"You see, corporations are funny creatures. For example, they don’t want to pay their share of America’s tax bill, but then they’re first in line demanding subsidies, grants and other special handouts from America’s government to pad their financial bottom line.
That’s hilarious hypocrisy — but it’s no laughing matter, since it means you and I have to pay more to cover their tax avoidance, while also seeing our public money siphoned out of the programs that we need into the pockets of corporate elites, who most often use the funds against the public interest.
Corporate tax dodging has become both rampant and ridiculous. Take an increasingly popular scam called “inversion,” which is nothing but a perversion of tax law, business ethics and common decency."
"In return, we the people of the United States ask corporations to pitch in to help pay for the roads and courts and schools and scientific research and government contracts and the rest of the things that have helped make them the prosperous entities they are. But a number of American corporations are so fed up with the idea that should pay their taxes that they are actually renouncing their US citizenship. These corporations are "leaving" the US to dodge taxes—but their executives, employees, offices, stores, customers etc. are still here. The only thing that is really leaving the country is the requirement to pay US taxes."
Companies "trying to bolt the US to avoid taxes", include---
- Eaton Corp.
The Alternet post explains:
"These corporations are able to “leave” the US by engaging in something called inversion. Explaining an inversion is a bit complicated. A US company buys or merges with a non-US company, and the result is that the US company can be considered to be a company from the other country. But at the same time the company keeps most of its operations, etc. inside the US. The result is that it might still owe taxes on income reported as made in the US, but it owes no taxes on income elsewhere."
For details, click here .