Epidemic of Tax Amnesia Sweeps U.S. Corporate Headquarters
Some of America’s biggest companies seem to be having a dreadful case of tax amnesia, forgetting how much of their success is the result of American tax dollars. Now they seem to have misplaced a bunch of the taxes they owe in offshore accounts. How embarrassing for them! Luckily, we have the antidote: a healthy dose of pro-tax patriotism.
- Apple has $12 billion waiting overseas, Google has $17 billion and Microsoft has $29 billion. All of these companies were built on tax dollars. Much of the iPhone’s technology is a result of government-funded research, American tax dollars invented the Internet in the first place, and Google’s founding research was funded by National Science Foundation money. Seems like it’s about time to send Uncle Sam a thank you card…. the kind with a check in it.
- Pharmaceutical giant Pfizer is sitting on even more tax dollars — more than $40 billion, trapped in foreign accounts. But their profits were made possible right here at home. America’s public university system educated the inventor of Pfizer’s top selling drug, Lipitor. And Pfizer’s most famous pharmaceutical breakthrough, a rapid method of penicillin production, was the result of American government sponsorship.
- Citigroup has $32 billion invested abroad right now. Pretty sure those folks owe Americans a favor. Time to bring the tax dollars home.
Of course, these details hardly scratch the surface, really. After all, taxes protect these companies’ property, and keep their employees and their customers safe and healthy. There’s a reason Pfizer isn’t located in Somalia!
All in all, these companies all owe America, and American tax dollars, an immense debt of gratitude. If only these companies could remember, we know they’d bring home every dollar right away, and be proud of the taxes they get to pay. Heck, they’d probably want to raise the tax rate, just to say thank you!
Tax amnesia is truly a terrible disease.
