5. The amount of money US corporations are holding offshore is an estimated 1.6 trillion dollars!
Rather than tax these profits the way other countries do, corporate politicians are promoting a tax "repatriation" break that would let corporations "bring this money home" while paying even less than their currently low rates.
They tried that in 2004 and it didn't create any jobs. In fact, corporations took the tax break and then fired thousands of people. What "repatriation" did do is line a lot of wealthy investors' pockets.
So, naturally, they want to do it again.
6. One building in the Cayman Islands is the official location of 18,857 corporations!
According to the Government Accountability Office, a five-story building called "Ugland House" is home to nearly 20,000 corporations. That's impressive, especially for such a small edifice. (Perhaps it has supernatural half-floors and space-time defying "mind tunnels" like the office in Being John Malkovich.)
While impressive, Ugland House's distinction pales next to that of 1209 North Orange Street in Wilmington, Delaware. According to one investigation, that address is home to 217,000 corporations.
That's because Delaware has very generous tax rules -- and, as a result, is home to more than half of all the corporate subsidiaries in the United States. That's startling, since only 1/342th of the nation's population lives in that state (917,092 residents, out of a national total of 313,914,040, according to the latest census results).
7. Conservatives complain about the "official" corporate tax rate in this country, but corporations actually pay roughly one-third of the official rate in actual taxes.
The official, or "statutory," corporate tax rate is 35 percent. But the actual rate paid by American corporations is only 12 percent, less than that paid by many middle-class Americans.
(Source: The FACT Coalition.)
In fact, US Corporations pay less tax as a percentage of the GDP than corporations in Canada. Or Japan ...
... or South Korea. Or Norway. Or Luxembourg, New Zealand, Israel, the Czech Republic, Sweden, Belgium, Switzerland, the United Kingdom, Denmark, Finland, and Italy.
(Source: OECD StatsExtract interactive database.)
8. Corporations used to pay 30 percent of Federal taxes, and now they pay less than 7 percent!
That's because the corporate tax rate has plunged since Dwight D. Eisenhower was President and is now the lowest it's been in modern history.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
2
2
1
