And what we can do to get it back onto home turf
The politicians and media are outraged. Instead of paying U.S. taxes, corporations are sending millions of dollars overseas.
But why do they do this?
Because at 39.2%, America has the highest corporate tax rate in the world.
So how do you bring this money home? By lowering the rate so that it’s in their self-interest to pay taxes here–invest here–create jobs here.
Ironically, even the pro-Obama, pro-big government/high tax corporations are fleeing America to not pay U.S. tax. And why wouldn’t they, with countries like China whose tax rate is almost 15% lower than America’s?
Here are some of those companies that have fled American tax:
- Apple, which reported $40.4 billion in holdings overseas and had an effective global tax rate of 12.6% over the past 3 years
- eBay, which reported $10 billion overseas and had an effective tax rate of 15.3% over the past 3 years
- Google, which reported $24.8 billion overseas and had an effective tax rate of 17.6% over the past 3 years
- Yahoo, which reported $3.2 billion overseas and had an effective tax rate of 17.9% over the past 3 years
- Cisco, which reported $41.3 billion overseas and had an effective tax rate of 20.9% over the past 3 years”
It’s no wonder these companies have moved money overseas. It’s putting more of their hard-earned money where it belongs: in their pockets.
If the government would realize that more money in the citizens’ hands means more economic prosperity for all, then we would start getting somewhere.
I hope to never see the day where the government is taking the majority of our check to spend it on its programs.
What do you think of these companies moving their funds overseas? Email me at [email protected].