Corporations can't have their cake and eat it too.
Right now, corporations are making billions of dollars off of you and me, and are hiding those billions in offshore bank accounts to avoid paying taxes to our government.
But what if we closed the tax loopholes that allow corporations to skip out on paying taxes, and brought those trillions of dollars back home?
Some states are already doing that, and they're seeing some pretty amazing results.
Back in 2003, the Montana state legislature closed that state's tax loophole, a so-called "water's edge" loophole, that allowed companies to avoid state taxes by hiding their profits in offshore bank accounts.
In the decade since, Montana has brought in over $40 million, which is a lot considering that state only spends about $1.8 billion each year.
Last summer, Oregon jumped on the bandwagon, and closed a similar tax loophole. The state now expects to bring in an additional $17 million in tax revenue from corporations this year alone.
And, a new report by the U.S. Public Interest Research Group (U.S. PIRG) found that if 21 other states and the District of Columbia had closed their offshore corporate tax-evading loopholes, they would have brought in over $1 billion in additional tax revenue in 2012.
Now just imagine what would happen if the federal government took similar actions, and closed corporate tax loopholes that allow giant transnational corporations like Apple to hide billions in profits overseas.
According to Apple, the giant tech company paid around $6 billion in taxes in 2012, and will probably pay around $7 billion in taxes for 2013.
But as multiple tax experts and lawmakers have said, Apple should be paying a lot more in taxes to our government.
After all, it's one of America's most profitable companies. In 2013 alone, it took home $37 billion in profits on $171 billion in revenue.
So, how is Apple making so much, but paying so little in taxes to support our nation?
It's hiding a lot of its money offshore.
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