18 CEOs Stealing Trillions

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18 Hypocritical CEOs: Receiving Bailouts,
Outsourcing Jobs & Evading Taxes

 

Tax Runaway Corporations (below)

USPRIG: Offshore Shell Games 2016 ,   2015 weak SEC disclosure rules allowed these companies to omit 85 percent of their subsidiaries. If this rate of omission held true for the entire Fortune 500, the number of tax haven subsidiaries in reality could be nearly 55,000, rather than the 10,366 that are being publicly disclosed now.

who are responsible for:-
bulletreceiving a total taxpayer bailout of more than $2.5 trillion and causing the economy to collapse;
bulletoutsourcing hundreds of thousands of American jobs to China and other low wage countries, forcing their workers to receive unemployment insurance and other federal benefits;
bulletavoiding at least $34.5 billion in taxes by setting up more than 600 offshore tax havens since 2008;
bulleta dozen of these companies paid no corporate income taxes in at least one year since 2008, while receiving more than $6.4 billion in tax refunds from the IRS, after making billions in profits.
  How thousands of Millionaires don’t pay Income Tax

Shelters used by individuals and corporations cost federal and state governments approximately $184 billion each year. Partnerships are a growing source of tax trickery. The transactions underpinning a questionable shelter are known as “Installment-Sale Bogus Optional BASIS,” or IBOB which artificially inflates the basis value of an asset on a tax return to wipe out taxable gains when that asset is sold. While some of IBOB’s individual transactions are perfectly legal, the others result is a bogus deduction.

are telling us to cut Social Security, Medicare and more.

CEO   Corp Amount of federal income taxes paid in 2010? tax refund U.S. profits Amount of federal income taxes they would have owed if offshore tax havens were eliminated? Taxpayer Bailout from the Federal Reserve and the Treasury Department? Jobs Shipped Overseas?
Brian Moynihan Bank of America Zero $1.9 billion $4.4 billion $2.6 billion in
371 offshore tax havens
Over $1.3 trillion  
Lloyd Blankfein   Goldman Sachs Zero $278 million (2008) $2.3 billion (2008) $824 billion 2.7 billion  
James Dimon JP Morgan Chase       $4.9 billion.
83 offshore tax havens
 $416 billion  
Jeffrey Immelt General Electric Zero $3.3 billion $5 billion 14 tax haven subsidiaries $16 billion 25,000 since 2001
Lowell McAdam Verizon Zero $705 million $11.9 billion     13,000 in 2010 alone
James McNerney, Jr. Boeing Zero $124 million     $58 billion Corporate Welfare 57,000
 Steve Ballmer Microsoft       $19.4 billion    
David Cote Honeywell Zero (2008-2010) $34 million $4.9 billion (2008-2010)       
Wendell Weeks Corning Zero (2008-2010) $4 million $2 billion      
Glenn Britt Time Warner Zero $74 million        
Kenneth Frazier Merck Zero (2009) $55 million        
Samuel Allen   Deere & Company Zero (2009) $1 million $907 million      
Brian Duperreault Marsh & McLennan Zero (2010) $90 million   105 tax havens
 in 20 countries
   
Paul Jacobs Qualcomm       $4.7 billion    
Gregg Sherill   Tenneco       $269 million    
George Paz Express Scripts       $20 million    
Gary Loveman Caesars Entertainment       $9 million    
Thomas Quinlan III   R.R. Donnelly & Sons Zero (2008) $49 million $907 million      
total       $6.4 billion   $34.5 billion
- 600 tax havens
$2.5 trillion  
Source:  and  True Activist.com    
These are astonishing numbers. There are billions of dollars missing from the federal budget because huge multinational corporations don’t pay any taxes while crying for spending cuts and austerity measures placed on the backs of the American people.

Bernie Sanders is the only candidate really confronting these issues.

We cannot allow the proud heritage of American democracy to slide into the dark pit of oligarchy, where the worker becomes a serf and the mega-rich rule like lords.

