6 Corporations That Hate The U.S. Tax System

Apple CEO Tim Cook announces the new iPad in San Francisco on March 7, 2012.

It's no secret that the U.S. tax code is complex and companies shelter billions in overseas tax havens to avoid paying out to Uncle Sam. In fact, several major companies are vocal about their lack of plans to bring overseas cash home.
Apple's CFO said last year that Apple has no plans to bring home its billions in overseas cash because of "current tax laws." But Apple is far from alone. General Electric CEO Jeff Immelt told CNN last year that the tax code is having a "hugely negative impact" on the economy.
Check out 6 big companies that hate the U.S. tax system: 

Apple

Apple

Apple CFO Peter Oppenheimer said last year that Apple plans to keep its cash overseas because of U.S. tax policy. Apple paid a global effective tax rate of just 9.8 percent in 2011, according to The New York Times.

(AP Photo/Eric Risberg)

 

Cisco

Cisco CEO John Chambers told CNBC in February that he does not plan to expand in the U.S. until the government changes its tax policy to encourage bringing overseas cash home.

Cisco spokesperson Jennifer Dunn said in a statement: "Cisco is proud to be an American business and is committed to the United States. We have had and will continue to have a major footprint in the U.S. even as we position ourselves for growth overseas. Unfortunately, the current U.S. tax system – enacted in 1986 – penalizes American businesses with sales overseas through a tax rate of up to 35%. Cisco believes that U.S. policy should focus on increasing economic activity, creating jobs, and supporting innovation. A modern tax system that allows companies to bring their earnings home without double taxation will promote investment in the U.S. and should be part of our strategy to ensure growth and U.S. competiveness into the future."

(AP Photo/Mark Lennihan) 

Crocs

Crocs CEO John McCarvel told Bloomberg TV in January that the company holds most of its cash overseas, and he has no plans to bring it back because of U.S. tax policy.

 

Google

Google chairman Eric Schmidt told Bloomberg in December that he is "proud" of the way Google avoids taxes because "it's called capitalism." Google has avoided billions in taxes by offshoring its revenue in Bermuda, according to Bloomberg.

(AP Photo/Miguel Medina, Pool)

 Oracle CFO Safra Catz said in 2011 that high U.S. tax rates are preventing the company from investing more in the U.S. "We're not in Ireland of the weather," she said.

(Justin Sullivan/Getty Images)

 

General Electric

GE CEO Jeff Immelt has said that "our [tax] system is old, complex and uncompetitive," hurts job growth and is having a "hugely negative impact" on the economy. GE, which keeps billions of dollars in cash overseas, paid an average income tax rate of just 2.3 percent between 2002 and 2011, according to Citizens for Tax Justice.

GE spokesman Seth Martin said in a statement: "GE paid more than $24 billion in income taxes to governments around the world between 2002 and 2011. In addition to income tax, we pay more than $1 billion annually in other taxes to U.S., state and local jurisdictions."

(Photo by Bill Pugliano/Getty Images)