New York Times: Corporate Welfare Won’t Create Jobs
media mention“That loophole, known as deferral, lets corporations avoid paying any United States taxes on their offshore profits until they are brought back here. That’s why, according to a recent survey by tax researchers, Fortune 500 companies are holding nearly $2.5 trillion in profits that are booked offshore, mostly in tax havens, on which no United States taxes have been paid.
In United Technologies’ case, as with many other American multinationals, cutting federal taxes wouldn’t affect their investment and employment decisions because they already pay very little. Over a 15-year period, from the beginning of 2000 through the end of 2014, United Technologies paid a 10.3 percent effective federal tax rate. That’s lower than what many working-class families pay.”