(from a new report ) American companies have around $2.1 trillion in untaxed profits stashed overseas. About half of that amount is held by 26 large companies like Apple, General Electric, and Microsoft.
If these companies paid federal taxes on their offshored profits from 2014—and got refunds for taxes they've already paid to other countries—they would owe an estimated $364 billion. 

Here's what could be done with that money

299 Companies' Foreign Cash Stash ( the full story)

Last week, 80 CEOs jointly published a letter in the Wall Street Journal calling for austerity spending cuts to Medicare and Medicaid and more.
 It’s the same old game that corporations and Republicans across the country have played time and time again, one that has the American people losing.

Senator Bernie Sanders, champion of the middle class and economic justice, published the above response- condemning their hypocrisy:

“They really have no shame:

The Wall Street leaders whose recklessness and illegal behavior caused this terrible recession are now lecturing the American people on the need for courage to deal with the nation’s finances and deficit crisis.
Before telling us why we should cut Social Security, Medicare and other vitally important programs, these CEOs might want to take a hard look at their responsibility for causing the deficit and this terrible recession.

Our Wall Street friends might also want to show some courage of their own by suggesting that the wealthiest people in this country, like them, start paying their fair share of taxes. They might work to end the outrageous corporate loopholes, tax havens and outsourcing provisions that their lobbyists have littered throughout the tax code – contributing greatly to our deficit.

Many of the CEO’s who signed the deficit-reduction letter run corporations that evaded at least $34.5 billion in taxes by setting up more than 600 subsidiaries in the Cayman Islands and other offshore tax havens since 2008. As a result, at least a dozen of the companies avoided paying any federal income taxes in recent years, and even received more than $6.4 billion in tax refunds from the IRS since 2008.

Several of the companies received a total taxpayer bailout of more than $2.5 trillion from the Federal Reserve and the Treasury Department.

Many of the companies also have outsourced hundreds of thousands of American jobs to China and other low wage countries, forcing their workers into  unemployment. In other words, these are some of the same people who have caused the deficit to explode over the last four years.”

Tax Runaway Corporations

Types of Runaways:

Carl Icahn " targeting inversions" which occur when a company changes its domicile, often outside the United States, to take advantage of lower tax rates elsewhere.
50 companies have left the U.S. over the past few years, representing more than a half-trillion dollars in market value, costing hundreds of millions of dollars in taxes and lost jobs.
Inversion - A US Company shifts it's place of incorporation to another country without undergoing a change in majority ownership.
Spinoff -  A division of a previously inverted US company becomes independent.
Other - A US company gets a foreign address through another means, such as a sale to a leveraged-buyout firm.
   
