July 28, 2011]-----Another corporation enjoys the lucrative tax break currently on the U.S. books. Microsoft reportedly paid only 7% in taxes on a whooping $6.32 billion in profits this fiscal fourth quarter. Could someone say budget deficit and debt ceiling crisis?
While our Republican politicians shout fiscal responsibility and necessary cuts needed in entitlement programs that benefit needy Americans, corporations like GE, oil companies and now Microsoft and others, rake in billions in tax-free revenue.
According to Reuters, Microsoft enjoyed increased after-tax profits of 30% and a 35 percent gain in earnings per share this time around, with sales of $17.4 billion.
Just how much did the software giant pay in taxes for this bonanza in profits? Reportedly a mere $445 million.
The current tax havens offered corporations, especially when they take their business overseas, afford this kind of imbalance in the tax code--which our Conservative legislators on the Hill, seemingly intent on reducing spending on entitlements--are surprisingly mum about in this heated battle on the looming debt crisis.
Read more here:Microsoft's (Very) Surprising Tax Report