increasingly popular tactic for corporations looking to pay little bit
less in taxes to simply park all the profits overseas or a significant
portion of the where it's protected from any sort of taxation
and when it comes to that strategy g_e_ is apparently number one elise overlay
we have numbers uh...
in two thousand one by the end of two thousand one
g_e_ profits overseas amounted to a hundred and two billion dollars
and as you can see one more year goes by
an additional six billion dollars parking overseas
now yet
we're going we're gonna show you some more details both about other
corporations that do this and also uh... about g_e_'s effective tax rate
there can be justifiable reason to do this to some extent they all are making
profits overseas they are setting up subsidiaries
in other countries
uh... but this is clearly faraway beyond uh... the actual percentage of the
business of the do outside of the u_s_
uh... and it shouldn't be surprised that because it's very effective in the
saving them billions of dollars costing the u_s_ billions of dollars
i would sing other corporations do it as well uh... i'd leave over the last year
the amount of money being held in overseas account sort of a fourteen
percent by corporations
and so it's interesting that
as a result of this g_e_ as you can imagine does not pay what we would
consider to be a fair amount of taxes
and indeed between two thousand two two thousand eleven or effective tax rate
was all of one point eight percent
which i'd imagine is probably slightly lower than most of the people watching
this video
uh...
in with amazing about it is it's not like happened just trying to save
everything because it's so hard
this money being held overseas is profits never-ending billion dollars in
profits
how many countries gps the equal that what i don't understand is anne
and what do we need to do here in the united states
so these corporations don't go away create these tax havens like bermuda and
other countries
because when you really look at it and you look at all the corporate tax
loopholes
we have the law
lawless corporate tax rate and any other industrialized country
okay because of all the deductions because of all the loopholes and still
not good enough for that there's still willie to go abroad to countries that
have lower tax rates so so what is the solution and he'll go to the republicans
and i'll say taxes are too hot we got it but no taxes are not too hot
we have pledged at mail corporations like g_e_ that they've nothing in taxes
go up one point eight percent black women into exactly my point is that in
taxes between
two thousand two and twenty eleven their captain saying what what they'll do is
tell you that slippery language of the republicans and conservative democrats
who will say
well america has the highest corporate tax rate what they want says it's the
highest effected
yes tactics when you're talking about it you're talking yeses all of the uh...
that
tightly civic in performance there
barrage of lawyers that they have accounts that they have whose job it is
to make sure that they don't pay taxes yes so there are obviously the loopholes
is also the subsidies of some industries get more than others but she is
subsidized to some extent
here they get tax refunds and things like that incentives to build in certain
areas or
researcher certain types of technology and now if they simply don't bring the
money back to the u_s_ in iraq should have to be taxed on it
which contradict with with
find to be quick unamerican but apparently they they
already forgot that is completely unpatriotic continuing on these
companies that benefit from
this social structure that we have created collectively as americans you
know this state society with lies that makes it possible for them
within these corporations to do the work that they have and expanded the
countries and have the safe haven here
and yet they're not willing to pay their fair share now part of that you know
they call that their shareholder responsibility in order to get the most
value for their shareholders
there is that aspect of it but uh... also they use that lobbying money to get
favorable tax treatment of courts
and in congress and lobbying and that i think is where the solution lies is
getting money on uh... yahoo sierra unpatriotic point absolutely i mean when
other utm
knowing insurance paying taxes right like i see the amount of money to get
sticking out of my paycheck i'm not making any where near like a hundred and
eight billion dollars support bright like so what i'm making my twelve
dollars a month and the government takes like you know that three percent of in
eleven of the jumping around at a little bit of a drug addict just a little bit
more childlike but
elk honestly our money goes to certain things and i'm happy about like an
intranet tax abroad right now i'm not happy about that but what i think about
public education and giving back to my community and giving people
action and students something of themselves
that's america and that some people should be proud of
instead we have these unpatriotic assholes that totally take advantage of
the system they take advantage of the public education
certain services that gave them the opportunity to be calm as successful as
they are
and then when they do they turn around into the most unpatriotic thing they
possibly can take care
it by the way also if you're actually the shareholder in g_e_ the money that's
shelter abroad will not be used to pay dividends to iraq
i think you have to be so that i have seen many of them probably don't
understand some of the legal wranglings going over to keep my broad but
they should be just offer them about this information is coming out
so we've got a couple more details what other corporations that do this we're
not just taking on g here because as i said it's becoming increasingly popular
so just in in twenty twelve
uh... sixty of the largest company is uh...
this coming out of a bloomberg announced by the way the eighty three for
corporations you can see
moved one hundred sixty six billion dollars offshore
chilly up to in some cases forty percent earnings from american taxation
uh... and as you can imagine that's billions in lost revenue not to put it
in perspective uh... in that the current a political context is pretty
interesting
so we have disclose them in the wall street journal just nineteen of the
sixty companies in the journal survey disclose the tax that they could face if
they brought the money back to the u_s_ pair
those companies say they might have to pay ninety eight billion in additional
tax
more than eighty five billion automatic spending cuts trigger this month after
the white house and congress can agree on alternative
which means that just give you tax the money they were holding overseas on
their profits
it's more than the entire sequester for this year