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<blockquote data-quote="_CY_" data-source="post: 2870504" data-attributes="member: 7629"><p><a href="http://www.theguardian.com/world/2016/apr/14/us-corporations-14-trillion-hidden-tax-havens-oxfam" target="_blank">US corporations have $1.4tn hidden in tax havens, claims Oxfam report</a> (<a href="https://www.reddit.com/domain/theguardian.com/" target="_blank">theguardian.com</a>)</p><p></p><p><span style="font-size: 22px"><strong> US corporations have $1.4tn hidden in tax havens, claims Oxfam report </strong></span></p><p>Charity analysis of the 50 biggest US businesses claims Apple have $181bn held offshore, while General Electric has $119bn and Microsoft $108bn</p><p></p><p><a href="http://www.theguardian.com/world/2016/apr/14/us-corporations-14-trillion-hidden-tax-havens-oxfam#img-1" target="_blank"></a></p><p><a href="http://www.theguardian.com/world/2016/apr/14/us-corporations-14-trillion-hidden-tax-havens-oxfam#img-1" target="_blank"><img src="https://i.guim.co.uk/img/media/1145c5ee87467b091df22f2fbdab86848b382b8c/0_157_5332_3199/master/5332.jpg?w=300&q=55&auto=format&usm=12&fit=max&s=3f0a829e4aced4efd27931558c9969d3" alt="" class="fr-fic fr-dii fr-draggable " style="" /></a></p><p>The report singled out British overseas territories such as Bermuda for their popularity with US firms seeking to slash their tax bill by ‘profit-shifting’. </p><p>14 April 2016 00.01 </p><p></p><p>US corporate giants such as Apple, Walmart and <a href="http://www.theguardian.com/business/generalelectric" target="_blank">General Electric</a> have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam.</p><p></p><p><a href="http://www.theguardian.com/news/commentisfree/2016/apr/04/tax-havens-reformed-outlawed-panama-papers" target="_blank">Tax havens don’t need to be reformed. They should be outlawed | Richard Brooks</a></p><p></p><p>The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said <a href="http://www.theguardian.com/world/oxfam" target="_blank">Oxfam</a>.</p><p></p><p>The charity’s analysis of the financial affairs of the 50 biggest US corporations comes amid intense scrutiny of tax havens following the <a href="http://www.theguardian.com/news/series/panama-papers" target="_blank">leak of the Panama Papers</a>.</p><p></p><p>And the charity said its <a href="http://www.oxfamamerica.org/static/media/files/Broken_at_the_Top_FINAL_EMBARGOED_4.12.2016.pdf" target="_blank">report, entitled Broken at the Top</a> was a further illustration of “massive systematic abuse” of the global tax system.</p><p></p><p>Technology giant Apple, the world’s second biggest company, topped <a href="https://action.oxfamamerica.org/stoptaxdodging/data-table/" target="_blank">Oxfam’s league table</a>, with some $181bn held offshore in three subsidiaries.</p><p></p><p>Boston-based conglomerate General Electric, which Oxfam said has received $28bn in taxpayer backing, was second with $119bn stored in 118 tax haven subsidiaries.</p><p></p><p>Computing firm <a href="http://www.theguardian.com/technology/microsoft" target="_blank">Microsoft</a> was third with $108bn, in a top 10 that also included pharmaceuticals giant Pfizer, Google’s parent company Alphabet and Exxon Mobil, the largest oil company not owned by an oil-producing state.</p><p></p><p><a href="http://www.theguardian.com/commentisfree/2016/apr/13/offshore-panama-papers-murky-investors" target="_blank">In defence of ‘tax havens’: offshore banking is not the same as dodgy dealing | Nigel Green</a></p><p></p><p>Oxfam contrasted the $1.4tn held offshore with the $1tn paid in tax by the top 50 US firms between 2008 and 2014.</p><p></p><p>It pointed out that the companies had also enjoyed a combined $11.2tn in federal loans,</p></blockquote><p></p>
[QUOTE="_CY_, post: 2870504, member: 7629"] [URL='http://www.theguardian.com/world/2016/apr/14/us-corporations-14-trillion-hidden-tax-havens-oxfam']US corporations have $1.4tn hidden in tax havens, claims Oxfam report[/URL] ([URL='https://www.reddit.com/domain/theguardian.com/']theguardian.com[/URL]) [SIZE=6][B] US corporations have $1.4tn hidden in tax havens, claims Oxfam report [/B][/SIZE] Charity analysis of the 50 biggest US businesses claims Apple have $181bn held offshore, while General Electric has $119bn and Microsoft $108bn [URL='http://www.theguardian.com/world/2016/apr/14/us-corporations-14-trillion-hidden-tax-havens-oxfam#img-1'] [IMG]https://i.guim.co.uk/img/media/1145c5ee87467b091df22f2fbdab86848b382b8c/0_157_5332_3199/master/5332.jpg?w=300&q=55&auto=format&usm=12&fit=max&s=3f0a829e4aced4efd27931558c9969d3[/IMG][/URL] The report singled out British overseas territories such as Bermuda for their popularity with US firms seeking to slash their tax bill by ‘profit-shifting’. 14 April 2016 00.01 US corporate giants such as Apple, Walmart and [URL='http://www.theguardian.com/business/generalelectric']General Electric[/URL] have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam. [URL='http://www.theguardian.com/news/commentisfree/2016/apr/04/tax-havens-reformed-outlawed-panama-papers']Tax havens don’t need to be reformed. They should be outlawed | Richard Brooks[/URL] The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said [URL='http://www.theguardian.com/world/oxfam']Oxfam[/URL]. The charity’s analysis of the financial affairs of the 50 biggest US corporations comes amid intense scrutiny of tax havens following the [URL='http://www.theguardian.com/news/series/panama-papers']leak of the Panama Papers[/URL]. And the charity said its [URL='http://www.oxfamamerica.org/static/media/files/Broken_at_the_Top_FINAL_EMBARGOED_4.12.2016.pdf']report, entitled Broken at the Top[/URL] was a further illustration of “massive systematic abuse” of the global tax system. Technology giant Apple, the world’s second biggest company, topped [URL='https://action.oxfamamerica.org/stoptaxdodging/data-table/']Oxfam’s league table[/URL], with some $181bn held offshore in three subsidiaries. Boston-based conglomerate General Electric, which Oxfam said has received $28bn in taxpayer backing, was second with $119bn stored in 118 tax haven subsidiaries. Computing firm [URL='http://www.theguardian.com/technology/microsoft']Microsoft[/URL] was third with $108bn, in a top 10 that also included pharmaceuticals giant Pfizer, Google’s parent company Alphabet and Exxon Mobil, the largest oil company not owned by an oil-producing state. [URL='http://www.theguardian.com/commentisfree/2016/apr/13/offshore-panama-papers-murky-investors']In defence of ‘tax havens’: offshore banking is not the same as dodgy dealing | Nigel Green[/URL] Oxfam contrasted the $1.4tn held offshore with the $1tn paid in tax by the top 50 US firms between 2008 and 2014. It pointed out that the companies had also enjoyed a combined $11.2tn in federal loans, [/QUOTE]
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