The big American tech firms known as the “Silicon Six” have been accused of paying almost $278bn (£211bn) less corporate income tax in the past decade compared with the statutory rate for US companies making the same profits.
Amazon, Meta, Alphabet, Netflix, Apple and Microsoft generated $11tn of revenue and $2.5tn of profits over the past 10 years.
Yet they paid an average 18.8% in combined national and federal corporation taxes, compared with an average 29.7% in the US, according to the Fair Tax Foundation (FTF), which said the Silicon Six had “hardwired” tax avoidance into their business models.
Analysis by the not-for-profit organisation found that if one-off repatriation tax payments in the US connected to historical tax avoidance were excluded, the average corporate income tax contribution of the six firms fell to 16.1% over the past decade.
Perhaps I’m misunderstanding, but it sounds like you have a strange set of values. You have incredibly greedy companies mostly owned by incredibly greedy billionaires who are doing their best to take every single penny they possibly can, and according to you that’s not bad.
Or, to put it another way, you wrote that the government tax code encourages this. What section of the tax code asks billionaires to take as much of our money as possible? Where is that written? What paragraph says, steal their money, go do it, it’s good!?