How Americans subsidize big corporations that are then allowed to keep profits offshore and avoid paying taxes - NaturalNews.com

How Americans subsidize big corporations that are then allowed to keep profits offshore and avoid paying taxes - NaturalNews.com

How Americans subsidize big corporations that are then allowed to keep profits offshore and avoid paying taxes

 (NaturalNews) Conservatives in Congress have been working to kill off
the Ex-Im (Export-Import) Bank because they say it is little more than
an entity that doles out corporate welfare. In fact, it does more than
that; it also allows multi-billion dollar corporations to dodge taxes.

The Washington Times
reports that American companies managed to benefit from more than $65
billion in taxpayer-backed loan guarantees and then kept almost $458
billion in profits offshore, thereby avoiding paying billions in taxes
to the very same government allegedly helping them sell their goods
overseas at competitive rates, a Watchdog.org investigation found.

The
total figures came from an analysis by Watchdog.org of several
databases from the Ex-Im Bank, the Institute on Taxation and Economic
Policy and through filings by corporations. The data reveals that 50
companies were able to earn billions of dollars in export profits using
the bank's guarantees, but in turn, they keep almost a half-trillion in
profits offshore, out of the reach of the Internal Revenue Service.

The Times, citing the Watchdog.org data, further reported:

The
offshore proceeds of the companies benefiting from the bank, if taxed
at the 35 percent corporate tax, would have contributed as much as $160
billion to U.S. coffers between 2012 and 2014, the analysis shows.

The executive director of the Institute on Taxation and Economic Policy, Matt Gardner, told the Times
that U.S. companies benefiting from taxpayer-backed loans while also
keeping some profits offshore are shortchanging working Americans who
are subsidizing them.