Lately, Google has fallen short of its “Don’t be evil” corporate motto. Lobbyists for the tech giant are pushing for a sweetheart deal that would let it move all of the money from its offshore tax havens back to the United States — and pay hardly any taxes when it gets here.
But why should a company that recently reported $8.5 billion in profits be allowed to avoid its tax burden while the rest of us pay our share? Doesn’t that sound just a little bit evil?
Overall, corporations have stashed more than $1 trillion offshore in order to avoid U.S. taxes, and tech companies, including Google, are some of the biggest offenders.
They argue this would help the economy, but the reality is, we’ve tried these so-called tax holidays before, and they don’t work. In 2004, instead of boosting the economy, the 15 companies that brought the most money back cut 21,000 jobs and gave their executives a 60% raise. Ever since, they’ve tried to sell Congress on another holiday.
Last year, the average American tax filer paid an extra $434 to cover the revenue shortfall — money that could feed a family of four for three weeks. And in this economy especially, we can ill afford to overlook this inequity.
U.S. PIRG Executive Director
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