Like many other corporations, Airbnb and Uber use offshore shell companies to avoid taxes. The companies aren't profitable yet, but they have set themselves up to avoid taxes once they become profitable.
For years, pharmaceutical and tech companies including Pfizer, Merck, Google, and Apple have slashed their U.S. federal tax bills by using offshore tax havens and shifting profits abroad. Airbnb and Uber are starting to extend this strategy across vast new fields: PricewaterhouseCoopers estimates that sharing-economy businesses generated $15 billion in revenue in 2014 and will take in $335 billion in 2025, growing largely at the expense of companies that pay billions in U.S. taxes.
Bloomberg: The Sharing Economy Doesn’t Share the Wealth
Multinationals are excellent players of the global financial tax system, using "profit shifting" (through which operating profits are remitted to phony sister companies in tax havens as "licensing fees" or "management fees") to make it look like wildly profitable companies are losing money, making them eligible for tax relief and rebates -- thus it is […]
The British empire was a globe-spanning criminal enterprise that produced vast riches for England (and, to a lesser extent, Scotland and Wales) by stealing the lands of others while slaughtering and enslaving them; today the empire is in decline and the UK is no longer reliant on direct looting.
Naomi Klein's l(ooooo)ongread in The Intercept about the state of play in Puerto Rico is the comprehensive summary of the post-Maria fuckery and hope that has gripped America's colonial laboratory, the place where taxation without representation, austerity, chemical weapons, new drugs, and new agribusiness techniques get trialed before the rest of America are subjected to […]
“The guitar has a kind of grit and excitement possessed by nothing else.” – Brian May If someone was assigned to turn raw sexiness into an actual, physical real-world object, it would have to be a guitar. The sound. The fit. The swagger. The allure. The longing. It’s all right there in 38 inches and […]
There was already enough concern about the healthy state of our drinking water before COVID-19. And while there’s no evidence that the coronavirus has ever been detected in the water supply, the general sense of fear surrounding any type of contamination is obviously at a fever pitch everywhere. Contaminants like lead, chromium, arsenic, copper, mercury, […]
Allergies are brutal, affecting about 30 percent of all American adults. While many only saddle sufferers with mild irritations like coughing, sneezing, a runny nose or watering eyes, some symptoms can be even more intrusive and significantly more painful. Sinus pressure is one of those unholy side effects, causing a pain that can stretch from […]