Corporate Expatriate name/
expatriation type
Previous U.S.
headquarters
New
incorporation
Year
completed
Top execs
based in U.S.
AbbVie inc   Ireland 2015  
Accenture Plc Illinois Ireland 2001
Actavis Plc New Jersey Ireland 2013
Alkermes Plc Massachusetts Ireland 2011
Allegion Plc _ Ireland 2013
Altisource Portfolio Solutions _ Luxembourg 2009
Altisource Portfolio Solutions SA _ Luxembourg 2009
Aon Plc Illinois England 2012
Applied Materials Inc. California Netherlands Pending
APW Ltd. _ Bermuda 2000
Arch Capital Group Ltd. Connecticut Bermuda 2000
Argo Group International Holdings Ltd. Texas Bermuda 2007
Arris Group inc     2015  
Axalta Coating Systems Ltd. _ Bermuda 2013
Burger King Worldwide Inc. Florida Canada 2014
C&J Energy Services Ltd. _ Bermuda 2015
CF Industries Holdings Inc     2015  
Chicago Bridge & Iron Co. NV Illinois Netherlands 1997
Civeo Corp. Texas Canada Pending
Cocacola Enterprisers Inc     2015  
Convatec Healthcare B S.a.r.l. _ Luxembourg 2008
Cooper Industries Plc Texas Ireland 2002
Core Laboratories NV Texas Netherlands 1994
Covidien Plc _ Ireland 2007
Cyberonics Inc. Texas England Pending
D E Master Blenders 1753 NV _ Netherlands 2012
Delphi Automotive Plc Michigan Jersey 2009
Eaton Corp. Plc Ohio Ireland 2012
Endo International Plc Pennsylvania Ireland 2014
Ensco Plc Texas England 2009
Everest Re Group Ltd. New Jersey Bermuda 2000
Flextronics International Ltd. California Singapore 1990
Foster Wheeler AG New Jersey Switzerland 2001
Freescale Semiconductor Ltd. Texas Bermuda 2006
Fruit of the Loom Ltd. Kentucky Cayman 1999
Global Indemnity Plc Pennsylvania Ireland 2003
GlobalSantaFe Corp. Texas Cayman 2001
Gold Reserve Inc. Washington Canada 1998
Helen of Troy Ltd. Texas Bermuda 1994
Herbalife Ltd. California Cayman 2002
Horizon Pharma Inc. Illinois Ireland 2014
Ingersoll-Rand Plc New Jersey Ireland 2001
Invitel Holdings A/S Washington Denmark 2009
James River Group Virginia Bermuda 2007
Jazz Pharmaceuticals Plc California Ireland 2012
Lazard Ltd. New York Bermuda 2005
Liberty Global Plc Colorado England 2013
Loral Space & Communications Ltd. New York Bermuda 1996
Mallinckrodt Plc _ Ireland 2013
McDermott International Inc. Louisiana Panama 1982
Medtronic Inc. Minnesota Ireland 2015
Michael Kors Ltd. New York Hong Kong 2003
Monsanto   Swizerland Pending  
Mylan Inc. Pennsylvania Netherlands 2015
Nabors Industris Ltd. Texas Bermuda 2002
Noble Corp. Plc Texas England 2002
Paragon Offshore Plc _ England 2014
Pentair Ltd. _ Ireland 2012
Perrigo Co. Plc Michigan Ireland 2013
Pozen inc     2015  
PXRE Group Ltd. New Jersey Bermuda 1999
Rowan Cos. Plc Texas England 2012
Samsonite SA Massachusetts Luxembourg 2009
Seagate Technology Plc California Ireland 2000
Sensata Technologies Holding NV _ Netherlands 2006
Steris Corp. Ohio England Pending
Stratasys Ltd. Minnesota Israel 2012
TE Connectivity Ltd. _ Switzerland 2007
Theravance Biopharma Inc. California Cayman 2014
Tim Hortons Inc. Canada Canada 2009
Tower Group International Ltd. New York Bermuda 2013
Transocean Ltd. Texas Switzerland 1999
Travelport Worldwide Ltd. _ Bermuda 2006
Trinseo SA _ Luxembourg 2011
Triton Energy Ltd. Texas Cayman 1996
Tronox Ltd. Oklahoma Australia 2012
Tyco International Plc New Hampshire Ireland 1997
Tycom Ltd. _ Bermuda 2000
Valeant Pharmaceuticals Intl. Inc. California Canada 2010
VistaPrint NV Massachusetts Netherlands 2002
Weatherford International Ltd. Texas Ireland 2002
Western Goldfields Inc. Canada Canada 2007
White Mountains Insurance Group Ltd. Vermont Bermuda 1999
Wright Medical Group Inc. Tennessee Netherlands Pending
XOMA Ltd. California Bermuda (returned to US 2011) 1998

source Bloomberg

The worst TAX HAVEN Offenders, 2015 (source USPRIG):

Corp $ Offshore Billions $ Tax Unpaid billions  
Apple 181.1 59.2

-          : Apple has booked $181.1 billion offshore — more than any other company. It would owe $59.2 billion in U.S. taxes if these profits were not officially held offshore for tax purposes. A 2013 Senate investigation found that Apple has structured two Irish subsidiaries to be tax residents of neither the United States, where they are managed and controlled, nor Ireland, where they are incorporated. This arrangement ensures that they pay no tax to any government on the lion’s share of their offshore profits.

