U.S. taxpayers' virus relief went to firms that avoided U.S. taxes
Source: Reuters
LONDON/BOSTON (Reuters) - Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a U.S. government program that has provided emergency loans to millions of businesses hit by the coronavirus.
The money was part of the $660 billion Paycheck Protection Program (PPP) a linchpin of President Donald Trumps economic rescue package, meant to save small firms convulsed by the pandemic and help them to keep workers on the payroll.
Claimants certified the loans were necessary to support their business and received an average of $115,000 as of May 26, according to the Small Business Administration, which administers the program. Nasdaq-listed Zaggs loan was more than 80 times that amount.
That wasnt the only help Zagg had from the government lately. Last year, the company received a $3.3 million tax refund and racked up U.S. tax credits worth $7 million, its public filings show. It made $6 million in profit for 2019, but paid no tax in the United States.
Read more: https://www.reuters.com/article/us-health-coronavirus-companies-tax-excl/exclusive-u-s-taxpayers-virus-relief-went-to-firms-that-avoided-u-s-taxes-idUSKBN2341ZE
sarcasmo
(23,968 posts)Scalded Nun
(1,236 posts)Or at least withhold credits, etc. (garnishments)
maxsolomon
(33,327 posts)Avoiding taxes is as American as Apple Pie. Business laws have been sculpted to make this feasible, and Wall St. rewards it.
really surprised at this?
keithbvadu2
(36,787 posts)Instead of corporate bailout, just refund the taxes they have paid.