only 12% of its profits in the US.
Dow had 32% of its sales in the U.S., but declared a U.S. loss against foreign profits of over $5 billion.
DuPont listed 38% of sales and 67% of property in the U.S., but only 20% of income.
Honeywell had almost 60% of sales in US, but only 34% of its income.
Johnson & Johnson declared 44% of its sales and over half of its long-lived assets in the U.S., but only 32% of its income.
Microsoft claimed over half its sales in the US, but only about 20% of its income.
Circles of Petroleum and Power and Pollution and Pomposity
Exxon has about 39% of its employees, 33% of its sales, 40% of its long-lived assets, and 70-90% of its productive oil and gas wells in the U.S., yet declares only 15% of its income as earned here. The company pays only 2.2% of its total income in U.S. taxes.
Chevron is no better, with "Operable Capacity" and the number of gas stations about equally divided between the U.S. and international sites. About 75% of its oil and gas wells and 90% of its pipeline mileage are in the United States. Yet the company claims only 20% of its income in the U.S., and pays only 3.8% of its total income in U.S. taxes.
General Electric, notorious for its non-payment of taxes, has almost half of its employees and income in the U.S., but paid over four times as much foreign tax as U.S. tax.
Circles of Gibberish
In order to track down tax avoiders, the traveler must trudge through corporate tax filing Limbo, an underworld of jargon and drivel and legalese. Among the most incomprehensible findings are these:
Exxon uses something called a "theoretical tax" to account for almost 90% of its income tax bill. Here's what The Economist says about theoretical taxes: "Companies have two versions of the truth: the theoretical tax bill, calculated using accounting profits..and the actual cash tax they pay.."
Berkshire Hathaway declares "hypothetical amounts" to write off its tax bill.
IBM, apparently without a computing device, contends that "Quantification of the deferred [unrepatriated] tax liability..is not practicable."
Comcast says, "From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax positions using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions."
Even Lucifer had to laugh.
The Path to Paradise
The Bureau of Economic Analysis notes that U.S. employment accounted for 68 percent of total worldwide employment in 2010, and that sales by U.S. parent companies in 2010 were almost twice the amount of majority-owned foreign affiliates. Yet 100 of the largest Fortune 500 companies claimed only 44% of their collective income in the U.S., and paid only 10.5% of their total income in federal taxes.
Despite this betrayal of the American people, neoliberals insist on even less taxes and less regulation and less government. They apparently believe in the words of Dante: "The path to paradise begins in hell."