American Express 9.7 3

-          American Express: The credit card company officially reports $9.7 billion offshore for tax purposes on which it would owe $3 billion in U.S. taxes. That implies that American Express currently has paid only a 4 percent tax rate on its offshore profits to foreign governments, indicating that most of the money is booked in tax havens levying little to no tax. American Express maintains 23 subsidiaries in offshore tax havens.

Nike 8.3 2.7

-          Nike: The sneaker giant officially holds $8.3 billion offshore for tax purposes on which it would owe $2.7 billion in U.S. taxes. This implies Nike pays a mere 2.5 percent tax rate to foreign governments on those offshore profits, indicating that nearly all of the money is officially held by subsidiaries in tax havens. Nike does this in part by licensing the trademarks for some of its products to three subsidiaries in Bermuda to which it then pays royalties (essentially to itself).

 

Some companies that report a significant amount of money offshore maintain hundreds of subsidiaries in tax havens, including the following:

PepsiCo 37.8  

-          PepsiCo maintains 132 subsidiaries in offshore tax havens. The soft drink maker reports holding $37.8 billion offshore for tax purposes, though it does not disclose what its estimated tax bill would be if it didn’t book those profits offshore.

Pfizer 74  

-          Pfizer, the world’s largest drug maker, operates 151 subsidiaries in tax havens and officially holds $74 billion in profits offshore for tax purposes, the fourth highest among the Fortune 500. Pfizer recently attempted the acquisition of a smaller foreign competitor so it could reincorporate on paper as a “foreign company.” Pulling this off would have allowed the company a tax-free way to use its supposedly offshore profits in the U.S.

Morgan Stanley 7.4  

-          Morgan Stanley reports having 210 subsidiaries in offshore tax havens. The bank officially holds $7.4 billion offshore. It has also been infamously implicated in facilitating individual tax evasion through its Swiss banking division.

 

Corporations that disclose fewer tax haven subsidiaries do not necessarily dodge taxes less. Many companies have disclosed fewer tax haven subsidiaries in recent years, all while increasing the amount of cash they keep offshore. Some companies may simply be failing to disclose substantial numbers of tax haven subsidiaries. Others may be booking larger amounts of income to fewer tax haven subsidiaries. Consider:

Citigroup $45.2 $12.7

-          Citigroup reported operating 427 tax haven subsidiaries in 2008 but disclosed only 41 in 2014. Over that time period, Citigroup nearly doubled the amount of cash it reported holding offshore. The company currently pays only an 8.5 percent tax rate offshore, implying that most of those profits have been booked to low- or no-tax jurisdictions.

Walmart 23.3  

-          Walmart reported operating zero tax haven subsidiaries in 2014 and for the past decade. Despite this, a recent report released by Americans for Tax Fairness revealed that the company operates as many as 75 tax haven subsidiaries (using this report’s list of tax haven countries) that were not included in its SEC filings. Over the past decade, Walmart’s offshore income has grown from $6.8 billion in 2005 to $23.3 billion in 2014.

Bank of America 17.2  

-          Bank of America reported operating 264 tax haven subsidiaries in 2013 but disclosed only 22 in 2014. At the same time, Bank of America’s offshore holdings have increased modestly from $17 billion to $17.2 billion.

Google 47.4  

-          Google reported operating 25 subsidiaries in tax havens in 2009, but since 2010 only discloses two, both in Ireland. During that period, it increased the amount of cash it reported offshore from $7.7 billion to $47.4 billion. An academic analysis found that as of 2012, the 23 no-longer-disclosed tax haven subsidiaries were still operating.

Microsoft    

-          Microsoft, which reported operating 10 subsidiaries in tax havens in 2007, disclosed only five in 2014. During this same time period, the amount of money that Microsoft reported holding offshore jumped by a factor of 14. Microsoft has paid a tax rate of only 3 percent to foreign governments on those profits, suggesting that most of the cash is booked in tax havens.

