| | | When Taxes and Profits Are Oceans Apart
JULY 5, 2014
nyti.ms
excerpt:
Microsoft, for example, with $76.4 billion in foreign earnings, said that if it had brought those earnings home in 2013, they would have generated a tax bill of $24.4 billion. That represents a 32 percent tax rate.
Apple also tells investors what it would owe if it were to bring offshore profits home. It has amassed $54.4 billion in these earnings, according to its filings, and though it has no plans to repatriate the money, it said such a move would cost it $18.4 billion. That reflects a 33.8 percent rate.
Citigroup, with $43.8 billion in offshore earnings and a highly complex corporate structure, told investors that it would have had to pay $11.7 billion in additional taxes on those earnings in 2013, a 26.7 percent rate.
the article calls for disclosure of potential tax liability, like the 3 companies above are doing |
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