March 27, 2011 4:15 PM
American companies are finding new overseas tax havens to legally protect some of their profits from the U.S. tax rate of 35 percent, among the highest in the world. Lesley Stahl reports.
A look at the world's new corporate tax havens
The Rescue of Jessica Buchanan, Succeeding As Civilians, Bill Gates 2.0 44:34 May 12, 2013
Bill Gates 2.0 13:42 May 12, 2013
Succeeding As Civilians 12:54 May 12, 2013
The Rescue of Jessica Buchanan 15:46 May 12, 2013
60 Minutes Overtime is a weekly web show that begins where the weekly television broadcast ends
Bill Gates on Steve Jobs: We grew up together
May 12, 2013
Jessica Buchanan's long journey home
May 12, 2013
How Bill Gates' school launched his life's work
May 12, 2013
Big changes for the 2012-2013 season! Watch the current week's episode for FREE up to a week after it airs or subscribe for access to all shows, classic episodes and more!
- 1
- 2
- 3
- 4
... - 6
- Next »
See all 89 CommentsThe IRS is an immoral and unconstitutional agency which steals money from the American Citizen and gives it to the Federal Reserve. An Illegal corporation unafiliated with the US Government, which has no right, (legal or otherwise) to make Americas money and charge the USA interest on the paper it creates that is not actual currency. We have been lied to since 1913 when this corporation created itself by that ******** J P Morgan Chase, and his fellow ******** on Jekyl Island. Please search, "The Lost Archives" and "Why Pay Income Tax" on youtube and inform yourselves as to this ultimate audacity of consumer fraud which is stealing Americas wealth for there own benefit. Then while they have all the money already, they get the Political Prostitutes in Washington, to get them more of Americas money with an illegal, immoral, and unconstitutional bailout. Is it any wonder why America is bankrupt, the money, We The People, are supposed to have is not ours, but is stolen before we can receive it.
"Peace at all Costs, instead of unecessary corporate wars"
The report didn't go into the fact that over the last 30 years the GDP for america had doubled, while the richest of Americans paid no taxes and more than doubled their income...usually the 1%ers are corporate ceo's at the same time the middle class was left to wallow.
I find the argument to move out of America because of "corporate taxes"
as treason. We see on the video how they do it, they wrote the laws they take advantage of, and use our leadership to do it.
You are going after corporations in this story, when the real criminal is the U.S. tax codes, under a broken Income Tax "Sys / tem". After Japan lowers it's corporate taxes, then the U.S. will stand alone in having the highest in the world.
Please, once and for all, understand the fact that corporation DO NOT PAY TAXES, THEY COLLECT TAXES for the Federal government. The only person that can pay a tax is an "individual". Don't believe this; then go to Laurence Kotlikoff, an economics at Boston University; ask David G. Tuerck with the Beacon Hill Institute if corporations pay taxes; I'm sorry this is a myth.
Corporate tax collection is nothing more than a hug tax bureaucrats created by government to gain power. So, if you cry out, let's tax those greedy corporations with their big profits; you are really saying let tax you and me more with embedded taxes when I buy their products.
Last month when I bought my new cell phone I paid the corporate tax embedded in the product. On average it was close to 22%. Every product we purchase the same can be said. This data is not from my research, it comes from the 23 million of research done on the FairTax bill - HR-25.
HR-25/S-13 the FairTax bill would eliminate all corporate taxes those that drive corporations to tax heavens. Even if you could pass laws prevent these companies from moving to tax heavens, the American consumers would still pay any corporate taxes - they simple would be embedded in the products and services.
When the research was done on a fairer way to tax Americans over 10 years ago.
It was with purpose that they chose economic researchers that did not necessarily buy into a consumption tax idea. They were only given instructions to follow real numbers in their research. It was those numbers that took them to the FairTax.
1. a continuing loss of JOBS in the U.S.
2. the largest trade deficit ever recorded (on either an absolute or a relative basis),
3. a very large federal budget deficit,
4. a declining and now negative personal savings rate,
5. the looming insolvency of Social Security and Medicare,
6. the ongoing spiral of complexity and higher compliance costs in our current system,
7. the ongoing decline in the value of the dollar,
8. the continued decline of our manufacturing base
These negative trends would be positively affected by passage of HR-25.
The income tax will implode in two or three years, it's time for true tax reform, it's time for FairTax. First you doubt it, then you research it, and then you will demand it.
How to solve it? Cut the corporate tax rate to anywhere from 35% to 20-25% and just watch how much business and jobs soar here. Our whole problem here is our big debt and unemployment. If we give these companies the incentive to bring their capital back here to build factories and hire American workers, just watch our economy soar again. One direct effect is unemployment goes down. Now one bad effect that will happen is that the government will get a little bit less revenue from corporations. However, your putting many thousands of Americans back to work, and thus, creating more and more payroll and income tax that the government will now be collecting. Also, instead at growing at 1.3% GDP a year like we are now, we probably would get back on track on how we use to grow, perhaps upwards of 4-5%. This effect also has a positive contribution to the debt. As our economy grows faster, the debt of our country shrinks away.
Think about it people. It's all common sense.
For most of us we have no choice. The government takes our money from our earned salaries before we ever see it, and most of us do not look at the amount nor care about the amount the government takes. Therefore most Americans do not understand the excessive amount of taxes our government confiscates and waste everyday. Most Americans work 5 to 6 months a year for government. If you think it doesn't violates our Constitution for the government to take your property and waste it, you need to re-read the "CONSTITUTION" AND WAKE UP!
But that's not the case anymore. Most of the money going into markets is NOT being used to capitalize business who hire people and who create new products, but rather that money is funnelled into wealth-building shortcuts like gambling in Wall Street Casinos.
So today, when a company says it "must do this or that to benefit shareholders", that process no longer directly equates in a positive way towards capitalizing companies who create jobs. Its all about increasing the share of "good welfare" payments for the financial elites. Today, every claim of "looking out for the shareholder" is now nothing more than greasing the welfare machine for the elites.
the actual numbers are far below the nominal rate, so instead of paying 35% the actual rate based on profit is around 15%.
IM SICK AND TIRED OF THIS PRO CORPORATE agenda, well what to expect from a big corporation such as yours
The CEO's are traitors to our country. Thanks to the Ivy League schools and teachers like "Larry Summers".
Now that we are willing to "Go to War" anywhere in the world to protect the Corporate interests, the CEO's feel pretty safe in going anywhere to set up shops. In the meantime, the kids of the CEO's kids are NOT in the Military, just pampered and off to Ivy League schools. It is the 99% of us who protect their butts and Corporations with our kids and grandkids serving their country.
Over the last 30 years or more, the connect between the American People and Corporations has been disabled, by CEO's or Corporations.
Since 20% of the USA owns 90% of the Stock, the CEO's who cater to 20%, we, the 99% need to raise the Capital Gains Tax to 35% or do away with it.
We need to do something, outside the box, a good start is raising the Marginal Tax Rate to 50%, raise the Capital Gains tax to 20%, eliminate the $10 million Estate Tax exemption to $5 million or less, and stop the outsourcing incentives to outsource jobs.
Unfortunately, the 14,000 lobbyists slithering in the halls of Congress with bags of $Billions of dollars to Bribe Congress will be working hard to defeat any tax reform for the benefit of the average American.
- 1
- 2
- 3
- 4
... - 6
- Next »
See all 89 Comments