Big companies have been alleged by the SEC for keeping U.S. profits overseas, including GE, Apple, Microsoft, and Google. Here, GE alleged in the filing that it “reinvested most of these profits in foreign business operations and does not intend to bring those profits back to the U.S.” The complaint alleged GE is keeping about $108 billion overseas. According the analyzed data from the Wall Street Journal approximately “sixty big U.S. businesses kept on average more than 40% of their annual profits overseas last year.” For instance, drugmakers Merck and Johnson & Johnson each saved about $2 billion last year by shifting profits overseas (Bloomberg). Overall, the U.S. loses tax collection on these profits as well as domestic investments. Corporations pay an average tax rate of 1.8% which is much lower than the proposed tax rate for corporations in 2012 (Huffington Post).
If you or someone you know may be the victim of financial fraud, elder abuse, annuities fraud or commercial real estate securities fraud, consult the services of a qualified attorney. Evans Law Firm, Inc. represents victims of financial exploitation, and elder abuse in California. If you or a loved one has been the victim of financial exploitation, elder abuse, or nursing home abuse, contact Evans Law Firm, Inc. for a free and confidential consultation at 415-441-8669 or e-mail firstname.lastname@example.org.