Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

alp227

(31,960 posts)
Thu May 28, 2020, 03:18 PM May 2020

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 Trump’s 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 Zagg’s loan was more than 80 times that amount.

That wasn’t 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

5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
U.S. taxpayers' virus relief went to firms that avoided U.S. taxes (Original Post) alp227 May 2020 OP
9,000 Catholic Churches were awarded PPP funds, tax free churches. sarcasmo May 2020 #1
What are the chances that, come next Jan the US can recoup all of these illegal payouts? Scalded Nun May 2020 #2
"That makes me smart" - D. Trump, 2016 maxsolomon May 2020 #3
Are we Rebl2 May 2020 #4
Instead of corporate bailout, just refund the taxes they have paid. keithbvadu2 May 2020 #5

Scalded Nun

(1,231 posts)
2. What are the chances that, come next Jan the US can recoup all of these illegal payouts?
Thu May 28, 2020, 03:24 PM
May 2020

Or at least withhold credits, etc. (garnishments)

maxsolomon

(32,979 posts)
3. "That makes me smart" - D. Trump, 2016
Thu May 28, 2020, 03:25 PM
May 2020

Avoiding taxes is as American as Apple Pie. Business laws have been sculpted to make this feasible, and Wall St. rewards it.

keithbvadu2

(36,362 posts)
5. Instead of corporate bailout, just refund the taxes they have paid.
Thu May 28, 2020, 09:41 PM
May 2020

Instead of corporate bailout, just refund the taxes they have paid.

Latest Discussions»Latest Breaking News»U.S. taxpayers' virus rel...