- Politics and Social Issues
Reclaim American Taxes - Google and Accenture and Microsoft Leave America
Bloomberg was just released a report showcasing the tax structure of both the US and the UK and how it discourages corporate profits. A method used by Accenture has now been used by both Google and Microsoft. A tax method that has been dubbed "Double Irish". The corporate profits are funneled through Ireland then the Netherlands and then Bermuda. The report details that the effective tax for the US is 35%, the UK is 28% and this method translates into 2.4%. What does this mean to America - it means the corporate tax profits are leaving the US.
The world is now a global economy, the governments of the world need to step up to the plate and recognize the competition. Losing "profits" aka tax money from these corporate giants is a grave sign and demands immediate attention.
I am not suggesting that the US become a haven for profits but I am suggesting that we as Americans must realize that the world is no longer segregated by nations or boundaries or even continents. The world, the business world is truly global. The sooner the US citizens realize this the sooner we can participate in global profits.
Google, Microsoft and Accenture are the core of American business. They are the leaders of all corporate world wide industry - both here in the United States and globally. The article details that "Microsoft, based in Redmond, Washington, has also used a Double Irish structure, according to company filings overseas."
The full article is provided below for your review:
- Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes - Bloomberg
Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.
Map of the World
America is losing its edge. America is losing major tax dollars. Americans need to ask who their stakeholders are and who we are serving. Most importantly, we need to ask how we can best serve the stakeholdersof America.
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