The 50 top overseas cash holders in the S&P 500 have parked $925 billion  outside the U.S., an increase of $118 billion since their filings 2016.

Rank Company Cash & marketable securities ($B) Cash held overseas, latest filing ($B) Cash held overseas, previous year’s filing ($B) Change (%) Overseas cash / total cash & marketable securities (%)
1 Apple 256.8 239.6 208.9 +14.7% 93.3
2 Microsoft 126.0 122.2 102.8 +18.9% 97.0
3 Cisco Systems 68.0 65.1 57.2 +13.8% 95.7
4 Alphabet 92.4 55.7 45.4 +22.7% 60.3
5 Oracle 59.4 52.2 46.8 +11.5% 87.9
6 Johnson & Johnson* 41.9 41.3 38.2 +8.1% 98.6
7 General Electric 83.5 35.0 52.9 -33.8% 41.9
7 Amgen 38.4 35.0 27.9 +25.4% 91.2
9 Gilead Sciences 34.0 29.3 19.3 +51.8% 86.1
10 Qualcomm 28.9 26.8 27.1 -1.1% 92.9
11 Coca-Cola 25.2 22.0 20.6 +6.8% 87.3
12 PepsiCo 16.0 15.5 11.3 +37.2% 96.9
13 Intel 24.1 14.2 14.0 +1.4% 58.9
14 Procter & Gamble* 13.3 11.0 11.0 +0.0% 82.4
15 Amazon.com* 26.0 8.6 5.8 +48.3% 33.1
16 Visa 10.8 8.4 7.7 +9.1% 77.7
16 Bristol-Myers Squibb 8.8 8.4 7.0 +20.0% 95.5
18 Caterpillar 9.5 7.7 4.8 +60.4% 81.3
19 Facebook 32.3 7.5 2.2 +238.5% 23.2
20 Celgene 8.9 6.9 3.4 +103.0% 77.9
21 Franklin Resources 8.8 6.0 5.3 +13.2% 68.4
21 Medtronic 13.7 6.0 6.0 +0.0% 43.8
23 Wal-Mart Stores* 6.9 5.9 4.5 +31.1% 85.9
24 DuPont* 6.0 5.8 4.2 +38.1% 96.7
25 Analog Devices 6.2 5.5 2.8 +94.6% 88.0
26 Nike 6.2 5.2 4.0 +30.0% 84.4
27 Dow Chemical 5.8 4.6 5.0 -9.1% 78.1
27 Nvidia* 6.8 4.6 3.7 +23.2% 67.1
29 Western Digital 5.7 4.3 5.5 -21.8% 75.7
29 Biogen 5.7 4.3 3.7 +16.2% 75.4
31 Lam Research 5.9 4.2 2.8 +50.0% 71.4
32 NetApp 4.9 4.1 4.4 -7.2% 83.8
33 MasterCard 7.7 4.0 3.5 +14.3% 52.2
33 Adobe Systems* 4.8 4.0 3.4 +16.5% 83.0
35 Applied Materials 6.7 3.9 2.4 +62.5% 57.9
36 Cognizant Technology Solutions 4.3 3.8 4.5 -15.8% 88.7
37 Symantec* 4.2 3.3 4.9 -32.7% 77.7
38 Corning 4.3 3.2 2.4 +32.1% 74.6
39 Baker Hughes 4.2 3.1 2.0 +59.7% 74.1
40 Waters 3.0 2.9 2.5 +18.2% 98.7
41 Xilinx 3.3 2.8 2.2 +26.8% 86.1
41 Electronic Arts 4.5 2.8 2.0 +40.0% 61.8
41 Stryker 3.3 2.8 2.1 +30.8% 85.0
44 Valero Energy 4.5 2.5 1.8 +38.9% 56.0
44 Illinois Tool Works 2.5 2.5 2.4 +1.7% 99.9
46 Agilent Technologies 2.4 2.4 2.0 +20.0% 98.4
47 United Parcel Service 3.7 2.3 2.3 -1.4% 61.7
47 Citrix Systems 2.4 2.3 1.7 +30.6% 95.4
49 3M 2.3 2.0 1.4 +42.9% 87.0
49 Activision Blizzard 3.3 2.0 1.3 +53.8% 60.6

