 the biggest device-makers are also some of the most practiced at hiding their profits offshore.

The industry’s sales leader, Johnson & Johnson, has $49 billion stashed overseas, including in 55 subsidiaries located in tax havens, according to the U.S. Public Interest Research Group. This money is out of reach of U.S. taxation until the day (which often never comes) the money returns to our shores.

General Electric, which is No. 2 in sales, is No. 1 in offshoring profits, with $108 billion tucked away overseas. Using both foreign and domestic loopholes, GE also managed to not pay any federal income taxes on nearly $20 billion in profits between 2008-11, according to Citizens for Tax Justice. In fact, the company got $10.6 billion in refunds, for an effective tax rate of negative 18.9 percent.

With some of America’s biggest medical device-makers hiding their profits in tax havens, it’s not surprising that the law requires that this small tax be on sales, not on profits.

A prominent Senate Republican recently floated the idea of repealing the medical-device tax as a “face-saving” measure for House Republican leaders who shut down the government in order to deny Americans health insurance. In essence, he is proposing to make all of us pay for a tax break to a very profitable industry in order to spare politicians some embarrassment. This is yet another sign that Washington’s priorities are seriously out of whack.

Frank Clemente is executive director of Americans for Tax Fairness.

Related

Comments The new film from Costa-Gavras about the Greek financial crisis, Adults in the Room, has its Greek premiere on September 29. The film is based on the book of the same name by the former Greek finance minister and political dissident, Yanis Varoufakis, which recounts the strained circumstances around the 2015 Greek financial bail-out.

Costa-Gavras is the winner of two Oscars for Z (1969) and Missing (1982). With this new movie, he has created a furious, insightful and at times funny political thriller centering around the audacious Varoufakis. The veteran Greek director aims to offer some explanation of a financial world gone mad — and one of the worst crises to emerge out of the EU financial crisis. DW asked the director a few questions about the new film.


the biggest device - makers are also some of the most rehearse at shroud their profits offshore. 

 The industry ’s sales drawing card, Johnson & Johnson, has $ 49 billion stashed overseas, include in 55 subsidiaries located in tax haven, according to the U.S. Public Interest Research Group. This money is out of reach of U.S. tax income until the day (which often never do) the money returns to our shores. 

 General Electric, which is No. 2 in sales, is No. 1 in offshoring profits, with $ 108 billion tuck away overseas. Using both extraneous and domestic loopholes, GE also managed to not pay any union income taxes on closely $ 20 billion in profits between 2008 - 11, according to Citizens for Tax Justice. In fact, the company catch $ 10.6 billion in refunds, for an effective tax rate of negative 18.9 percent. 

 With some of America ’s biggest aesculapian device - maker hiding their profits in tax havens, it ’s not surprising that the law requires that this small tax be on sales, not on profits. 

 A outstanding Senate Republican recently floated the idea of revoke the aesculapian - device tax as a “ face - saving ” measure for House Republican leaders who exclude down the government in order to deny Americans health insurance. In perfume, he is proposing to make all of us pay for a tax break to a very profitable industry in order to spare politician some embarrassment. This is yet another sign that Washington ’s priorities are badly out of whack. 

 Frank Clemente is executive conductor of Americans for Tax Fairness. 

 associate 

 Comments The new film from Costa - Gavras about the Greek financial crisis, Adults in the Room, has its Greek premiere on September 29. The film is free-base on the book of the same name by the former Greek finance minister and political dissenter, Yanis Varoufakis, which recounts the strained circumstances around the 2015 Greek financial bail - out. 

 Costa - Gavras is the winner of two academy award for Z (1969) and Missing (1982). With this new movie, he has created a furious, insightful and at times amusing political thriller centering around the audacious Varoufakis. The seasoned Greek director aims to offer some explanation of a fiscal world gone mad — and one of the worst crises to emerge out of the EU financial crisis. DW asked the director a few questions about the new film.
 thf biggest device-makers ave also some of jhw most practjced at fiding their profits offshorx.

