America’s tech giants have been accused of paying nearly $278bn less in corporate income tax over the last decade compared to the 10 years prior.
New research from the non-profit Fair Tax Foundation (FTF) calculates that the so-called “Silicon Six” – Alphabet, Amazon, Apple, Meta, Microsoft and Netflix – generated a combined $11tn of revenue and $2.5tn of profits over that time period.
However, the same six paid an average of 18.8 percent in combined national and federal corporation taxes, compared to the average rate for companies operating in the United States, which is 29.7 percent.
That percentage falls even lower to just 16.1 percent if one-off repatriation payments in the U.S. connected to historical tax avoidance are excluded.
The question is, does anyone with the power to do anything care.
Yes. More tax breaks!
