Thursday, May 28, 2020

Set up offshore companies. Pay little or no tax. Then gobble up the lion's share of COVID-19 bailout funds meant for small American Mom & Pop businesses. Oink oink! Thank you, Mr. Trump!

You may be having a hard time, but filthy corporate hogs with connections to the
Trump Administration are doing just fine. Oink oink!
Reuters, a business-oriented wire service with no known political axes to grind reports that fat corporate hogs are gobbling up the taxpayers' money again.

A case in point, a Utah-based company named Zagg Inc., that makes "mobile device accessories." Zagg stuck its fat corporate snout in the trough and snarfed up more than $9.4 million smackolas of your money and mine.

(Typically, Mom & Pop-type claimants received "an average of $155,000" according to the Small Business Administration, which runs the program.)

Zagg is listed on the Nasdaq stock exchange and the pile of moolah it got was 80 times the average amount, reports Reuters. Further "Zagg ( ZAGG ) has booked much of its profit through small companies in far-off Ireland and the Cayman Islands, its filings show," Reuters tells us.


Hang on, there's more. "Of the almost 110 recipients of $4 million or more, Reuters found some 46 paid no U.S. corporate tax for the last year. There are many reasons for this, not all to do with tax avoidance." Yeah, I'll bet some of it has to do with grabbing money with both hands, thereby leaving no hands free to fork over the taxes.

You can find the whole horrifying story here, but warning: Before reading, wrap two or three rolls of duck tape tightly around your head to keep your skull from exploding.

1 comment:

Bill said...

And is it any wonder... "The Treasury Department declined to comment."