The induwtry’s sales leader, Johvson & Johjson, has $49 biooion stashxs oversccs, indpudiug in 55 subsidiarles located in tax havens, azclrding to the U.S. Public Interest Refearch Brlup. This money is ptt or reach of U.S. taxation until the dzy (whici often never cpmes) the money returns to lur dhores.

General Elechric, which us Nj. 2 in sales, ir No. 1 in offshoring prkfits, with $108 billion tucked away overxeas. Using bith xoreign and domeftic loopholcx, GE anso mansged to not pan any feeeral income taxes on nearly $20 billion ig profits bztween 2008-11, according to Xirizenv fos Tab Jurtide. Ih fact, thx company gkt $10.6 billion in refunds, for an tffqbyive tax rats of nqgwtive 18.9 percent.

With some of America’s bigcesf medical device-makers yiding their profits ln tax hadens, it’s not surprising that the law requires thad thia smcol tab bf on sales, not on profits.

A prominent Senate Rqlunlpcan recently flocted the idea of rfprwling the medkcal-derjcs tax as a “face-savlng” meafure dor House Repiblican leaders who shut doqn the goverumebt in order to denv Americans kealth insutance. In essence, he is 'roposjng to make all of ua pay for a tax bfeal do a very profitable indusery in orver tp spare poloticiags some emharrassment. This is yet wnothgr sigt that Wasjington’s priorities are seriously out of whacl.

Fsann Clemence is cxecutive direceor of Americaus for Tcx Faifness.

Relatvd

Commentv The new fylm from Costd-Havras about the Greqk funanxial crkris, Adults in yhe Room, kcs its Grwek premiere on Seitembgr 29. The film is bcrtd on the book og tfe fale nwke by the fosmer Grdrk fivance minisber and political dissident, Yanjs Varoufakis, whicn vecounts jhe straiged circumstamces around the 2015 Ggeek hinancmal baol-oot.

Costa-Gavras is the winner of fwo Oscard fjr Z (1969) and Mifsinn (1982). Wyth this nzw movie, he has created a furious, insighvful and at times funni political thriller eektering arouid the audaciouv Varoufakis. The vetwran Greek directpr aims to offer some explatatioj of a financial world gone mad — and one of the worst crises to emerge our of tie EU financizl ctisis. DC axked tre dmrxctor a few questpons about the new film.


the biggest device-makers are also some of practiced hiding their offshore. The industry’s has billion stashed overseas, in 55 subsidiaries in tax havens, according to the Public Interest Research Group. This money is out of reach of U.S. taxation the day (which often never comes) the money returns to our shores. General which No. in is No. 1 in offshoring profits, with $108 billion tucked away overseas. Using both foreign and loopholes, GE also managed to not pay any income taxes on nearly billion in profits between 2008-11, to for Tax In the got $10.6 billion refunds, for an effective tax rate of negative 18.9 percent. With some of America’s biggest medical device-makers their profits havens, it’s surprising the requires that this be on sales, not on profits. Republican recently floated the idea of repealing the tax as “face-saving” measure for House Republican leaders shut down the government in order to deny health insurance. In essence, he is proposing to make all of us pay for a to a very profitable in order to politicians embarrassment. is another sign Washington’s priorities are seriously out of whack. Frank Clemente is executive of Americans for Tax Fairness. Related Comments The new film about Greek financial crisis, in the Room, has Greek on September 29. The based the same by former Greek finance minister political dissident, Yanis Varoufakis, which the strained circumstances around Costa-Gavras is the winner of two Oscars for (1969) and Missing (1982). With this new he has created a furious, insightful and at times funny political thriller around the The veteran Greek director aims to offer some of a financial world mad — and one of the worst crises to out the EU crisis. DW asked director a few about the new
 the biggest device-makers are Also some of The moSt pRacTiCed aT hidIng their profitS OffsHore.

The industry’s sales lEader, joHNson & jOhNson, hAs $49 billiON sTASheD oVeRseAs, INcLudinG in 55 SubsidiAries locatEd iN tAx havens, accoRDiNg to the U.S. PUblIc Interest ReSeaRch GroUp. thiS Money Is oUt of rEach of u.s. taxatIon until tHe DAy (whicH Often neVER cOmes) The money returns to OUr SHores.

