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Qualcomm pays half the tax it should owe

Study indicates multinationals dodge $111 billion in U.S. taxes each year

Oxfam America, an antipoverty organization, came out with a study yesterday (April 14) highlighting the tax dodges of American multinational corporations.

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By utilizing such dubious methods of stashing money in offshore tax havens, these companies cost the United States $111 billion each year, says Oxfam.

From 2008-2014, the largest 50 companies spent $2.6 billion on lobbying while receiving $11.2 trillion in federal loans, guarantees, and bailouts.

In this time period, these 50 companies used offshore tax havens to lower their effective overall tax rate to 26.5 percent, well below the statutory rate of 35 percent. The companies dodge their taxes by engaging in transactions that serve no commercial purpose other than to decrease the tax bill.

One of the 50 companies under study was San Diego's Qualcomm. In the 2008–2014 period, the locally based company had an effective tax rate of 18.2 percent — about half the required rate of 35 percent. In this period, Qualcomm took $6.7 billion of tax breaks and stashed $25.7 billion in three offshore havens. The company spent $44 million on lobbyists during the period, according to Oxfam.

Qualcomm says it won't have anything to add or correct to this information.

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Oxfam America, an antipoverty organization, came out with a study yesterday (April 14) highlighting the tax dodges of American multinational corporations.

Sponsored
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By utilizing such dubious methods of stashing money in offshore tax havens, these companies cost the United States $111 billion each year, says Oxfam.

From 2008-2014, the largest 50 companies spent $2.6 billion on lobbying while receiving $11.2 trillion in federal loans, guarantees, and bailouts.

In this time period, these 50 companies used offshore tax havens to lower their effective overall tax rate to 26.5 percent, well below the statutory rate of 35 percent. The companies dodge their taxes by engaging in transactions that serve no commercial purpose other than to decrease the tax bill.

One of the 50 companies under study was San Diego's Qualcomm. In the 2008–2014 period, the locally based company had an effective tax rate of 18.2 percent — about half the required rate of 35 percent. In this period, Qualcomm took $6.7 billion of tax breaks and stashed $25.7 billion in three offshore havens. The company spent $44 million on lobbyists during the period, according to Oxfam.

Qualcomm says it won't have anything to add or correct to this information.

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The latest copy of the Reader

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April 15, 2016
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