Study Finds U.S. Companies Shifting Profits Overseas

[2Design]

http://www.nytimes.com/2004/09/13/business/worldbusiness/13tax.html

Study Finds U.S. Companies Shifting Profits Overseas
By DAVID CAY JOHNSTON

Published: September 13, 2004

From 1999 to 2002, American multinational corporations increased profits taken in countries with no taxes or low rates by 68 percent, while sharply reducing profits taken in countries where they engage in substantial business activity, a study to be published today in the journal Tax Notes shows.


In 2002, American companies took $149 billion of profits in 18 tax-haven countries, up 68 percent from $88 billion in 1999, according to Tax Notes, which analyzed the most recently available Commerce Department data. This compares with a 23 percent increase in total offshore profits earned by American multinationals during the same period.

According to Commerce Department data not cited in the study, American companies took 17 cents of each dollar of worldwide profits in tax havens in 2002, up from 10 cents in 1999.

Analysis of the data in Tax Notes shows that for each dollar of profit taken in Luxembourg in 1999, American corporations took $4.56 of profit in 2002. The figure for Bermuda was $2.96; for Ireland $2.01; and for Singapore $1.72. These countries are considered tax havens or partial tax havens. For Britain, each dollar of profit taken in 1999 was equal to 67 cents in 2002; for Germany, it was 46 cents.

<snip>

[scarletwoman]

1. on edit: never mind (n/t)

[2Design]

4. it was an accident

:):):

[scarletwoman]

5. Good job fixing it so fast!

Accidents do happen... ;-)

sw

[cthrumatrix]

2. Lou Dobbs has been relentless on this subject.

[krkaufman]

6. I know Lou's been militant on job outsourcing...

... but has he been criticizing all the other financial loopholes, as well?

[FlemingsGhost]

3. Bankrupting the U.S. is patriotic!

God Ble$$ America.

[2Design]

7. some other links on the same topic

http://edit.mougayar.com/Globalization?print-friendly=true

http://www.libertypost.org/cgi-bin/readart.cgi?ArtNum=20194

http://slashdot.org/articles/03/07/22/1924228.shtml?tid=136&tid=187&tid=98&tid=99

http://www.mtholyoke.edu/acad/intrel/oil1.htm

http://www.taxfoundation.org/HR5095.html

[jumpstart33]

8. First jobs, now profits? The corrupt neocon banking system

Just live your life folks, they control everything.

[REVOLT823]

9. So much for trickle-down economics, eh, Bush?

What about all those jobs your tax cuts are supposed to be creating? THose greedy fucks are just hanging on to it for themselves and not even bothering to put it back into the US. Excellent!!

[Spinzonner]

10. Economic Treason

So, this is surprising ?

[w4rma]

11. Just plain treason, imho. The folks who are profiting pushed for the laws

that are enabling them to commit this treason against our country.

[2Design]

12. They are Bush Co Base........remember in MM 911

[struggle4progress]

13. Oh, the miracles of book-keeping! eom

[are_we_united_yet]

14. "Despite this additional sobering news......

and the occasional bumps in the road from the Iraq war, I am voting for George W. Bush because of his strength, decisiveness, moral clarity and integrity. I think he has the Country on the right track. Four more years!"

said the rambling, idiotic, hatriot, flag waving freeper.

(Jeezus somebody wake me up from this nightmare)

[Yo_Mama_Been_Loggin]

15. Didn't Kerry call these corporations Benedict Arnold companies?