2.25.2005

Why do 'top firms' hate America?

Tax schemes saved 61 top firms $3.4B
USAToday via Yahoo News (02.27)
Wonder why they're cutting government programs? Wonder why your community doesn't have enough cops (like Los Angeles)? Why your roads & bridges are in such disrepair? Why hospitals are closing?

Fortune 500 companies took advantage of abusive tax shelters sold to them by their auditors to avoid $1.8 billion in federal taxes from 1998 through 2003, the Government Accountability Office reported Thursday.

During that time, the GAO said, 61 Fortune 500 companies avoided a total of $3.4 billion in taxes through auditor-inspired tax schemes, sometimes while providing tax advice to their top executives.
Schemes. They actually call them schemes.

Scheme. Noun. A plan or program of action; especially : a crafty or secret one

Better yet, they called them Abusive. Now, do we really need to define that one for you?

Lots of stuff about Sprint and Ernst & Young here... but note this part:
Last week, the IRS asked participants in a series of discredited tax shelters it has identified publicly to settle with the agency or face sanctions. To date, the IRS said, it has identified $700 million in unreported income by 42 companies and many of their executives.
Somehow I don't think we would be so lucky to be asked by the IRS to be nice enough to 'settle.'

So they saved all that money, but did they use it to create new jobs? Apparently NOT.

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