Offshore tax havens saved Microsoft $7 billion in taxes - Senate panel - Sep. 20, 2012
Instead of deciding to tax the rich or the middle class or whatever, let’s close loopholes so that taxes due to the U.S. can’t be avoided.
Microsoft has saved nearly $7 billion off its U.S. tax bill since 2009 by using loopholes to shift profits offshore, a Senate panel said in a report released Thursday.
Hewlett-Packard also avoided paying taxes through a series of loans, some spanning 30 months, that shifted billions of dollars between two offshore subsidiaries, according to the Senate panel.
While it may be true that Microsoft, for example, has broken no laws, but it seems to me that they (and companies like them) are breaking the spirit of doing business in America.
