CBS News

Report: Big business no stranger to offshore tax havens:

I said it before and I will say it again, even if no one is listening; “flat taxes and no loopholes” are the answer to the deficit in our country.

According to a new report 83 of the nation’s 100 largest publicly traded corporations take advantage of these so called tax havens, costing “the country” billions in lost revenue.

Who is “the country”? The tax paying citizens that are picking up the financial slack for the big boys that do not pay their fair share.

Can we really blame the tax dodgers for sheltering their money? Absolutely not. It is our own governments law makers that set up these guidelines primarily to line their own pockets and of their wealthy friends.

This is one reason why the DC pack never wants to address the flat tax issue. It will impact them and their cronies.

The story never changes; shit slides down hill and the little guys are always at the bottom getting hammered.

“Tax dodging is not a victimless offense”, says U.S. PIRG analyst Dan Smith. “When companies use accounting gimmicks to move their profits to tax haven shell companies, the rest of us have to pick up the tab.”

Here are a few of the biggest tax-dodgers:

General Electric: GE has “more money parked offshore than any other U.S. company”, with $108 billion and 18 subsidiaries. This is the same company that Obama appointed its CEO as an adviser. Don’t ever tell me that there is not some collusion going on.

Pfizer: Pfizer is ranked second among U.S. multinational corporations with the most revenue offshore, with 172 subsidiaries and $73 billion in tax haven states.

Microsoft: According to its most recent SEC filing, Microsoft has five subsidiaries and the third highest amount offshore, $60.8 billion, which is “70% of the company’s cash”.

Citigroup: This bank bailed out by U.S. taxpayers in the 2008 financial crisis “ranks eighth for most money sitting offshore”, with 20 subsidiaries and $42.6 billion in tax haven countries.

Here’s the IPS ranking of Top 25 Corporate Tax Dodgers. The companies are ranked by their CEOs pay, highest-paid first:

1. John Lundgren, Stanley Black & Decker; CEO Pay: $32.6 million; Federal income tax: negative $75 million; Subsidiaries in tax havens: 50.

2. Alan Mulally, Ford; CEO Pay: $26.5 million; Federal income tax: negative $69 million; Subsidiaries in tax havens: 3.

3. Aubrey McClendon, Chesapeake Energy; CEO Pay: $21 million; Federal income tax: $0; Subsidiaries in tax havens: 0

4. Gregory Chase, Aon: CEO Pay; $20.8 million; Federal income tax: $16 million; Subsidiaries in corporate tax havens: 128.

5. Robert Kelly, Bank of New York Mellon; CEO Pay: $19.4 million; Federal income tax: negative $670 million; Subsidiaries in tax havens: 10

6. John F. Brock, Coca-Cola Enterprises; CEO Pay: $19.1 million; Federal income tax: $8 million; Subsidiaries in tax havens: 4

7. Ivan Seidenberg, Verizon; CEO Pay: $18.1 million; Federal income tax: negative $705 million; Subsidiaries in tax havens: 0

8. Andrew Liveris, Dow Chemical; CEO Pay: $17.7 million; Federal income tax: negative $576 million; Subsidiaries in tax havens: 64

9. John Strangfeld, Prudential Financial; CEO Pay: 16.2 million; Federal income tax: negative $722 million; Subsidiaries in tax havens: 36

10. James Cracchiolo, Ameriprise; CEO Pay: $16.2 million; Federal income tax: negative $224 million; Subsidiaries in tax havens: 7

11. David Cote, Honeywell; CEO Pay: $15.2 million; Federal income tax: negative $471 million; Subsidiaries in tax havens: 5

12. Jeff Immelt, General Electric; CEO Pay: $15.2 million; Federal income tax: negative $3.25 billion; Subsidiaries in tax havens: 14

13. Patrick Hassey, Allegheny Technologies; CEO Pay: $15 million; Federal income tax: negative $47 million; Subsidiaries in tax havens: 0

14. Robert Coury, Mylan Laboratories; CEO Pay: $15 million; Federal income tax: negative 73 million; Subsidiaries in tax havens: 32

15. Richard Fairbank, Capital One Financial; CEO Pay: $14.8 million; Federal income tax: negative $152 million; Subsidiaries in tax havens: 0

16. Steve Wynn, Wynn Resorts Ltd.; CEO Pay: $14.6 million; Federal income tax: 0; Subsidiaries in tax havens: 16

17. Brian Duperreault, Marsh & McLennan; CEO Pay: $14 million; Federal income tax: negative $90 million; Subsidiaries in tax havens: 105

18. Jim McNerney, Boeing; CEO Pay: $13.8 million; Federal income tax: 13 million; Subsidiaries in tax havens: 42

19. Gregory Q. Brown, Motorola Solutions; CEO Pay: $13.7 million; Federal income tax: $7 million; Subsidiaries in tax havens: 6

20. Eugene Isenberg, Nabors Industries; CEO Pay: $13.5 million; Federal income tax: negative $138 million; Subsidiaries in tax havens: 1

21. Edward Mueller, Qwest Communications; CEO Pay: $13.4 million; Federal income tax: negative $14 million; Subsidiaries in tax havens: 0

22. James Dolan, Cablevision Systems; CEO Pay: $13.3 million; Federal income tax: negative $3 million; Subsidiaries in tax havens: 0

23. Sanjay Jha, Motorola Mobility; CEO Pay: $13 million; Federal income tax: $12 million; Subsidiaries in tax havens: 0

24. John J. Donahoe, eBay; CEO Pay: $12.4 million; Federal income tax: negative $131 million; Subsidiaries in tax havens: 31

25. John Faraci, International Paper; CEO Pay: $12.3 million; Federal income tax: negative $249 million; Subsidiaries in tax havens: 2

It is estimated that the world’s tax havens house anywhere from $21 trillion to $32 trillion in money that governments around the world do not collect taxes on. Those kinds of dollars can definitely help their bottom lines.

Where is the fairness in all of this? With a flat tax everyone in the country pays the same percentage of taxes whether they make 1,000.00 or 100,000,000.00 a year.

Russia exists very well on a flat tax of 13% for all of its citizens and corporations but the USA always throws stones at them for their form of government and life style.

The only conclusion can be; the USA has a lot more dirty laundry than Russia does.