Submitted by George Washington on 07/23/2012 13:51 -0400
Bank of America
Bank of America
Citigroup
Credit Suisse
Dorgan
ETC
Federal Reserve
Global Economy
India
International Monetary Fund
McKinsey
Mexico
Real estate
Switzerland
Illegal Aliens Scam Tax Refunds
For years, American taxpayers have been shelling out $4.2 billion dollars per year to pay for a scam.
A report by the Inspector General found that some 2 million illegal immigrants have been receiving large tax refunds by pretending that numerous dependents live with them ... when, in fact, most of the dependents live in Mexico and have never lived in the United States.
Once whistleblowers called attention to this problem, their IRS bosses told them to ignore the fraud and look the other way:
WND notes:
The problem was not a revelation to the Northern California IRS field-office worker who viewed the report: “The fraud has been going on for years,” he told WND. “Business as usual.”
“As the video indicates the Service does nothing,” he said, asking WND not use his name to avoid reprisal.
(The Federal Reserve has been bailing out foreign banks for years; but we assume that this is not a backdoor bailout for foreign nationals.)
Giant Corporations Scam Tax Refunds
Pulitzer prize winning reporter David Cay Johnston reports that - in 16 states - giant companies pocket your "state income taxes".
This includes foreign corporations.
Workers are never informed that their "state income taxes" are being pocketed. And states often refuse to make this information public, claiming that it is "proprietary information".
In addition, big companies use a variety of international scams to avoid taxes:
The Washington Post notes:
About two-thirds of corporations operating in the United States did not pay taxes annually from 1998 to 2005, according to a new report scheduled to be made public today from the U.S. Government Accountability Office…
In 2005, about 28 percent of large corporations paid no taxes…
Dorgan and Sen. Carl M. Levin (D-Mich.) requested the report out of concern that some corporations were using “transfer pricing” to reduce their tax bills. The practice allows multi-national companies to transfer goods and assets between internal divisions so they can record income in a jurisdiction with low tax rates…
[Senator] Levin said: “This report makes clear that too many corporations are using tax trickery to send their profits overseas and avoid paying their fair share in the United States.”
Indeed, as ... Johnston documents, American multinationals pay much less in taxes than they should because they use a widespread variety of tax-avoidance scams and schemes, including:
Selling valuable assets of the American companies to foreign subsidiaries based in tax havens for next to nothing, so that those valuable assets can be taxed at much lower foreign rates
Pretending that costs were spent in the United States, so that the companies can count them as costs or deductions in the U.S. and pay less taxes to the American government
Booking profits as if they occurred in the subsidiary’s tax haven countries, so that taxes paid on profits are at the much lower safe haven rate
Working out sweetheart deals with certain foreign governments, so that the companies can pretend they paid more in foreign taxes than they actually did, to obtain higher U.S. tax credits than are warranted
Pretending they are headquartered in tax havens like Bermuda, the Cayman Islands or Panama, so that they can enjoy all of the benefits of actually being based in America (including the use of American law and the court system, listing on the Dow, etc.), with the tax benefits associated with having a principal address in a sunny tax haven.
And myriad other scams
Indeed, some of the world's biggest companies not only dodge all taxes, they
LONG one,,,,,,,,,,,,,,,,,,,,,,,,,,,,
http://www.zerohedge.com/contributed/2012-07-23/why-you-pay-too-much-taxes?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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