Burger King the next to dodge taxes out of country?

I used to enjoy a Whopper, but no more should this deal goes down...
 

charlotta said:
I will not be doing business ever with Burger King.
I thought I would also boycott Walgreen, but I found out they will still pay USA taxes as always. Heard this on Public TV .
Click to expand...

I will not do business with them either, Charlotta, this is our only recourse with these companies, our congress people certainly are not doing a thing about it. If enough boycott, it will work.
 
They not only move out of the country to avoid taxes, they do not pay their share.....why? ....because congress allows it.

http://billmoyers.com/2014/05/29/10-companies-that-dodge-corporate-taxes/

A recent report by Americans for Tax Fairness suggests that corporate taxes are near a 60-year low — and that’s partially because corporations have become adept at not paying their share.

10 Corporate Tax Dodgers You Should Know About

Bank of America runs its business through more than 300 offshore tax-haven subsidiaries. It reported $17.2 billion in accumulated offshore profits in 2012. It would owe $4.3 billion in US taxes if these funds were brought back to the US.

Citigroup had $42.6 billion in foreign profits parked offshore in 2012 on which it paid no US taxes. It reported that it would owe $11.5 billion if it brings these funds back to the US. A significant chunk is being held in tax-haven countries.

ExxonMobil had a three-year federal income tax rate of just 15 percent. This gave the company a tax subsidy worth $6.2 billion from 2010-2012. It had $43 billion in offshore profits at the end of 2012, on which it paid no US taxes.

FedEx made $6 billion over the last three years and didn’t pay a dime in federal income taxes, in part because the tax code subsidized its purchase of new planes. This gave FedEx a huge tax subsidy worth $2.1 billion.

General Electric received a tax subsidy of nearly $29 billion over the last 11 years. While dodging paying its fair share of federal income taxes, GE pocketed $21.8 billion in taxpayer-funded contracts from Uncle Sam between 2006 and 2012.

Honeywell had profits of $5 billion from 2009 to 2012. Yet it paid only $50 million in federal income taxes for the period. Its tax rate was just 1 percent over the last four years. This gave it a huge tax subsidy worth $1.7 billion.

Merck had profits of $13.6 billion and paid $2.5 billion in federal income taxes from 2009 to 2012. While dodging its fair share of federal income taxes, it pocketed $8.7 billion in taxpayer-funded contracts from Uncle Sam between 2006 and 2012.

Microsoft saved $4.5 billion in federal income taxes from 2009 to 2011 by transferring profits to a subsidiary in the tax haven of Puerto Rico. It had $60.8 billion in profits stashed offshore in 2012 on which it paid no US taxes.

Pfizer paid no US income taxes from 2010 to 2012 while earning $43 billion worldwide. It did this in part by performing accounting acrobatics to shift its US profits offshore. It received $2.2 billion in federal tax refunds.

Verizon made $19.3 billion in US pretax profits from 2008 to 2012, yet didn’t pay any federal income taxes during the period. Instead, it got $535 million in tax rebates. Verizon’s effective federal income tax rate was negative 2.8 percent from 2008 to 2012.
 
deductions

Jackie22 said:
They not only move out of the country to avoid taxes, they do not pay their share.....why? ....because congress allows it.

http://billmoyers.com/2014/05/29/10-companies-that-dodge-corporate-taxes/

A recent report by Americans for Tax Fairness suggests that corporate taxes are near a 60-year low — and that’s partially because corporations have become adept at not paying their share.

10 Corporate Tax Dodgers You Should Know About

Bank of America runs its business through more than 300 offshore tax-haven subsidiaries. It reported $17.2 billion in accumulated offshore profits in 2012. It would owe $4.3 billion in US taxes if these funds were brought back to the US.

Citigroup had $42.6 billion in foreign profits parked offshore in 2012 on which it paid no US taxes. It reported that it would owe $11.5 billion if it brings these funds back to the US. A significant chunk is being held in tax-haven countries.

ExxonMobil had a three-year federal income tax rate of just 15 percent. This gave the company a tax subsidy worth $6.2 billion from 2010-2012. It had $43 billion in offshore profits at the end of 2012, on which it paid no US taxes.

FedEx made $6 billion over the last three years and didn’t pay a dime in federal income taxes, in part because the tax code subsidized its purchase of new planes. This gave FedEx a huge tax subsidy worth $2.1 billion.

General Electric received a tax subsidy of nearly $29 billion over the last 11 years. While dodging paying its fair share of federal income taxes, GE pocketed $21.8 billion in taxpayer-funded contracts from Uncle Sam between 2006 and 2012.

Honeywell had profits of $5 billion from 2009 to 2012. Yet it paid only $50 million in federal income taxes for the period. Its tax rate was just 1 percent over the last four years. This gave it a huge tax subsidy worth $1.7 billion.

Merck had profits of $13.6 billion and paid $2.5 billion in federal income taxes from 2009 to 2012. While dodging its fair share of federal income taxes, it pocketed $8.7 billion in taxpayer-funded contracts from Uncle Sam between 2006 and 2012.

Microsoft saved $4.5 billion in federal income taxes from 2009 to 2011 by transferring profits to a subsidiary in the tax haven of Puerto Rico. It had $60.8 billion in profits stashed offshore in 2012 on which it paid no US taxes.

Pfizer paid no US income taxes from 2010 to 2012 while earning $43 billion worldwide. It did this in part by performing accounting acrobatics to shift its US profits offshore. It received $2.2 billion in federal tax refunds.

