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Really? The 2nd highest tax rates in the world? Which idiot rightwing moron gasbag told you this, Rush, Beck,? Who?
Prove it or disprove it. I don't agree with either of you so please step up. Convince me.
Really? The 2nd highest tax rates in the world? Which idiot rightwing moron gasbag told you this, Rush, Beck,? Who?
Prove it or disprove it. I don't agree with either of you so please step up. Convince me.
The statuatory rate is probably in the top 2 or 3, but no one pays that. You have to compare the effective rate ( minus deductions and loopholes ). Once you do that, its one of the LOWEST in the world. Most countries do not have the generous deductions and loopholes the U.S. has. The point is, the corporations dont pay list price and they bribe the politicians to ensure paying even less.
http://www.smartmoney.com/investing/economy/high-corporate-tax-rate-is-misleading-22463/
http://www.cbo.gov/ftpdocs/69xx/doc6902/11-28-CorporateTax.pdf
http://www.cbo.gov/ftpdocs/69xx/doc6902/11-28-CorporateTax.pdf
Prove it or disprove it. I don't agree with either of you so please step up. Convince me.
Really? The 2nd highest tax rates in the world? Which idiot rightwing moron gasbag told you this, Rush, Beck,? Who?
So, in the past decade has the price you paid for gas gone UP or was it DOWN, since they've passed all those savings from not paying taxes onto the consumer? But congratulations, the GOP made sure they still get $60B in subsidies because they are hurting.
And please tell us again why a 32 yr old who demands his insurance company pays his claims and not cancel his policy because he has a major illness is such a worthless lazy bum. The reform bill addresses that too.
Why should I have to prove something that is COMMON KNOWLEDGE? It is a FACT that the US has the 2nd. highest corporate tax-rate in the WORLD. Do your OWN research, you lazy hippy liberal. After that, would you also like for me to prove the Earth is round? If you are NOT going to accept common facts, then we can discuss this no further. And whatever loopholes that companies take advantage of is whos fault??? Corporations contribute almost 50/50 to both democratic and republican campaigns.... so how does this issue become some problem for ONLY republicans? Congress make the laws and last time I checked untill just recently, dems were in control.
"Common knowledge" is what is pushed by certain wingnut cable channels. Show me a corporation that is paying the 35-40%?
The effective rate which large corporations pay is FAR less than that. Someone did the research for you yet you still ignore it as it blows apart your worldview.
http://www.smartmoney.com/investing/...leading-22463/
http://www.cbo.gov/ftpdocs/69xx/doc6...rporateTax.pdf
http://www.cbo.gov/ftpdocs/69xx/doc6...rporateTax.pdf
You acknowlege loopholes being taken advantage of. Other countries dont have those, so they are paying far more than american corps. How is it that firms like Bank of America, Exxon, GE pay NO federal taxes? Only an idiot like Pawlenty would go out there and still argue that BofA taxes are still too high and should be cut when I have more money in my sofa cushions than what they paid to the federal govt in 2009 PLUS they received a bailout...from those who DO pay taxes.
"Common knowledge" is what is pushed by certain wingnut cable channels. Show me a corporation that is paying the 35-40%?
The effective rate which large corporations pay is FAR less than that. Someone did the research for you yet you still ignore it as it blows apart your worldview.
http://www.smartmoney.com/investing/...leading-22463/
http://www.cbo.gov/ftpdocs/69xx/doc6...rporateTax.pdf
http://www.cbo.gov/ftpdocs/69xx/doc6...rporateTax.pdf
You acknowlege loopholes being taken advantage of. Other countries dont have those, so they are paying far more than american corps. How is it that firms like Bank of America, Exxon, GE pay NO federal taxes? Only an idiot like Pawlenty would go out there and still argue that BofA taxes are still too high and should be cut when I have more money in my sofa cushions than what they paid to the federal govt in 2009 PLUS they received a bailout...from those who DO pay taxes.
If you can't accept common knowledge, then this discussion can go no further. The FACT that the US has the second highest corporate tax rate in the world can NOT be disputed. If you want to discuss what each individual company actually pays, then that is a different discussion. But first, you MUST acknowledge FACTS. Furthermore, if you want to argue that US corporations DON'T pay enough in taxes and should pay more, then I am about to destroy your worldview, because it simply ain't true. First off, what are loopholes? If I am driving and the light turns green and I go through the intersection, is that a traffic loophole? Of course not, it is me simply following the law... just like these corporations are doing. They are following the law.
http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes.html
The tax benefit of overseas operations is the biggest reason why multinationals end up with lower tax rates than the rest of us. It only makes sense that multinationals "put costs in high-tax countries and profits in low-tax countries," says Scott Hodge, president of the Tax Foundation. Those low-tax countries are almost anywhere but the U.S. "When you add in state taxes, the U.S. has the highest tax burden among industrialized countries," says Hodge. In contrast, China's rate is just 25%; Ireland's is 12.5%.
