Business Report: The truth about corporate taxes - Hawaii News Now - KGMB and KHNL

Business Report: The truth about corporate taxes

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HONOLULU (HawaiiNewsNow) -

Small businesses, the ones that create jobs, doubtless would benefit from paying fewer taxes. But it's not always true that the tax code is unfair to major corporations. What is true is, major corporations are unfair to the tax code, evading taxes with impunity. A consortium of newspapers has uncovered documents that show this:
Chevron $46 billion
Citigroup $47 billion
Exxon $54 billion
GE $82 billion
Microsoft $146 billion
Pfizer $178 billion
Apple $236 billion

Apple used to deny it parked billions overseas until Senate investigators found the money, held by shell companies in Ireland. When Ireland closed the loophole, Apple moved the money to Britain's Jersey island. Apple CEO Tim Cook angrily denied hiding money on an island in the Caribbean, which was true; he was hiding money on an island in the English Channel.

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