Dodging Taxes - Business Outrank

The "Silicon Six" companies which include Amazon, Meta, Alphabet, Netflix, Apple and Microsoft face allegations of tax evasion on $278 billion in US corporate taxes throughout the last ten years. The Fair Tax Foundation published a report showing that Silicon Six technology giants paid only 18.8% in corporate taxes even though they generated $11 trillion in revenue and $2.5 trillion in profit during the studied period. Their tax rate drops to 16.1% when they exclude the one-time repatriation taxes. The companies recorded $82 billion in inflated tax payments through tax contingencies which remained unpaid according to the report. The tax rate reported by Netflix was the lowest at 14.7% but Microsoft achieved the highest rate at 20.4%. Amazon received the most criticism for its 19.6% tax rate because the company shifted profits to tax havens such as Luxembourg. Meta and Apple recorded tax rates below the average at 15.4% and 18.4% respectively. The companies' representatives state they follow all tax regulations yet their critics believe these firms use political connections to evade maximum tax obligations. The study's results have sparked fresh demands for worldwide tax system changes and increased oversight of major technology companies.

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Browsing: Dodging Taxes

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