SOURCE Bloomberg The 50 Largest Stashes of Cash Companies Keep Overseas By Laurie Meisler 2017

2009

 Offshore (Millions $)

Tax Havens

Apple 181,100 3
General Electric 119,000 18
Microsoft 108,300 5
Pfizer International 74,000 151
Business Machines 61,400 15
Merck 60,000  121
Johnson & Johnson 53,400 58
Cisco Systems 52,700 59
Exxon Mobil 51,000 37
Google 47,400  2
Procter & Gamble 45,000 38
Citigroup 43,800 41
Hewlett-Packard 42,900 25
Oracle 38,000 5
PepsiCo 37,800 132
Chevron 35,700 12
Coca-Cola 33,300 12
JP MorganChase&Co. 31,100 4
Amgen 29,300  8
United Technologies 28,000 28
Eli Lilly 25,700 27
Qualcomm 25,700 3
Goldman Sachs Group 24,880 20
Bristol-Myers Squibb 24,000 22
Wal-Mart Stores 23,300 75
Intel 23,300 14
AbbVie Inc. 23,000 35
Abbott Laboratories 23,000 91
Dow Chemical 18,037 92
Total:

1,402,117

1,225

Table 3: 29 Companies disclose paying less than a 10 percent tax rate on profits booked offshore, implying that most of those profits are in tax havens.

 

Company

Amount Held Offshore ($ millions)

Estimated Deferred Tax Bill
($ millions)

Implied Tax Rate Paid on Offshore Cash

Number of Tax Haven Subsidiaries

Owens Corning

1,400

511

0%

17

Wynn Resorts

412

144

0%

14

Gilead Sciences

15,600

5,500

0%

12

Amgen

29,300

10,500

0%

8

Safeway

180

65

0%

4

Qualcomm

25,700

9,100

0%

3

Advanced Micro Devices

349

122

0%

3

Universal Health Services

10

4

0%

0

Netflix

29

10

0.1%

1

AK Steel Holding

27

10

0.1%

4

Biogen

4,600

1,550

1.3%

14

Western Digital

9,400

3,100

2%

17

Apple

181,100

59,200

2.3%

3

Nike

8,300

2,700

2.5%

52

Microsoft

108,300

34,500

3.1%

5

PNC Financial Services Group

77

24

3.8%

0

Oracle

38,000

11,800

4%

5

American Express

9,700

3,000

4.1%

23

NetApp

3,300

1,000

4.7%

14

FMC Technologies

1,619

492

4.7%

10

Baxter International

13,900

4,200

4.8%

19

Wells Fargo

1,800

513

6.5%

98

Group 1 Automotive

17

5

6.9%

3

Jacobs Engineering Group

26

7

7%

12

Symantec

3,600

1,000

7.2%

4

Leucadia National

171

46

8.1%

4

Citigroup

43,800

11,600

8.5%

41

Clorox

204

54

8.5%

11

Bank of America Corp.

17,200

4,500

8.8%

22

Total:

518,121

165,257

Ave: 3.1%

423able 1: Top 20 Companies

Table 1: Top 20 Companies with the Most Tax Haven Subsidiaries

Company

 

TaxHaven Subsidiaries

KKR

 

258

Morgan Stanley

 

210

AES

 

206

Blackstone Group

 

161

Thermo Fisher Scientific

 

155

Pfizer

 

151

PepsiCo

 

132

Merck

 

121


Marsh & McLennan

 

117

Stanley Black & Decker

 

110

Wells Fargo

 

98

Dow Chemical

 

92

Abbott Laboratories

 

91

Emerson Electric

 

86

Mondeléz International

 


82

Illinois Tool  Works

 


81

Ecolab

 

80

Occidental Petroleum

 


 

80

Marriott International

 

79

National Oilwell Varco

 

76

TOTAL

 

2,466