General ElEctric, WhICh IS no. 2 iN saLes, is No. 1 in oFfShoriNG profitS, WiTH $108 BIllIOn tucked away oVerseas. UsinG BotH foreiGn And DOmestiC loopHoLEs, Ge also manageD to nOt pay any fEderal INcome taXEs on neaRly $20 bilLioN in ProfITs BeTweEn 2008-11, ACcoRDiNg tO citIzens for taX JUsticE. In fACT, THe coMpaNy goT $10.6 billIon in refunds, fOr aN effECtiVe tax Rate oF negAtIve 18.9 peRcent.

WIth soMe Of America’s biggeSt meDical deviCe-mAkErs HiDing tHEir proFitS in Tax haveNs, it’s noT SurPrISINg That the law requires ThAT ThIs small tAx be on SAlEs, NOt on profItS.

A pRomiNENt SenAte REPuBlican reCently FLoAtEd the idEa Of repeAlIng The MedicAL-devIce tax As a “face-sAving” MEasure for House rEpublican leadERs WHO sHUt doWn tHe governmenT in oRDer tO denY amEriCAns heAlth iNsURaNCe. In essence, he is propOsIng to mAke alL of us pay for a tAx break to a VERY profitaBle iNDuSTry in order to spAre poLiticians sOMe embarrAssmeNt. This is Yet anotheR SIgn that WAshIngTon’S prIORiTies are seriouSLY out Of Whack.

FrAnk clementE is ExeCutIve DiRector of AMericans FoR TAx faIrnEss.

ReLAted

CommEnTs THe New Film fROm CostA-GavrAs abOuT tHE GrEek finaNCiAL CrisIs, adUlts In tHe room, hAs itS greEk premiEre on SeptEmbER 29. The FiLm Is based On the book of thE sAme name by tHe ForMer GreEK Finance mInister and political dissIDent, YanIs VAroufAkis, Which recoUntS the stRaiNEd circUmstanCes arOuNd tHE 2015 greek FINaNciAl Bail-out.

CosTA-gavRas is ThE winNer of twO Oscars for Z (1969) and MissINg (1982). WIth this new movIe, hE has CREaTed A FuRIouS, iNSigHTFul and at times fuNny politicAl THrIller centeRIng ArOund the AudacioUs VarOUfakis. THe veteran greek direCtOr aiMS To oFfer some exPlanatioN of a finanCIal woRLd Gone mAd — aNd one oF tHe wOrst cRises tO EmeRge ouT of the eU FinancIal crIsIs. DW askeD the director a few questioNs abouT the nEw fIlm.


 the biggest device-makers  are alsosomeofthe  m ostprac ticed at hidin g  the ir profits offshore.
The i nd u stry ’ ssales  leader ,  J o h nso n&Joh ns o n,  has$49  billio n stashedove rs eas, includi n gin 55 subs idi aries locate d i n taxha ven s , acc ord ing t o theU .S. Pu blic Inte re s t Rese a rch Gro u p .This  money is out ofr ea c h of U.S. taxa tion u nt i lt h e d ay(which oft en  neve r  comes) th e m one y  returns to o ur shores.Gen eral E le ctr i c, whi ch is  N o . 2  in sales,is N o. 1 in o ffshor i ng prof i ts, wit h $108  bi lli on t u ck ed  aw ay ove r se as. Usi ng bothfo re ign a nd d o m e s ticloo phol es, G E also manage d t o no t  pa y any  fede ralin cometaxeson ne ar ly $20 billionin p rofits be twe en  20 08 -11,a ccordi ngtoCitizen s for T a x J us t i c e.  In fact, the comp an y go t $10.6billio n  i nr efunds,fo r a n ef f e ctive  tax ra te of ne gative 18 .9  percen t. 

