Corporate tax havens

GE, or General Electric, the largest corporation in America, doesn't pay income tax. New York Times reports 5.1 billion dollars in profits from business done within the US last year but paid zero income tax, and claimed a tax benefit of 3.2 billion dollars. It joins the ranks of Bank of America and Exxon Mobile. US Uncut Duncan Meisel explains.


American companies are finding new overseas tax havens to legally protect some of their profits from the U.S. tax rate of 35 percent, among the highest in the world. Lesley Stahl reports.

http://www.cbsnews.com/stories/2011/03/25/60minutes/main20046867.shtml?tag=contentMain;cbsCarousel



Extra: How to shift profits
Economist Martin Sullivan explains to Lesley Stahl how American multi-national companies shift their profits overseas.


Extra: Benefits of bringing back cash
U.S. companies are holding $1.2 trillion overseas for tax reasons. Cisco CEO John Chambers is lobbying for a one-time tax break to encourage companies to bring that money back to America.