Corporations are getting smarter, not just about doing more business in low-tax countries, but in moving their more valuable assets there as well. That means setting up overseas subsidiaries, then transferring to them ownership of long-lived, often intangible but highly profitable assets, like patents and software.
Mind you, not all global megacorps enjoy such low tax rates. Try to muster some pity for Big Oil. ExxonMobil ( XOM - news - people ) in its 2009 annual report to the SEC, recorded a larger income tax expense than any other U.S. company last year, some $17.6 billion, or 47% of pretax earnings. Exxon's peers Chevron ( CVX - news - people ) and ConocoPhillips ( COP - news - people ) likewise recorded similarly high effective tax rates. The oil companies are oddities among the multinationals because many of the oil-rich countries where they do business levy even higher taxes than the U.S.
Naturally the Obama administration wants to put an end to this. It has proposed doing away with tax deferrals on overseas income. If the plan passes, a U.S. company that pays a 25% tax on profits in China would have to pay an additional 10% income tax to Uncle Sam to bring it up to the 35% corporate rate. "Eliminating deferrals would put U.S. companies on an unlevel playing field," says the Tax Foundation's Hodge, "especially if competing with the likes of Germany, which only taxes companies on domestic operations."
Would no more tax holiday for GE really end up helping Mr. and Mrs. Taxpayer? Doubtful. "The average Joe should be in favor of lower corporate taxes," says Hodge, "because ultimately they are paying the corporate income tax. Either as workers, getting lower wages and fewer jobs, or as consumers, paying higher prices, or as retirees, getting lower dividends and earnings on their investments."
In the same vein, JPMorgan Chase ( JPM - news - people ) Chief Executive Jamie Dimon has spoken out against an Obama proposal to levy a special tax on banks to recoup bailout costs. "Using tax policy to punish people is a bad idea," said Dimon. "All businesses tend to pass costs on to customers."
Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
You may have heard: U.S. corporations face one of the highest income tax rates in the world, though the mention of "rate" is often enough excised, so that what comes through is the assertion that corporations pay too much in taxes. This is simply untrue if your basis for comparison is the developed world. The truth is that while the 35% corporate income tax rate is high indeed, the creativity and global reach of U.S. corporations make them among the most lightly levied.
Between 2000 and 2005, U.S. corporate taxes amounted to 2.2% of the GDP. The average for the 30 mostly rich member countries of the Organization for Economic Cooperation and Development was 3.4%.
Why the disparity given the high federal rate, which rises to 39% counting state taxes? Part of the answer is that big U.S. companies have become expert at hiding profits in tax havens overseas. And many of the smaller ones simply pass through their income to owners who then report it on their personal returns.
According to one analysis, if so much corporate income hadn't moved to the personal tax rolls over the last 20 years, U.S. corporate taxes would account for 3.2% of the GDP, still a bit below the OECD average. "Usage of pass-through forms of business organization can be viewed as a form of 'self-help' corporate tax integration," writes Peter R. Merrill, a partner at PricewaterhouseCoopers.
The income not squired away overseas or channeled to the personal returns still enjoys protection in the form of various tax breaks that depress the effective rate to 27%, according to the Treasury Department. Such breaks are expected to cost the Treasury $1.2 trillion over the next 10 years, reducing the corporate tax revenue by 25%.
What a disingenous fraud you are in leaving out these key paragraphs in this article:
Thats right. ZERO taxes paid to the US. Good deal they get in addition to the over $50B in taxpayer subsidies voted in by the GOP as they scream about deficits.
Complaining about statuatory rates is meaningless if they dont pay it. That is like complaining about food prices at the checkout counter when after scanning your pocket full of coupons, you paid $10 of a $50 basket of items. In the case of Exxon and others, campaign cash to politicians gets them all the coupons they need.
So the next time we have to spend money on bombs being dropped on desert land in order to keep the Exxon oil flowing through the pipelines so they can squirrel away profits in their quest for tax avoidance, remember, they didnt pay for those planes, weapons, and the lives of troops, their injuries, and disabilities.
I leave you with this you wish to ignore in your arguments.
Read more: High Corporate Tax Rate Is Misleading - Investing - Economy - SmartMoney.com http://www.smartmoney.com/investing...e-tax-rate-is-misleading-22463/#ixzz1G1BAwbf1
Complaining about LoopHoles is meaningless... Higher Taxes are NOT the answer my liberal drone.
And I leave you with this:
Would no more tax holiday for GE really end up helping Mr. and Mrs. Taxpayer? Doubtful. "The average Joe should be in favor of lower corporate taxes," says Hodge, "because ultimately they are paying the corporate income tax. Either as workers, getting lower wages and fewer jobs, or as consumers, paying higher prices, or as retirees, getting lower dividends and earnings on their investments."
In the same vein, JPMorgan Chase ( JPM - news - people ) Chief Executive Jamie Dimon has spoken out against an Obama proposal to levy a special tax on banks to recoup bailout costs. "Using tax policy to punish people is a bad idea," said Dimon. "All businesses tend to pass costs on to customers."
