Google, Apple, Facebook, Amazon, Microsoft

Gafam

Tweets from economist Seamus Coffee, a professor of economics at University College Cork and former chairman of the Irish Financial Advisory Council, from quarterly reports published by Google, Apple, Facebook and Microsoft (Gaffam) in the last quarter of 2020.

The tax burden is negligible for Gaffam or the US major technocrats Google, Apple, Facebook, Amazon and Microsoft.

As economist Seamus Coffey pointed out in three tweets, Teacher Former President of Economics and University of CorkIrish Financial Advisory Board.

The Irish economist has often expressed himself on the issue of taxing big technologists, Argues The U.S. tax system helps and encourages U.S. companies to refer to some of their profits as “offshore”, in fact they are not transferred from the US. The United States is the largest tax base for US companies.

The release of annual financial reports this week means we have a full set of 2020 accounts for Google, Apple, Facebook, Amazon and Microsoft (Gaffam). What are they showing? Total pre-tax profit of $ 225 billion. Total tax payments were $ 33 billion (15% of profits).

Compared to 2019, the overall provision for taxes (effective accounting tax rate) is essentially the same, with some fluctuations in companies (Facebook down, Microsoft up).

The cash tax paid will be lower in 2020 than in 2019, but it will affect the timing of payments.

Here is a summary of five companies in the ten years from 2011 to 2020. In all, they paid $ 220 billion in income tax to governments this decade. This was 16% of their profit. Apple alone has paid more than $ 100 billion in taxes, but is still making $ 600 billion in profits.

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