TV News LIES

Wednesday, Dec 12th

Last update05:20:13 AM GMT

You are here News Economy US corporations have $1.4tn hidden in tax havens, claims Oxfam report

US corporations have $1.4tn hidden in tax havens, claims Oxfam report

E-mail Print PDF

US corporations hide 1.4t in tax havensUS corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam.

The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said Oxfam.

The charity’s analysis of the financial affairs of the 50 biggest US corporations comes amid intense scrutiny of tax havens following the leak of the Panama Papers.

And the charity said its report, entitled Broken at the Top was a further illustration of “massive systematic abuse” of the global tax system.

Technology giant Apple, the world’s second biggest company, topped Oxfam’s league table, with some $181bn held offshore in three subsidiaries.

More...

 


Most Recent Related Stories...


Dow Jones drop adds to losses, weekly gloom for stock investors

Stocks falll again Stocks continued their brutal stretch of big price swings and steep declines Friday, capping a painful...

List of Lowe's stores closing: 20 stores will shut doors in US next year

20 Lowe's stores Lowe's will close 51 underperforming stores in North America, the company announced Monday. The move – which includes...

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

Trump says he won't be prez when economy crashes Since the 2016 presidential campaign, Donald Trump’s aides and advisers have tried to convince him of...

The national debt and the federal deficit are skyrocketing. How it affects you

US debt and deficit are risingThe national debt is $21 trillion and counting. The federal deficit soared last year to $779 billion...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!