From Oxfam
Posted on: August 10, 2024 at 13:25:20 CT
raskolnikov MU
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"Here’s what we know:
According to the Institute on Taxation and Economic Policy, at least 55 of the largest corporations in America paid no federal corporate income taxes in 2020.
The US government is estimated to have lost around $135 billion in revenue due to corporate tax avoidance in 2017. In contrast, corporate philanthropy has amounted to less than $20 billion a year.
Corporations shifted nearly $1 trillion in global profits to tax havens in 2022—depriving countries all over the world of desperately needed tax revenue.
That’s not paying your fair share. Instead of only maximizing profits for their overwhelmingly rich, white shareholders, corporations should do more to support the employees, consumers, and community members that corporations rely upon to make their money.
So what should they pay and do?
To reduce tax haven abuse and the offshoring of corporate profits, corporations should pay the same tax rate on their foreign profits as on their domestic profits, and all large multinational corporations should pay a global minimum tax rate.
To end the secrecy that shrouds corporate tax dodging, corporations should publish key financial data like revenue, profits, and taxes paid on a country-by-country basis.
“We want an economy that works for everyone, not just for a small elite,” said former U.S. Labor Secretary Robert Reich."
This does not answer your exact question but gets the point across.