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.
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 […]
It may not rank up there with climate change or personal debt, but confess…isn’t it the worst when you’re trying to put a food container in the fridge, but can’t find the right lid to fit? Hey, not everything has to be a global crisis to be irritating to the core. But still…it’s even more […]
Assembling a truly autonomous smart home is getting closer and closer to reality every day. But for every new smart bulb, thermostat, home security system and appliance we set loose within our walls, there are still probably a half dozen “dumb” items we’d still love to replace. But whether they’re too costly or too big […]
With so many manufacturers out there these days, it’s tough to know who to trust in the ultra-competitive wireless earbuds market. If you’ve never heard of LinearFlux, you may soon. That’s because it’s a company with a stellar pedigree whose co-founders were two of the engineers behind the original success of two audio houses you […]