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The corporate tax rate was cut, but it was also expanded to include foreign income. Companies with offshore holdings that never had income tax paid had to pay a
by advisedwang 9y ago
The corporate tax rate was cut, but it was also expanded to include foreign income. Companies with offshore holdings that never had income tax paid had to pay a one-off tax bill on that.
Google paid $9.9B in this one-off tax payment, which is larger than their entire margin for the quarter.
- polskibus 9y agoIf their offshore holdings are profits made offshore, then shouldn't those profits be taxed offshore? Is this what Trump really did, taxed offshore before EU does it, so the EU taxes will be much lower?
- iainmerrick 9y agoIf their offshore holdings are profits made offshore, then shouldn't those profits be taxed offshore? Typically, the profits are held in tax havens, with low or zero tax. So effectively they are not being taxed already, due to loopholes in the tax code.