Want A Tax Shelter? Just Do It

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nike shoes outlet | nike cheap nike | cheap nike shoes Want A Tax Shelter? Just Do It David Brunori , Contributor comments, called-out Comment Now Follow Comments Following Comments Unfollow Comments Comment Now Follow Comments Following Comments Unfollow Comments Nike Air Max LTD 2: A shoe with its own shelter. (Photo credit: Wikipedia) nike Nike is iconic. It is the definition of American business success. The company shods everybody from the New York football Giants to the New York football Cosmos. The University of Alabama Crimson Tide and the Cal Poly Mustangs wear the swoosh. The company is famous for its famous endorsers — Tiger, Michael, and Kobe. Sure, Lance Armstrong and Oscar Pistorius were on the payroll, and the company had some kind of weird relationship with Joe Paterno, but Nike is synonymous with athletic success. As the commercials tell you, wear Nike and be a winner . nike factory store What does Nike have to do with taxes? It turns out that Nike is very aggressive when it comes to sheltering profits overseas. My friends at the Citizens for Tax Justice released a report blasting the apparel giant for keeping many subsidiaries overseas for the sole purpose of avoiding U.S. taxation. Twelve of those subsidiaries are in Bermuda alone! The CTJ says that Nike has about $7 billion of profits parked offshore that are not being taxed by the United States or any other country. And, as you might expect, the CTJ believes that is wrong. But having foreign subsidiaries for the purpose of minimizing tax burdens is neither illegal nor immoral. In fact, it’s really no different than any of you taking your home mortgage interest or charitable deductions. Nike’s savings are just bigger. Rational people — and corporations are people too — will always try to keep more of their own money in their pockets. I have no problem with anyone minimizing their tax burdens legally. nike factory store What is fun about this is that Nike apparently named its tax shelters after its shoes. According to the CTJ, 10 of the Bermuda subsidiaries are actually named after Nike shoes: Air Max Limited, Nike Cortez, Nike Flight, Nike Force, Nike Huarache, Nike Jump Ltd., Nike Lavadome, Nike Pegasus, Nike Tailwind, and Nike Waffle. Yes, Nike has a shoe named the Waffle — which was designed on a real waffle iron. nike factory store shoes I have never worn any of those shoes. In fact, I still wear Chuck Taylor Converse low-tops. But naming tax shelters after shoes is great fun. In the state area, one of the great tax schemes involved Toys R Us, which used a subsidiary named after the company’s mascot (Geoffrey the giraffe). I heard that a company once named a shelter after its tax attorney’s mistress. It’s probably safer to name shelters after shoes than mistresses. Move up Information for the World's Business Leaders - Forbes.com t Move down Can The G20 Make Multinationals Pay Tax? Lee Sheppard Contributor 26 images Photos: Companies That Pay CEOs More Than Uncle Sam Excuse Me Apple, Google, Starbucks & H-P: IRS Wants To Tax Stateless Income Robert W. Wood Contributor Income Migration: What Does It Really Mean For States? Cara Griffith Contributor comments, called-out Comment Now Follow Comments Following Comments Unfollow Comments Comment Now Follow Comments Following Comments Unfollow Comments Print Report Corrections Reprints & Permissions Post Your Comment Cancel reply Post Your Reply Please log in or sign up to comment. Enter Your Comment Submit Comment Sports Shoes Outlet Shop Forbes writers have the ability to call out member comments they find particularly interesting. Called-out comments are highlighted across the Forbes network. You'll be notified if your comment is called out. nike outlet shoes for sale Nike Air Max Nike Factory Outlet