In the September Tax Justice Network podcast, the Taxcast: How a conman can devastate the lives of thousands of ordinary people, aided and abetted by the offshore industry – with banks, law firms and accountants all happy to look the other way and not ask questions. Plus, we discuss: the latest leak from the Bahamas, #BahamasLeaks; and Apple’s 13 billion euro underpaid tax bill: a defining moment in the battle between the low/no-tax world big corporations would like to see and democratic, accountable governance in the public interest. (more…)
US corporate giants, such as Apple, General Electric, and Microsoft are hidden nearly $1.4 trillion in dozens of offshore tax havens. That is $1,400,000,000,000.
The companies also used more than 1,600 subsidiaries in tax havens to hoard and move money around outside the reach of fiscal authorities. At the same time, the corporations keep on taking benefits from government support in their home countries paid by taxpayers.
The huge profits that major corporations have reported they are holding offshore, partly because of the high taxes they say they would have to pay for shifting the profits back to the US.
Read more: US firms hiding $1,400,000,000,000 in offshore tax haven
When banks build new gleaming headquarters, that generally marks the top of the bank’s fortunes. There appears to be some sort of hubris in constructing a monumental new headquarters that shouts “we’re rich beyond all conception” that angers the stock market gods.
For this reason, we should ponder the glamorous new headquarters Facebook just completed and Apple’s “spaceship” campus that is under construction.Google’s plans for an ultra-modernist headquarters were recently tabled by the city of Mountain View, but the grandiose plans themselves may count as hubris to the stock market gods.
[The Following Post By Bitcoinomics Chief Editor, Justin O’Connell]
Originally appeared at Bitcoinomics
Follow Bitcoinomics on Twitter
Like Bitcoinomics on Facebook
Apple announced its payment product, Apple Pay, this week, and it was immediately touted by JP Morgan Chase’s Chief Financial Officer Marianne Lake as the future of payments. But is it all its made out to be by Apple executives and their partners on the project? Lots of questions remain, such as the fact Apple Pay will only be available in the United States at first. Once it is made available beyond US borders, the question remains – will it be adopted as a payment method in places where Apple penetration is lackluster? (more…)
The math of netting $1 billion is daunting.
The mainstream financial media nearly wet its collective pants with excitement in reporting that the planet’s corporations paid $1 trillion in dividends in 2013. What they didn’t report is that clearing billions in profit is about to get much harder.
As a refresher, let’s look at what it takes to net $1 billion in net profit.