Apple leads the list of those avoiding taxes
Daily Mail:
This is what happens when you have a confiscatory tax rate for corporations. If they would lower the rate to a more reasonable number, they would have more money hitting the treasury and also have greater investment in the US economy.
Apple is named the biggest corporate tax avoider in the US after booking $218 BILLION of profit offshore last year
- Tech giant was able to save $65.08 billion that it should have paid in tax
- Report reveals top 30 tax avoiders based in America collectively operated a staggering 2,509 tax haven subsidiaries
- Apple was the top with three foreign subsidiaries, all based in Ireland
- In second was pharmaceutical giant Pfizer with 181 offshore subsidiaries
- Report reveals that last year three quarters of the Fortune 500 companies use subsidiaries in offshore tax havens
- In the US, this amounted to $715.62 billion in tax that they avoided paying
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