theodp writes “Most of America’s largest publicly traded corporations and Federal contractors — including those receiving billions of dollars from US taxpayers to finance their recovery — have set up offshore operations that could help them avoid paying US taxes, according to a GAO study released yesterday. Of the 100 largest public companies, 83 do business in tax-haven hot-spots like the Cayman Islands, Bermuda, and the British Virgin Islands. The report found that Citigroup, a recipient of $45B in bailout funds so far, has set up 427 subsidiaries in tax-haven countries, including 91 in Luxembourg, 90 in the Cayman Islands, and 35 in the British Virgin Islands. Household names on the lists from the tech sector include Apple (1 tax haven subsidiary), Cisco (38), Dell (29), HP (14), Intel (6), IBM (10), Microsoft (8), Motorola (4), and Oracle (77).”
Read more of this story at Slashdot.
Related posts
- Industry Open-Sources Model For Infamous CDS
- Should Taxpayers Back Cars Only the Rich Can Afford?
- Getting Started With Firewall Builder
- Free Software Foundation Field GPL Violations Suit Against Cisco
- Cisco Launching Blade Servers in 2009
- FSF Files Suit Against Cisco For GPL Violations
- US CTO Choice Down To a Two-Horse Race
- Free Software Foundation Filed GPL Violations Suit Against Cisco
- The Making of an Open Source Developer Hero
- Cisco Lawsuit: A Test for the GPL?
Read More