Who CARES about a wealthy CEO of JP Morgan who helped tanked the economy. If he cared about passing on costs to consumers, he would give up his bonus and lower the cost to consumers. Did he do that? I thought bonuses were for doing a great job over and above what is asked for? How does one do a good job while the firm you are at the helm of used those SAME taxpayers to keep the doors open? Wasnt the cost passed on the TAXPAYER in higher deficits and lower services for them.
So the bottom line, SAVE IT. You make your self to look like not just a fool, but a DAMN fool.
Now proceed with the labels..liberal, commie, marxist, soros, ...whatEVER.
I know this will fall on deaf ears because you are a self-avowed liberal, commie, marxist.... but you need to be told anyway. You seem very concerned with corporate tax loopholes. How about the tax loophole that allows almost 50% of Americans to pay ZERO income taxes, does that concern you?
If you don't like what CEO's have to say, how about experts from The Tax Foundation:
The Tax Foundation is a Washington, D.C.-based think tank founded in 1937 that collects data and publishes research studies on tax policies at the federal and state levels. The group is most famous for its annual calculation of Tax Freedom Day for the United States, which it has produced since the early 1970s.
The Foundation's stated mission is to "educate taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of government".[1] The Tax Foundation is organized as 501(c)3 non-partisan non-profit educational organization.
Scott Hodge, a member of this organization states:
If "taxes are the price we pay for civilized society," to quote Justice Oliver Wendell Holmes Jr., then April 15 is the day that bill comes due for every working American.
But that is no longer the case for a growing class of Americans for whom the price of civilized society has been reduced to zero because the tax code's generous credits and deductions completely erase their income tax liability.
And for many of these nonpayers, civilized society actually pays them a hefty refund, which is not much different from a welfare check except that it's run through the tax code instead of through the Department of Health and Human Services.
Businesses can give bonuses as they see fit... Government can NOT and should NOT determine who gets bonuses. If you don't like these banks giving out bonuses because they were bailed-out by the government, then you should complain to your DEAR-LEADER who supported these bank bailouts. Now go back to reading/studying The Communist Manifesto or listen to some Michael Moore quotes from Wisconsin about how money is a resource that belongs to ALL AMERICANS.
Businesses can give bonuses all they want, but they dont have a right to TAXPAYER money in order to give out lavish bonuses when THEY make bad business practices and needs bailouts to keep the doors open when they dont pay taxes.
But carry on with your billionaire nut hugging board trolling, you moron.
When Obama handed out the bank bailouts, do you think he bought the banks? Do you think he is now the CEO? Clearly you are a moron.... Business is FREE to run their business however they see fit within the parameters of the law. Does Obama also own GM? Dear Leader please bring back the Gremlin for this MORON to drive. Now tell me about loopholes again Michael Moore.
Did Fox News tell you this you trite little cult of moron? That was Bush who advanced the bank bailouts, along with the support of then senator Obama AND McCain, as well as Palin. Funny how you idiots never bring up that up. I wonder why.
But here is Fox News complaining about bonuses given to GM hourly workers.
http://video.foxbusiness.com/v/4541637/gm-bonus-bonanza/
Notice how the "bonuses" belongs to the taxpayers in this case.
Now here is Fox News hypocrites defending bonuses giving to Wall Street banks who got bailouts.
http://www.hillbillyreport.org/diary/2551/fox-news-bonuses-for-executives-not-workers
Nope, the bonuses dont belong to the taxpayers in THIS case.
Now carry on with your billionaire nutsack hugging from the cozy comforts of your doublewide.
Did Fox News tell you this you trite little cult of moron? That was Bush who advanced the bank bailouts, along with the support of then senator Obama AND McCain, as well as Palin. Funny how you idiots never bring up that up. I wonder why.
But here is Fox News complaining about bonuses given to GM hourly workers.
http://video.foxbusiness.com/v/4541637/gm-bonus-bonanza/
Notice how the "bonuses" belongs to the taxpayers in this case.
Now here is Fox News hypocrites defending bonuses giving to Wall Street banks who got bailouts.
http://www.hillbillyreport.org/diary/2551/fox-news-bonuses-for-executives-not-workers
Nope, the bonuses dont belong to the taxpayers in THIS case.
Now carry on with your billionaire nutsack hugging from the cozy comforts of your doublewide.
Why do you keep talking about Fox News moron? Who cares what they say... do YOU think that OBAMA OWNS THE BANKS AND GM because he supported the bailouts??? Yes or No.
Does he get to act as CEO and make decisions about bonuses? Yes or No.
Then tell me the story again about LoopHoles Michael Moore.
Please tell me about how money is ALL of OUR resources to be shared.
This is like debating a child...
You bring up Michael Moore. Who is talking about Moore?
Do you think the GM workers deserved the bonuses when GM made a profit, yes or no?