There are numerous multinational companies that are not paying their taxes in the US, to the tune of over $700 Billion (yes, that's a B). Deferral is a lovely (to corporations and multinational companies) little tax dodge that allows these companies to not pay their US taxes until they "bring the money home." In the meantime, these same companies/corporations are heavily lobbying Congress for lower taxes. (PS the 35% tax rate is not quite 35%, it's 35% MINUS the taxes paid to other countries)
There are all kinds of schemes employed by multinational corporations, often involving using foreign subsidiaries that sell to their parent company at high prices. For example, Apple has transferred “intellectual property” (IP) – various patents and copyrights, the “crown jewels” of the company – to a subsidiary in Ireland. When Apple sells products in the U.S. they claim that much of the “cost” of making them is licensing this IP, which means the profit is made by the Irish subsidiary and not the U.S. parent. Pfizer and many, many others use similar schemes to make it look like their U.S. profits are made by foreign subsidiaries. Other companies move jobs, factories, call centers, etc. This puts honest companies that make things here and pay their taxes at a competitive disadvantage.
For a "quick fix" these companies are lobbying for another "tax holiday," saying they will bring the moneies back to create jobs if they don't have to pay their back taxes. How'd that work out in 2004? Let's see:
Overall, corporations used 92 percent of the money they brought back under that tax holiday to enrich their executives and buy back their own shares, not to invest in job creation.
Even mighty Bill Clinton is calling for a tax holiday so that these companies/corporations can "invest in infrastructure" -- private investments as opposed to paying the taxes that are owed.
Some of the top companies/corporations that are screwing the US are:
- Apple
- Pfizer
- GE (they generally have a negative tax rate)
- Verizon
- Caterpillar
There are many others that are ripping us off.
Thing is, if these companies/corporations did not have this deferral scheme to play, we wouldn't need to discuss tax holidays so these same companies would invest in other private companies to rebuild our infrastructure. Nor would we be talking about cutting social security and medicare. Our public schools would be funded. If only these companies paid their darn taxes.
How do we get our lawmakers to end the deferral schemes and get these companies/corporations to actually pay their taxes?
|
|
Discussing:
- Execution failed!!! (3 replies)
- GOP Senator "deserves the obloquy" (2 replies)
- AI company going public says "existential risks to humanity" (2 replies)
- Michaela Barnett for Congress TN-02 (2 replies)
- Timing is everything (2 replies)
- Presidential protest? Deja vu? (3 replies)
- Republican midterm strategy 2026 (2 replies)
- Kerbela Development: Understanding the Appeal and What Happens Next (1 reply)
- 865 Neyland Entertainment District announcement (3 replies)
- Federal court rules Constitution doesn't guarantee clean water (2 replies)
- Trump Admin wants rid of DEI bike lanes (1 reply)
- New COVID-19 wave, vaccine available soon (2 replies)
TN Progressive
- View from the Overlook (Whitescreek Journal)
- Alcoa property taxes will probably not go up (BlountViews)
- Smith & Wesson not a good fit for Blount County (BlountViews)
- Pellissippi Parkway extension delayed again (BlountViews)
- Blount County early voting record turnout (BlountViews)
- WATCH THIS SPACE. (Left Wing Cracker)
- America As It Is Right Now (RoaneViews)
- A friend sent this: From Captain McElwee's Tall Tales of Roane County (RoaneViews)
- The Meidas Touch (RoaneViews)
- Massive Security Breach Analysis (RoaneViews)
- (Whitescreek Journal)
- My choices in the August election (Left Wing Cracker)
TN Politics
- After second botched execution this year, Dems call for legislative oversight, GOP for change (TN Lookout)
- Judge blocks federal prosecutors from refiling charges in Reflecting Pool case (TN Lookout)
- Stockard on the Stump: Tennessee governor defends Correction commissioner in failed executions (TN Lookout)
- Tennessee faces estimated $220M in extra SNAP costs under new federal rules (TN Lookout)
