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Starbucks Corporation Message Board

j.a_garfield 1 post  |  Last Activity: Jul 26, 2014 6:58 PM Member since: Apr 27, 2011
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  • Reply to

    America Getting Poorer

    by hacker_boob Jul 26, 2014 5:05 PM
    j.a_garfield j.a_garfield Jul 26, 2014 6:58 PM Flag

    A recent Washington Post article highlights the tax problem the U.S. has created for itself.
    Congress needs to address this. It will not be solved by lip service from the potus.
    “Companies that have deserted our country to avoid paying taxes but expect to keep receiving the full benefits that being American confers, and for which everyone else is paying.
    Yes, leaving the country — a process that tax-techies call inversion — is perfectly legal. A company does this by reincorporating in a place such as Ireland, where the corporate tax rate is 12.5 percent, compared with 35 percent in the United States. Inversion also makes it easier to divert what would normally be U.S. earnings to foreign, lower-tax locales. But being legal isn’t the same as being right. If a few companies invert, it’s irritating but no big deal for our society. But mass inversion is a whole other thing, and that’s where we’re heading.

    We’ve also got a second, related problem, which I call the “never-heres.” They include formerly private companies such as Accenture, a consulting firm that was spun off from Arthur Andersen, and disc-drive maker Seagate, which began as a U.S. company, went private in a 2000 buyout and was moved to the Cayman Islands, went public in 2002, then moved to Ireland from the Caymans in 2010. Such firms can duck lots of U.S. taxes without being accused of having deserted our country because, technically, they were never here. So far, by Fortune’s count, some 60 U.S. companies have chosen the never-here or the inversion route, and others are lining up to leave.”

    Another issue is all the companies setting of PO Boxes in Zug to avoid paying taxes here.
    Such as RIG.

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