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Microsoft’s Staggering Tax Dodge Alone Would Fund the Entire State of Washington for Two Years
By David Sirota
And why the idea of eliminating corporate taxes would amount to an endless bail-out
Reading companies’ annual reports to the Securities and Exchange Commission is a reliable cure for insomnia. Every so often, though, there is a significant revelation in the paperwork. This year, one of the most important revelations came from Microsoft’s filings, which spotlighted how the tax code allows corporations to enjoy the benefits of American citizenship yet avoid paying U.S. taxes.
According to the SEC documents, the company is sitting on almost $29.6 billion it would owe in U.S. taxes if it repatriated the $92.9 billion of earnings it is keeping offshore. That amount of money represents a significant spike from prior years.
To put this in perspective, the levies the company would owe amount to almost the entire two-year operating budget of the company’s home state of Washington.
Source: http://philosophers-stone.co.uk/wordpress/2014/09/microsofts-staggering-tax-dodge-alone-would-fund-the-entire-state-of-washington-for-two-years/
