Well, well . . . Lona was here earlier! But despite her presence, I did manage to get 3 loads of laundry finished. That's good so now I can go out in public without fear. Most of the day was reasonably nice weather wise, but this evening we had lightning, thunder and some rain. News had it that this little storm came in from Hawaii. Now that is quite a trip.
Fantasy Football —
Well here we are, 4 weeks down. TC has a player with a bye week this coming session so I will try to fix that, but I don't know if I am able to.
Puzzle — Today’s took me 3:35 (average 5:00). To do it, click here. Do you know how difficult it was to do this puzzle while I was relaxing in the hammock? How did you do?
Common Dreams — America's Fortune 500 companies are "playing by different rules" when it comes to the federal tax system and, according to a new report out Tuesday, are stashing $2.1 trillion in offshore tax havens—with as much as $620 billion owed to the U.S. taxpayers who are left footing the bill.
The report, Offshore Shell Games 2015: The Use of Offshore Tax Havens by Fortune 500 Companies (pdf), examines the accounting tricks that have enabled the country's most profitable companies to hide their earnings.
"The American multinationals that take advantage of tax havens use our roads, benefit from our education system and large consumer market, and enjoy the security we have here, but are ultimately taking a free ride at the expense of other taxpayers." —Michelle Surka, US PIRG"U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code," wrote advocacy organizations Citizens for Tax Justice and the U.S. Public Interest Research Group (U.S. PIRG), which together authored the study.
Read the rest of the article at Common Dreams and take a look at the report. If you don't want to read the entire report, the 3 page Executive Summary by itself should make your blood boil. Here is an excerpt:
Most of America’s largest corporations maintain subsidiaries in offshore tax havens. At least 358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014.
• All told, these 358 companies maintain at least 7,622 tax haven subsidiaries.
• The 30 companies with the most money officially booked offshore for tax purposes collectively operate 1,225 tax haven subsidiaries.
Approximately 60 percent of companies with tax haven subsidiaries have set up at least one in Bermuda or the Cayman Islands — two particularly notorious tax havens. Furthermore, the profits that all American multinationals — not just Fortune 500 companies — collectively claimed they earned in these two island nations in 2010 totaled 1,643 percent and 1,600 percent of each country’s entire yearly economic output, respectively. Fortune 500 companies are holding more than $2.1 trillion in accumulated profits offshore for tax purposes. Just 30 Fortune 500 companies account for 65 percent of these offshore profits. These 30 companies with the most money offshore have booked $1.4 trillion overseas for tax purposes. … If we apply that average tax rate of 6.0 percent to the entirety of Fortune 500 companies, they would collectively owe $620 billion in additional federal taxes. Some of the worst offenders include:
• Apple: Apple has booked $181.1 billion offshore …
• American Express: The credit card company officially reports $9.7 billion offshore for tax purposes …
• Nike: The sneaker giant officially holds $8.3 billion offshore for tax purposes …
Read on in the report. With so many large corporations forgoing their responsibilities as American corporate citizens, is it any wonder that average citizens are tired of such shenanigans? Add the tax perks on their declared American income, and you get a full scale ripoff of ordinary American tax payers.
Alternet — Doctors Without Borders says it is under “the clear presumption that a war crime has been committed” after a U.S.-led NATO coalition bombed its hospital in Kunduz, Afghanistan.
The aid organization, referred to internationally in French as Medecins Sans Frontières (MSF), asserted that it “condemn[s] this attack, which constitutes a grave violation of International Humanitarian Law.”
The U.S. military’s version of the story behind the bombing is full of holes, and constantly changing. After launching airstrikes on Kunduz, which has recently seen an insurgency by the Taliban, on Saturday morning, NATO said its bombing “may have resulted in collateral damage to a nearby medical facility.”
Read the rest of this story at Alternet. Official US response has rocked back and forth from "Oops, sorry." to "Who cares?" (my words based on reading). But one historical fact has come up . . . this has happened before some 45 years ago. From The Nation,
In direct testimony and in letters, the veterans said hospitals often were considered targets rather than areas to be avoided as required by the Geneva convention on warfare.…
Is this policy still? If so, then the US is apparently guilty of war crimes as MSF maintains.
Raw Story — Fox News host Bill O’Reilly dismissed the idea on Tuesday that children can be poor in the US during a discussion with contributor Kirsten Powers, Media Matters reported.
“If you look at the studies of poverty, most poor people in this country have computers, have big screen TVs, have cars, have air conditioning,” O’Reilly said. “This myth that there are kids who don’t have anything to eat is a total lie.”
If I were classifying this article, I'd put it under "humour". Bill O’Reilly is a jackass! Read the rest and see the video at Raw Story.
My Universe — The teacher was talking about Republicans . . .