Exclusive: U.S. taxpayers' virus relief went to firms that avoided U.S. tax

  • 📰 Reuters
  • ⏱ Reading Time:
  • 66 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 97%

United States Headlines News

United States Latest News,United States Headlines

Exclusive: The Paycheck Protection Program is giving millions of dollars in American taxpayer money to firms that have avoided paying U.S. tax, a Reuters investigation found

FILE PHOTO: The Nasdaq building in Times Square is illuminated in blue as part of the"Light It Blue" initiative to honor healthcare workers, during the outbreak of the coronavirus disease , in New York City, New York, U.S. April 23, 2020. REUTERS/Eduardo Munoz/File Photo

Zagg has booked much of its profit through small companies in far-off Ireland and the Cayman Islands, its filings show. The program, which provides low-interest loans that are forgivable if companies use most of the money to pay employees, has been widely criticised for problems ranging from early bottlenecks that prevented small businesses from receiving money, to confusion that led millions of dollars to be handed out to relatively affluent firms.

But when it comes to corporate taxes paid to the U.S. government, the 11-page application form contains no conditions. The Reuters analysis covers only a fraction of the program: Officials haven’t yet detailed who received loans. Private companies have gotten most of them so far. They seldom reveal such information, unlike publicly-traded firms.

Patriot Corp owns intellectual property for Zagg, such as brands and patents. According to the latest available filings, which cover 2018, it licensed rights to these to another Ireland-based Zagg subsidiary, Zagg International Distribution Ltd. That company sold Zagg’s products outside the United States, according to company accounts and websites.

Twelve — including Zagg — reported their tax affairs had triggered a U.S. government levy designed to stop tax avoidance.

Source: News Formal (newsformal.com)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

And how many of those laid off a bunch of people anyway?

Did you ask Planned Parenthood how much they paid in taxes?

This is Stupid & Grift doing the stupid and grift yet again. This is why we need an actual SecondParty because the same people keep getting all the free money and other get the $1200 or less kick in the head.

Slimy thieves

If I were a conspiracy theorist I would point out how COVID19 shutdown essential business rules, reopening schedules & relief fund payouts were effective tactics in an overall corperate strategy to rid us of those pesky small business & startup ventures. Big money makes the rules

These are companies that have Congress or the Senate in their pocket and get loopholes written into law’s

Which is really rich, as my very small business paid taxes last year yet didn’t need to apply for stimulus. So what are THEY doing wrong that they needed taxpayer support? Or better question, what are they trying to get away with?

octobadger1 Great oversight by the Trump administration.

Holy cow, that’s some looting if I ever understood the word.

We see the resultsof economic inequality everyday in anger bitter divisions between working poor over what they see as limited resources in a $20 trillion economy controlled by a few billionaires. A basic income essential to unifying society calming tensions

The US provided relief to cruise companies, most (if not all) of whom are registered off shore for the express purpose of avoiding US taxes and regulations.

Yes.

WUT? realDonaldTrump

Now do the cruise ship industry.

YES

Of course, they're the ones running the country?

Disgusting, but typical of Trumps disregard for American Tax Payers. He only cares about using their money for Big Business to help his re-election.

Yup, it’s the way of the GOP. Get used to it.

Reuters

When will the middle class wake the fuck up and stop supporting these companies. If we only bought what we need food, water etc. ...to live we can make the rules and the greedy fucks will be out of business. If you work for these companies sorry

So we find them and charge 50% on that money till paid back .....

NO one ever talks about this type of looting

Damn them! We need an EO for this...someone get realDonaldTrump on the phone! Now! The plastic yellow one. He likes that one. It rattles & plays singalong tunes. On a serious note--are we surprised that tax evaders are collecting pandemic relief? Trump is probably one of them.

Criminals

It also went to everyday folks that don’t need it. Every elderly person collecting social security received a stimulus check which is completely odd

Cupboards bare national debt $21 trillion govts afraid to tax the rich even use the word tax especially with supporters. Govts need money to do what we need them to do and it cant come from $40k wage earners

Not a surprise. Just saying. SaveKansas VoteBlue2020

Again, thanks for letting me know, I was super worried about the rich. We can't have a guy with 400 million only having 399 million

Of course they did. Congress and the Admin. are giving money to those who give money back to them.

This seems to be the normal in any big business. It certainly needs to change.

Corporate welfare is more expensive than social programs.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UConn student accused of murder last seen in Pennsylvania: PolicePolice said the University of Connecticut senior who has been accused of killing two people was seen walking in the Poconos. Pennsylvania state police released a new surveillance photo that they say shows suspect Peter Manfredonia walking on train tracks near East Stroudsburg, Monroe County, on Sunday
Source: YahooNews - 🏆 380. / 59 Read more »

James Argent on last chance with Gemma Collins as she issues strict ultimatumJames Argent has been warned it's his 'last chance' by his on-off girlfriend Gemma Collins following his relapse Yada Yada Yada Yada 🤔🤔🤔
Source: Mirror Celeb - 🏆 476. / 51 Read more »

Edgar Wright’s Thriller ‘Last Night in Soho’ Release Date Moves Back to 2021Focus Features is delaying the release of Edgar Wright’s thriller “Last Night in Soho.” The film has been moved back seven months from Sept. 25, 2020 to April 23, 2021. “Haunted b… At a quick glance, edgarwright looks very similar to michaelsheen here. Regardless, I feel the movie will be worth the wait. Stay safe everyone!
Source: Variety - 🏆 108. / 63 Read more »

25 Baby Names That Will Be Everywhere in 2020, Based on Last Year's TrendsAccording to 2019's most popular baby names and the current naming trends, these are the kid names we predict to be the top choices of parents in 2020.
Source: POPSUGARMoms - 🏆 117. / 63 Read more »

Hundreds of People Packed Into a Swim-Up Bar Last WeekendHarrowing images of Memorial Day revelers partying this past weekend depict a simmering human soup, in addition to what looks like very real coronavirus infection risk nope no thanks g2g byeee
Source: TheCut - 🏆 720. / 51 Read more »

Here's What We Actually Know About How Long COVID-19 Antibodies Could LastWhile studies of similar viruses suggest that antibodies could last two to three years, it's not yet known whether the same is true for COVID-19.
Source: POPSUGAR Fitness - 🏆 401. / 53 Read more »