Microsoft, HP skirted taxes via offshore units: Senate panel

[Newsjock]

Source: Reuters

Technology giants Microsoft Corp and Hewlett-Packard Co used offshore units to shield billions of dollars from U.S. taxes by taking advantage of loopholes and stretching the limits of the tax code, a U.S. Senate panel said on Thursday.

Describing tax avoidance as rampant in the technology sector, the Senate's Permanent Subcommittee on Investigations said tech companies used intellectual property, royalties and license fees in tax havens such as the Cayman Islands to skirt U.S. taxes.

... "The tax practices and gimmicks range from egregious to dubious validity," Senator Carl Levin, chairman of the panel, said at a news conference.

... The committee said that from 2009 to 2011, Microsoft shifted $21 billion offshore, almost half its U.S. retail sales revenue, saving up to $4.5 billion in taxes on goods sold in the United States.

Read more: http://www.reuters.com/article/2012/09/20/us-usa-taxes-offshore-idUSBRE88J0VY20120920

[no_hypocrisy]

1. That's a reason why Bill Gates is #1 on the Forbes 400 List . . . .

[wordpix]

2. how come Bain isn't included? Rmoney took it offshore to avoid taxes, too

[Hulk]

3. Surprise, surprise.

And what is that skank's name again that helped bring HP to the off-shore sewers of the world?...Carly fiorona?

[mimi85]

7. I think it was

I think Meg Whitman set a record for spending her own money to try and become governor of California. When that didn't work, she got the top job at HP. She says now that HP should make a smartphone. Yeah, that'll be a best seller.

[2Design]

4. here is mittens 47%

[defacto7]

5. And now let's hear about

Apple's massive financial tax offshore dealings....

[OhioChick]

6. Color me surprised.....

NOT.