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Coca-Cola, Oracle, Intel use Caymans to avoid taxes

Seagate Technology, the world's largest maker of hard disk drives, is headquartered in Scotts Valley, Calif. Yet the documents it files with the U.S. Securities and Exchange Commission list its address on South Church Street in George Town, the capital of the Cayman Islands.

Seagate is just one of the companies that may be affected by President Barack Obama's proposal on Monday to raise about $190 billion over the next decade by outlawing techniques used by U.S. companies in offshore locations to avoid paying taxes. While the U.S. corporate tax rate is 35 percent, Seagate paid an effective tax rate of 5 percent in the year ended June 2008, according to data compiled by Bloomberg.

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Lord Anubis3809d ago

eh i don't blame them. 35 percent tax is just wrong.

Sarick3808d ago (Edited 3808d ago )

The USA opened free trade to some areas wtf you expect busyness men to do if it's cheaper to move operations and industry out of the USA. Corporations aren't run by total idiots. If they can save a buck at the expenses of supporting the America economy then they'll do it.

What ever happened to taxing imports to compensate for cheap labor outside America?

I see stuff on TV that earn people millions at the governments expense like them auctioning off houses for $300. Why didn't they just rent those out or resale them instead of giving them away? Seriously sometimes the government makes me wonder if anyone up there took accounting or busyness class.