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
David Lesperance is a Canadian-born lawyer who specializes in helping the super-rich secretly buy foreign citizenship so they can escape taxation at home.
Oxfam has released the latest version of its ongoing series of analyses of the relative net worth of the very richest when compared to the very poorest: in this case, they found that the top 1% of Britons own more wealth than the bottom 20% of Britons combined.
Jeff writes, “Combined, Washington State is providing Microsoft and Boeing $1 billion annually in tax breaks. Cumulatively, Microsoft’s state tax has saved its shareholders $8.6 billion in costs. While the company quietly surpassed $1 trillion in all time revenue, its home state faces emergencies in education funding, homelessness, heroin addiction and escalating crime.”
The web is vast, and while there’s room for everyone, competition is stiff when it comes to landing on that first page of a Google search. That’s why developers aren’t afraid to spend exorbitant amounts of time and money on search engine optimization (SEO) to ensure their sites rank higher than others. However, not all […]
Many of us enjoy the aesthetic of vintage electronics, but trying to use most hardware from the 1950’s isn’t necessarily practical. This is especially true where speakers are concerned. While most of us can appreciate the old-school feel of retro speakers, they have a hard time matching the convenience and power delivered by today’s Bluetooth speakers. […]
Python is one of the most popular and versatile programming languages used by developers today, making it an ideal first choice for those looking to kickstart a career in programming. While you could go back to school or sign up for a pricey coding bootcamp, you can learn the essentials of coding with Python at […]