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Thu May 28, 2020, 03:18 PM

U.S. taxpayers' virus relief went to firms that avoided U.S. taxes

Source: Reuters

LONDON/BOSTON (Reuters) - Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a U.S. government program that has provided emergency loans to millions of businesses hit by the coronavirus.

The money was part of the $660 billion Paycheck Protection Program (PPP) — a linchpin of President Donald Trump’s economic rescue package, meant to save small firms convulsed by the pandemic and help them to keep workers on the payroll.

Claimants certified the loans were necessary to support their business and received an average of $115,000 as of May 26, according to the Small Business Administration, which administers the program. Nasdaq-listed Zagg’s loan was more than 80 times that amount.

That wasn’t the only help Zagg had from the government lately. Last year, the company received a $3.3 million tax refund and racked up U.S. tax credits worth $7 million, its public filings show. It made $6 million in profit for 2019, but paid no tax in the United States.

Read more: https://www.reuters.com/article/us-health-coronavirus-companies-tax-excl/exclusive-u-s-taxpayers-virus-relief-went-to-firms-that-avoided-u-s-taxes-idUSKBN2341ZE

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Reply U.S. taxpayers' virus relief went to firms that avoided U.S. taxes (Original post)
alp227 May 28 OP
sarcasmo May 28 #1
Scalded Nun May 28 #2
maxsolomon May 28 #3
Rebl2 May 28 #4
keithbvadu2 May 28 #5

Response to alp227 (Original post)

Thu May 28, 2020, 03:21 PM

1. 9,000 Catholic Churches were awarded PPP funds, tax free churches.

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Response to alp227 (Original post)

Thu May 28, 2020, 03:24 PM

2. What are the chances that, come next Jan the US can recoup all of these illegal payouts?

Or at least withhold credits, etc. (garnishments)

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Response to alp227 (Original post)

Thu May 28, 2020, 03:25 PM

3. "That makes me smart" - D. Trump, 2016

Avoiding taxes is as American as Apple Pie. Business laws have been sculpted to make this feasible, and Wall St. rewards it.

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Response to alp227 (Original post)

Thu May 28, 2020, 04:43 PM

4. Are we

really surprised at this?

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Response to alp227 (Original post)

Thu May 28, 2020, 09:41 PM

5. Instead of corporate bailout, just refund the taxes they have paid.

Instead of corporate bailout, just refund the taxes they have paid.

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