A new Standards & Poors report (pdf) gives a terrible tale to tell on U.S. corporations moving offshore.
S&P's bullet point findings:
- In 2008 S&P 500 foreign sales increased 8.5%,
while domestic sales decreased 0.3%.
- European sales represented 27.7% of foreign sales,
with 9.3% coming from Canada. Asian sales decreased to 13.2% from 16.8% in 2007.
- It’s not just jobs exported - more income taxes were paid abroad than were paid to the U.S. government.
- Foreign income taxes increased US $11.5 billion or 9.3%, as U.S. federal income taxes declined US $43.9 billion, or 29.1%.
- Half of the issues still do not report sufficient
information for a complete breakdown – big on pictures, short on tabular tables.
- Of the reporting issues, 47.9% of all sales were
produced and sold outside of the United States, up from 45.8% in 2007 and 43.6% in 2006.
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