Carnival Pays Nearly No Income Tax

carnival

Carnival cruise lines, who recently made headlines for stranding a ship full of passengers with no power off of the Yucatan peninsula has been found to pay nearly no income tax. The company, who will be issuing refunds and cruise vouchers to passengers who had to suffer through dark rooms and no bathroom facilities, has only paid a rate of 1.1% in tax in the last five years. Carnival has earned $11.3 billion in profits, but because of a tax loophole has not paid a corresponding amount in federal, state, local, or foreign taxes.

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company that is incorporated outside of United States boundaries avoid paying United States taxes, even if most of their business occurs within our country lines. Between 2008 and 2011 alone, 26 other companies dodged paying any income tax on $205 billion combined pre-tax profits. Carnival receives aid in operations from the U.S. Coast Guard, maintaining safe waters for cruises. U.S. customs officers facilitate the passengers travel abroad, and governments have constructed roads and bridges to access Carnival’s ports. Yet, the company does not pay taxes to support this operational assistance.

Source courtesy of Think Progress. Image courtesy of NPR.