{"id":272,"date":"2014-09-23T08:32:00","date_gmt":"2014-09-23T14:32:00","guid":{"rendered":"http:\/\/admin.patheos.com\/blogs\/janetheactuary\/2014\/09\/are-illinois-largest-companies-just-a-bunch-of-tax-cheats.html"},"modified":"2015-03-01T22:13:40","modified_gmt":"2015-03-02T04:13:40","slug":"are-illinois-largest-companies-just-a-bunch-of-tax-cheats","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/janetheactuary\/2014\/09\/are-illinois-largest-companies-just-a-bunch-of-tax-cheats.html","title":{"rendered":"Are Illinois’ largest companies just a bunch of tax cheats?"},"content":{"rendered":"\n<\/head>

No, of course not.\u00a0 Next question.<\/p>\n

But that\u2019s what Senator Dick Durbin, and the Chicago Tribune, who parroted his press release as news<\/a>, want you to think.<\/div>\n

The issue is this:\u00a0 <\/p>\n

The United States stands alone in the civilized world in taxing profits of its corporations not just in the United States, but wherever in the world they are earned \u2014 but if those profits are reinvested locally, the tax is not applied unless and until the money is \u201crepatriated,\u201d brought back to the United States for use by the parent company or distribution as dividends or profit-sharing.\u00a0 <\/p>\n

Sounds reasonable to me.\u00a0 But Durbin, in announcing legislation on Friday that would require any U.S. corporation undertaking an \u201cinversion\u201d to reincorporate abroad to pay taxes on any overseas profit, regardless of whether it was repatriated, announced a list of companies holding large sums of profit abroad, and the Tribune lists major local companies on the list and sought out representatives for comment.<\/p>\n