United Front Against Austerity (UFAA) KEY FINDINGS FROM THE REPORT: -The 59 Fix the Debt member corporations that reported their offshore profits had a combined total of more than $544 billion at the end of 2012, up from $473 billion in 2011. The average offshore stash per company rose 15 percent last year to $9.4 billion. -Currently, these profits are not subject to U.S. corporate income taxes unless they are brought back to the United States (also known as “repatriation”). If Congress adopts Fix the Debt’s proposed territorial tax system, these 59 companies would stand to win as much as $173 billion in immediate tax windfalls. -The biggest potential winner is General Electric, which could reap a tax windfall of as much as $38 billion on its overseas earnings stash of $108 billion. -The Fix the Debt member with the largest increase in offshore untaxed profits in 2012 among firms with more than $1 billion in offshore profits was Honeywell, with a 43 percent increase to $11.6 billion in 2012. -Twenty-two firms reported increases of more than 20 percent in their untaxed offshore profits last year.
Posted on: Wed, 12 Jun 2013 15:58:28 +0000
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