A recent article in the Business section in the Daily Herald stated that the creator of Beanie Babies, Ty Warner, tried to hide over $25 million from federal tax authorities. Prosecutors in the recent appeal said they want Ty Warner to spend time behind bars.
I am not defending Warner -- there should be no different standards for rich people -- but what about rich companies? Recently Walgreen and AbbVie entered talks to purchase overseas companies. AbbVie has just reached a deal with a British company. When complete, AbbVie will move its corporate operations overseas. In the words of President Obama and Congress, this will cost the U.S. billions of dollars in revenue. And our government prosecutors are worried about $25 million.
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Walgreen will be next, along with other corporations. How many big businesses are already increasing their profit by lowering taxes paid to the U.S.? Among the biggest corporations, of course, is Apple, and I don't mean the fruit. I would like to see a list of the top 20 U.S. corporations that have their so-called corporate offices overseas, along with the amount of tax money they are saving each year. And who has to make up the revenue? You and me. The big question is, why isn't our government doing something about this loophole?