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Asking the Internal Revenue Service to connect the ends of two different plates of spaghetti.

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FreakinDJ Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-03-11 10:57 AM
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Asking the Internal Revenue Service to connect the ends of two different plates of spaghetti.

U.S. Companies Dodge $60 Billion in Taxes With Global Odyssey



Tyler Hurst swiped his debit card at a Walgreens pharmacy in central Phoenix and kicked off an international odyssey of corporate tax avoidance.

Hurst went home with an amber bottle of Lexapro, the worlds third-best selling antidepressant. The profits from his $99 purchase began a 9,400-mile journey that would lead across the Atlantic Ocean and more than halfway back again, to a grassy industrial park in Dublin, a glass skyscraper in Amsterdam and a law office in Bermuda surrounded by palm trees.

While Forest Laboratories Inc., the medicines maker, sells Lexapro only in the U.S., the voyage ensures most of its profits arent taxed there -- and they face little tax anywhere else. Forest cut its U.S. tax bill by more than a third last year with a technique known as transfer pricing, a method that carves an estimated $60 billion a year from the U.S. Treasury as it combines tax planning and alchemy. (See an interactive graphic on Forests tax strategy here.)

http://www.bloomberg.com/news/2010-05-13/american-compa...


A must read for Progressives seeking a FAIR Tax solution
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