United States of America
The right-wing has been lauding Facebook co-founder Eduardo Saverin for his decision to renounce his U.S. citizenship in order to avoid taxes. But he isn’t the only one who’s going to slash his tax bill in the wake of Facebook’s upcoming initial public offering: both CEO Mark Zuckerberg and the company itself will lower their tax bill for years to come. While Zuckerberg will pay a hefty tax bill right off the bat if he follows through on his plan to sell $5 billion in Facebook stock options, as the New York Times noted, he may then never pay a dime of taxes on the rest of his Facebook wealth. “Instead, he can simply use his stock as collateral to borrow against his tremendous wealth and avoid all tax ,” the Times reported. And, as Citizens for Tax Justice has noted, Facebook may use the issuance of stock options to avoid corporate income taxes, instead receiving hundreds of millions of taxpayer dollars in refunds :
Want to hear something worth having a tea party about? Some of the largest US corporations have mastered the art of evading taxes by booking expenses in the US and profits in low-tax countries. As companies send off their corporate tax filings on the March 15th filing deadline, think about the multi-billion dollar corporations which Forbes reports had lower tax rates than you did:
Apple may have enough cash on hand to make Scrooge McDuck's money vault look like a kiddie pool by comparison, but according to SeekingAlpha, most of that cash is effectively trapped overseas .
This is a rush transcript.
In his budget address last week, Corbett proposed dramatic cuts to higher education, including eliminating $625 million, or about 50 percent, of funding meant for 14 state-owned universities and four "state-related" universities - Temple, Penn State, Lincoln, and Pitt. Temple president Ann Weaver Hart said that her school had reduced its expenditures year after year, but that the level of state cuts proposed this year would force tuition increases that could put the university out of reach for many.
Last month, journalist Johann Hari wrote an article for The Nation called “ How to Build a Progressive Tea Party ” in which he detailed the sudden and rapid evolution of UK Uncut, a British movement formed to curb corporate tax dodging.
The one and only employee of ExxonMobil Spain would certainly be in favor of Chancellor Angela Merkel's proposal to link wages to profits. In two years, the company, an affiliate of the oil giant ExxonMobil, recorded 9.907 billion euros in net profits. For practical purposes, the money is really net surplus; the company did not pay a single euro of taxes on the gains. Like many other multinationals, Exxon has found its own private tax haven in Spain.
Posted on February 14, 2011 by Carl Gibson | 23 Comments Carl Gibson is the founder of CIVIL USA – the first of what we hope will be many US Uncut groups.
The online protest movement UK Uncut has spawned a new group here in the US, called US Uncut.
Anyone that has any money in this bank, no matter how little, should withdraw it ASAP.
Republican Michigan governor Rick Snyder, along with the state's Republican house and senate, have passed a controversial bill that allows the governor to dissolve the elected governments of Michigan's towns and cities, replacing them with unaccountable "emergency financial managers" who can eliminate services, merge or eliminate school boards, and lay off or renegotiate unionized public employees without recourse.
Update 2:03pm 3/10: The Wisconsin Assembly just passed the bill as amended , with 4 Republicans voting no. This is a PDF of what the Wisconsin Senators passed last night. It isn't just unions they're aiming at.