- US Senate leaves nation’s capital in advance of midterms with much still undone (TN Lookout)
- Lawyers for Tennessee woman in botched execution say she’s alive but in critical condition (TN Lookout)
Knox TN Today
- Volleyball hits the road, fall ball’s back and ‘Get Lit’ (Knox TN Today)
- Daily Connections: Friday-Sunday, October 2-4, 2026 (Knox TN Today)
- Corryton Possum Chase + Orchids Awards + (Knox TN Today)
- Food City Big Orange Pep Rally brings Vol spirit to Powell (Knox TN Today)
- Close to Home, Far from Ordinary: Old general stores that still feel like 1955 (Knox TN Today)
- Black Cats of Boo bring adoptable cats to Zoo Knoxville (Knox TN Today)
- Hiking with Harrington: Wildflowers and early fall color on Rabbit Creek Trail (Knox TN Today)
- Fountain City welcome sign moves closer to reality (Knox TN Today)
- Pink Pawty fundraiser at Wagbar Knox supports Humane Society, breast cancer patients (Knox TN Today)
- Perfect 100: Seven Knox County restaurants earn top health inspection scores in September (Knox TN Today)
- Oscar Butler joins Sheriff Gibson + Chuck Morris + Jenny Boyd + Claudia Mata Ruvalcaba ++ (Knox TN Today)
- De la Cruz Buzz (Knox TN Today)
Local TV News
- Foster Care Friday: Youth Villages Highlights the Need for More Families to Foster Teens (WATE)
- Tennessee-Auburn traffic, road work to impact East Tennessee drivers this weekend (WATE)
- Heritage High School football coach placed on leave amid investigation (WATE)
- How one of the fastest men almost went to LSU instead of the University of Tennessee (WATE)
- Hamblen County road expansion causing Russellville road closure (WATE)
- Traffic shift begins as Cusick Road ramp to Pellissippi Parkway closes permanently (WATE)
News Sentinel
State News
- Remains of Marion County man missing since 2024 identified - Chattanooga Times Free Press (Times Free Press)
- How Tennessee's failed execution of Christa Pike unfolded, minute-by-minute - Chattanooga Times Free Press (Times Free Press)
- McCallie sophomore receiver Levi Scott III plays bigger than his stature - Chattanooga Times Free Press (Times Free Press)
- Finding faith first: Finding God in silence - Chattanooga Times Free Press (Times Free Press)
Wire Reports
- U.S. economy added 29,000 jobs in September, signaling a slower labor market - washingtonpost.com (Business)
- Officials giving update on Cornell University rape investigation - bbc.com (US News)
- As Prospects Dim, G.O.P. Pulls Money Out of North Carolina Senate Race - The New York Times (US News)
- Trump says Europe has agreed to release "massive amount" of diesel oil from stockpiles - cbsnews.com (Business)
- Neuralink exec Shivon Zilis posts that Elon Musk relationship ended 'with no warning' - Business Insider (Business)
- Stocks rise after soft jobs data; Nasdaq hits record led by Nvidia: Live updates - cnbc.com (Business)
- Weak jobs report is yet another headwind for Trump and Republicans ahead of midterms - Yahoo Finance (US News)
- Trump campaign insider reveals strategy behind midterm blitz that White House hopes pays off big - foxnews.com (US News)
- Why Lilly and Novo are betting on amylin to power a new wave of obesity drugs after GLP-1s - cnbc.com (Business)
- Amazon to invest $1B into data center communities amid backlash against data center rollouts - AP News (Business)
- Vance: ‘Really obvious’ Cruz is running for president - The Hill (US News)
- Calls grow for US death penalty halt after ‘torturous’ botched execution of Christa Pike - theguardian.com (US News)
- Read One of the Recently Released U.F.O. Documents - The New York Times (US News)
- Tesla Sales Slump in Third Quarter - WSJ (Business)
- Ford fends off Hyundai to retain No. 3 U.S. sales position in third quarter - cnbc.com (Business)
Local Media
Lost Medicaid Funding
Search and Archives
TN Progressive
Nearby:
- Blount Dems
- Herston TN Family Law
- Inside of Knoxville
- Instapundit
- Jack Lail
- Jim Stovall
- Knox Dems
- MoxCarm Blue Streak
- Outdoor Knoxville
- Pittman Properties
- Reality Me
- Stop Alcoa Parkway
Beyond:
- Nashville Scene
- Nashville Post
- Smart City Memphis
- TN Dems
- TN Journal
- TN Lookout
- Bob Stepno
- Facing South

The Deferral Scheme
Thank you for this excellent summary of a very important issue.
If you happen to be a