Originally published at: IRS: Microsoft owes $28.9 billion in back taxes | Boing Boing
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“google how much is bill gates worth?”: 108 billion USD
(so… pocket change? “It’s what the company owes, not gates, you @#$ you!”)
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Keep hearing from congresscritters that there is no money for social program and public services, running on deficit, and risking government shutdown trying to pass spending bill for the fiscal year. I have “One weird trick” to sell them:
TAX THE RICHES (CHURCHES included)
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Ok, but will Microsoft actually pay back taxes?
I have… questions…
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Having worked for a state agency collecting taxes, big businesses not paying taxes is hella common. Even with the limited tools I had at my level back then, I once got AT&T to send me a million dollars in owed taxes with a single call. We were told they often didn’t pay and dumped it in the bank/invest it and let it get some interest until we came calling.
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Is this the result of creative bookkeeping where they route revenues thru, say Ireland, to avoid having to pay US taxes on it?
The same crap apple pulls?
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Is this the result of creative bookkeeping where they route revenues thru, say Ireland, to avoid having to pay US taxes on it?
The same crap apple pulls?
Based upon the 8-K filing, yes. The issue is transfer pricing (most likely paying lots of US dollars to an affiliated company in a low- or no-tax jurisdiction for use of intellectual property purportedly owned by said off-shore company).
ETA quote I was responding to…
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If the US can freeze and seize assets of nations known to support terrorism, the Fed can freeze and seize assets of companies found to owe money to the US. It’s just a question of political will.
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Or like ‘superpatriot’ Erik Prince siphoning money from Blackwater to Greystone, a Barbados registered company that serves as Blackwater’s air arm. The money disappears into Greystone’s coffers where it’s (legally) entirely shielded from US or any other taxes. Blackwater’s new name was Xe Services and is now called Academi. Prince may or may not have his mits tangled up in a piece of the current company.
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“…Gates says he is grateful for his huge financial success, but it still makes him sad when he looks around and sees other people with any money whatsoever.” - Norm Macdonald
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It’s called The double Irish with a Dutch Sandwich.
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Additional info, links:
Hell no, we won’t pay, says Microsoft as Uncle Sam sends $29B bill for back taxes
Intercompany transfer pricing, anyone?
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So many financial mechanisms for the large companies to use for avoiding paying taxes. How nice for them.
You & me? Pay up in 30 days or you are on the street.
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