Verizon made $19.3 billion in US pretax profits from 2008 to 2012, yet didn’t pay any federal income taxes during the period. Instead, it got $535 million in tax rebates. Verizon’s effective federal income tax rate was negative 2.8 percent from 2008 to 2012.
Click to expand...

BINGO! What are these companies crying about exactly?

15,000 pages of tax code filled with deductions, rebates, manipulations, variable tax rates etc there is no reason to move at all. They sure don't seem to be crying when they can reduce their tax bill to something like one percent or NOTHING.
 
Thanks for posting that Jackie, and people wonder why this country is going down the tubes. But the middle class citizens seem to be taxed plenty, enough to eventually put everyone in the poor class...except for the .0006%ers, like Romney, who by the way is also a tax dodger. :dollar:
 
SeaBreeze said:
Thanks for posting that Jackie, and people wonder why this country is going down the tubes. But the middle class citizens seem to be taxed plenty, enough to eventually put everyone in the poor class...except for the .0006%ers, like Romney, who by the way is also a tax dodger. :dollar:
Click to expand...

Romney doesn't dodge as much as you would think. Last number I heard was that his effective tax rate was about 12% which is more than these corporations.

Also the majority stock holder in Burger King is Pershing Square ie hedge fund guy Bill Ackman who is known to be an activist investor. I can't picture him not having anything to do with this.
 
Not only do we citizens need to boycott, but the US government and military should not support these companies. Maybe if more
companies came back, it would help the companies that stayed not have to pay so much. Thanks, Jackie.
 
I do believe corporations have such a huge advantage, and many rich people are not paying their fair share, so we have to pay more, the tax code was changed some years ago, to benefit the wealthy and the corporations, and it definitely shows. Ha ha, so many potholes in the roads now, etc., etc. I also think we should try our best to boycott those companies that take their headquarters out of the country. I agree, if enough of us show our displeasure, they may come back. I always try to buy "made in USA" if I possibly can.
 
Jackie22 said:
They not only move out of the country to avoid taxes, they do not pay their share.....why? ....because congress allows it.

http://billmoyers.com/2014/05/29/10-companies-that-dodge-corporate-taxes/

A recent report by Americans for Tax Fairness suggests that corporate taxes are near a 60-year low — and that’s partially because corporations have become adept at not paying their share.

10 Corporate Tax Dodgers You Should Know About

Bank of America runs its business through more than 300 offshore tax-haven subsidiaries. It reported $17.2 billion in accumulated offshore profits in 2012. It would owe $4.3 billion in US taxes if these funds were brought back to the US.

Citigroup had $42.6 billion in foreign profits parked offshore in 2012 on which it paid no US taxes. It reported that it would owe $11.5 billion if it brings these funds back to the US. A significant chunk is being held in tax-haven countries.

ExxonMobil had a three-year federal income tax rate of just 15 percent. This gave the company a tax subsidy worth $6.2 billion from 2010-2012. It had $43 billion in offshore profits at the end of 2012, on which it paid no US taxes.

FedEx made $6 billion over the last three years and didn’t pay a dime in federal income taxes, in part because the tax code subsidized its purchase of new planes. This gave FedEx a huge tax subsidy worth $2.1 billion.

General Electric received a tax subsidy of nearly $29 billion over the last 11 years. While dodging paying its fair share of federal income taxes, GE pocketed $21.8 billion in taxpayer-funded contracts from Uncle Sam between 2006 and 2012.

Honeywell had profits of $5 billion from 2009 to 2012. Yet it paid only $50 million in federal income taxes for the period. Its tax rate was just 1 percent over the last four years. This gave it a huge tax subsidy worth $1.7 billion.

Merck had profits of $13.6 billion and paid $2.5 billion in federal income taxes from 2009 to 2012. While dodging its fair share of federal income taxes, it pocketed $8.7 billion in taxpayer-funded contracts from Uncle Sam between 2006 and 2012.

Microsoft saved $4.5 billion in federal income taxes from 2009 to 2011 by transferring profits to a subsidiary in the tax haven of Puerto Rico. It had $60.8 billion in profits stashed offshore in 2012 on which it paid no US taxes.

Pfizer paid no US income taxes from 2010 to 2012 while earning $43 billion worldwide. It did this in part by performing accounting acrobatics to shift its US profits offshore. It received $2.2 billion in federal tax refunds.

Verizon made $19.3 billion in US pretax profits from 2008 to 2012, yet didn’t pay any federal income taxes during the period. Instead, it got $535 million in tax rebates. Verizon’s effective federal income tax rate was negative 2.8 percent from 2008 to 2012.
Click to expand...

Yeah, that whole "Boo-hoo, we pay the highest corporate tax rate in the world, so you should feel sorry for us!!!" crap is just another ruse.

Any one of us probably pays a higher tax rate than the average US corporation.

BK & the rest of these cheats all need a good boycotting.
 
Something to keep in mind if considering a boycott on anyone or company. There will be collateral damage. With Burger King it could be the franchise owner or hourly employees. Yes fix the tax laws and loopholes but they are in place. We don't need millions more on government benefits.

Next time you buy something look where it's made. Next time you take a trip to the Dollar Store or even buy a drill from Sears look at where it's made. Overseas manufacturing and tax loopholes are so intertwined in daily life you have to be very careful how you untangle it. Yes fight to get rid of tax loopholes and you can boycott. Sometimes it should take just massive boycott on one day. A sudden and sharp drop in sales would draw attention. Also you have the usual suspects to bring in for questioning ie the politicians that enable this crap.
 

You must log in or register to reply here.

Back
Top