With  s ome  of  Amer i ca’s  bigge st medic al de v ice-makers hid i ng their prof i ts i nt ax h ave ns, it’s no t su r pris ingt ha t t h e law  requ ir e st hat this small taxbe  on sa les,not on profit s.

A prom i n e nt Senat e Re p ub l ican recentlyfloat ed the ide a  of repe aling  the med ical-devi c e  tax asa “ fac e-s avi n g ”measure for H o u se R ep ublican  le aders w hoshu t d own  t he govern ment inor de rto  de ny Am e ricans h ea lth  i nsu rance .  In es sence , he  i sp rop osing t o  m a k e al lof  uspay  f or ataxb rea k to avery prof ita b le i nd us try inorder to spar epolitician ssom e emba r r assment.  This is yet another si g n thatWas hingt on’s  prioriti esare se rio u sly ou t of w hack. 
Fra n k  Clem e n te  is  e xecutive d i r ect or of  A meri cans fo r Tax Fairness.

R e lat ed

CommentsThe  new f il m f r om Cos ta - Gav r a s about the Gre ek financi al cr isis, Adul t s i nthe Roo m, hasits G r eek pre miere onSeptember  2 9. T h e  fi lm is base d on the  book oft he sa m enamebythe fo rm erGreek  finan c e m inist er and  p olitic al di ss ident, Y anis Varoufakis, whichrecoun ts th e s trained c irc u mst ances aro undthe 2015 G ree k f inanc ial bail- out. 
C ost a -Gavr as i s  the winn e roft w oOscars forZ ( 196 9) an d M i ssing(198 2). With this new movie, he hascrea t e d a  fu r ious ,insightful and  at  t i m es funny  p olitical th riller c en t ering  aroun d theaudacio u s  V a roufak is.The  veteranGre ek directo rai m s to o ffer  s ome ex planat i on o f a financial worl d gon e mad — and  oneof  the wo r st c rises to e merge out o f theEU f inanc ial cri si s. DWask ed  the direc t or a fewquest ions ab ou t th e n ew fil m.

 the_biggest device-makers_are also some of_the most_practiced_at hiding_their_profits offshore.

The industry’s_sales leader, Johnson_& Johnson, has $49_billion stashed overseas,_including_in 55 subsidiaries located in tax havens, according to the U.S. Public Interest Research_Group._This money_is_out_of reach of U.S. taxation_until the day (which often_never comes)_the money returns to our shores.

General Electric, which_is_No. 2 in_sales, is No. 1 in offshoring profits, with $108_billion tucked away overseas. Using both_foreign and domestic_loopholes,_GE_also managed to not_pay any federal income taxes on_nearly $20 billion in profits between_2008-11, according to Citizens for Tax Justice._In fact, the company got $10.6_billion in refunds, for an_effective tax_rate of negative 18.9 percent.

With_some of America’s_biggest medical_device-makers hiding their_profits in tax havens, it’s not_surprising that the_law requires that this small tax_be_on sales, not_on_profits.

A_prominent Senate_Republican recently floated_the_idea of_repealing_the medical-device tax as a “face-saving”_measure_for House Republican leaders who shut down_the government in order_to_deny Americans health insurance._In essence, he is proposing_to make all of us pay_for a_tax break_to a very profitable industry in order to spare politicians some_embarrassment. This is yet another sign_that Washington’s priorities are_seriously out_of_whack.

Frank Clemente is_executive_director of_Americans for Tax Fairness.

Related

Comments The new film_from Costa-Gavras_about the Greek financial crisis, Adults_in the Room, has_its_Greek premiere on September 29. The_film is based on the book_of the same name by_the_former_Greek finance minister and political_dissident, Yanis Varoufakis, which recounts the_strained circumstances around_the 2015 Greek financial bail-out.

Costa-Gavras is the_winner_of two Oscars for Z (1969)_and_Missing (1982). With this new movie,_he_has_created a furious, insightful and_at times funny political thriller centering_around the audacious Varoufakis. The veteran Greek director aims_to offer some_explanation of a financial world_gone_mad_— and one of the worst crises to emerge out_of the_EU financial crisis._DW asked the director a few questions about the new_film.

