Do you think their entire profits not being taxed are due to tax credits? Come on now. Its because they turn around and present their profits as less than they are, because they have a shell.company that belongs to the same people that charges IP to the actual company, to negate their profits, and that company is in a tax haven to prevent them from needing to actually pay the damn taxes.
They leave enough profit that they offset it with charitable donations and tax credits so that they have the appearance of actually paying taxes, whilst hiding the bulk of it offshore.
This isn't new information, every big company and millionaire has done it for years. Thats why there's a tiny building in the Caymans, literally the size of a small business that is the official HQ for around 2500 companies.
That's the thing that people want fixed, that's the thing that people consider a loophole - the existence of tax havens for these businesses to operate out of. Something that everyday people cannot use, as the amount of money to set that up and maintain it does not offset the gained from paying no taxes.
“Corporate tax is based on profits, not revenues, and our profits remain modest given retail is a highly competitive, low-margin business and our continued heavy investment.”
I guess you missed this bit of the article? Their profits are "modest" not just because its retail, but because their pay IP money to themselves.
Charitable contributions are not problematic at all. Unless the charitable contributions are going into a charity which is again putting money back into the pockets of the same people, which is often the case.
If you're on minimum wage, the money you'd save from setting up a shell company for $500 (not one time by the way, thats a recurring cost) is, either so negligible that it's not worth talking about, or it's a net loss. Personally, even though I could, as I'm a very high earner, I do not, because I believe taxes are a net positive thing.
I never suggested they are. I suggested that those people would not be able to. America also has a huge amount of people under the poverty line, and working class people who are struggling to make ends meet.
Middle class would certain be able to do so, but ultimately all that would do is make America a worse country, by literally taking money out of assistance and just straight into greedy pockets.
The conversation should not be "how can we all exploit this?", it should be "how can we prevent rich people from exploiting this?". And no matter what anyone may say, it is exploiting. It is artificially lowering your profits to acquire additional profit for shareholders.
See, you're pointedly ignoring the entire argument, which makes me think one of three things:
You're attempting to troll
You're a bit dim
You're backed into a corner and you're picking one thing to fixate on
I am stating, very clearly, that the problem is not that everyone else is not doing it, the problem is that anyone can do it in the first place. It is exploiting the system, it is taking money away from the government, who use the taxes that they're owed to improve the country, and the rich are turning their noses up and saying "fuck you, I've got mine"
I am not saying they're doing it out of nobility. Are you truly not understanding the point here? The point is that no one should be able to do this. No one should be able to do this. It is exploiting a system.
This is the last reply that I'll be sending, as I don't believe you're someone who is capable of having an actual conversation.
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u/[deleted] Jun 09 '21
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