Tax Dodging Corporations Are Costing Our Country Billions
A study by the Office of Management and Budget found that loopholes and international tax havens have reduced corporate taxes from the $370 billion collected in 2007, to nearly half that - $190 billion, by 2010. And, according to a new report from the Government Accountability Office, corporate tax dodgers paid just 12.6 percent of their profits in income tax in 2010. That's only about one third of the 35 percent tax rate that Republicans are always complaining about. So, while our infrastructure crumbles and Americans are feeling the pain of austerity, corporations are avoiding paying their fair share of our nation's financial burdens. CEO's claim that the US tax rate doesn't offer a fair picture, as they are also subject to taxes locally, and around the world. However, the GAO report found that even when state, local, and foreign taxes were factored in, corporations are still only paying about 17 percent. Democratic Senator Carl Levin reviewed the report and said, "Some U.S. multinational corporations like to complain about the U.S. 35 percent statutory tax rate, but what they don't like to admit is that hardly any of them pay anything close to it."
Lawyers who lower your tax bill are advertising and having clients brag about not paying back taxes. Is anyone really surprise and can anything be done? Everyone working under the table and talking about illegals who don't pay taxes are the same.
So let me get this straight. You're blaming companies who use the legal routes to lower their tax bill? Since when did more taxation lead to the betterment of anyone? Fact is, our corporate tax rate is 35%. Canada is actively lowering their corporate tax rate to 15%. You ever heard of NAFTA? If I was a business owner, I'd move up north in a NY minute.
35% might be right on the end twisted amount owed 11:08pm, but I had to listen to my inlaws who owned the oil company that I worked for in the 1980s brag about paying zero social security until the last 4 years before they retired. At that point they grossed over 8 million a year. That was with 5 straight trucks and 3 tractor trailer trucks working steady 5-6 days a week. Never a down day. I stumbles across my brother-in-law down in Virginia about 10 years ago, at that time they had 37 tractor trailers on the road every day. You don't grow any business that fast and pay your fair share. They lived like kings. If they paid no s.s. then they skipped taxation and some how wrote of their incomes as as expenses unlike the working class individual. Corporate laws are bought and paid for here in Delaware by untaxed corrupt green money stuffed deep in the pockets of lawmakers to benefit corporations, not citizens. The big names in politicians in Delaware both past and present are owned lock, stock and barrel by corporations. THey're all damned crooks, so no more of this self serving lie about 35% because 35% of unpaid taxes is 35% of nothing. The everyday worker, that's forced to pays taxes carries the whole load for everyone else. They should all quit and tell the federal government to shove it and that they to, want to go on welfare. The ship will sink soon anyway so my point herein is moot, and for temporary use only. My question is will the green paper at that point, have any value? The banks will fold like the house of cards they currently are anyway, and that worthless green paper will inflate like Hitler's Germany. It'll probably have zero value. Gold and silver was the commodity of trade in post war Germany, NO FREE lunch.
11:08 did you even read the article? Let me quote it for you: "Some U.S. multinational corporations like to complain about the U.S. 35 percent statutory tax rate, but what they don't like to admit is that hardly any of them pay anything close to it." That pretty much invalidates your argument.
I am not a corporation, don't even work for a large corporation, however, Congress is responsible for TAX laws. How many individuals do not take every deduction to which they are legally entitled Blame CONGRESS!!!
The fact is large corps like this tax. They have the benefit of going overseas for shelters as well as passing any US tax they pay onto consumers in higher priced goods and services. It's the smaller and mid sized corps that this hurts and eventually may run them out of business thereby eliminating competition for the large corps. The dems are against eliminating this tax because they are controlled by large corporations. Republicans would like to see it go because they are for all business not just the ones with deep pockets.
Corporations are paying tax on profits, not total taxable income. At least they are allowed to deduct all cost such as transportation buildings and such. I would like to deduct all cost of living and only pay taxes on my profits. It makes sense to have a flat tax rate and get rid of 90% of the IRS.
Lawyers who lower your tax bill are advertising and having clients brag about not paying back taxes. Is anyone really surprise and can anything be done?
ReplyDeleteEveryone working under the table and talking about illegals who don't pay taxes are the same.
So let me get this straight. You're blaming companies who use the legal routes to lower their tax bill? Since when did more taxation lead to the betterment of anyone? Fact is, our corporate tax rate is 35%. Canada is actively lowering their corporate tax rate to 15%. You ever heard of NAFTA? If I was a business owner, I'd move up north in a NY minute.
ReplyDelete35% might be right on the end twisted amount owed 11:08pm, but I had to listen to my inlaws who owned the oil company that I worked for in the 1980s brag about paying zero social security until the last 4 years before they retired. At that point they grossed over 8 million a year. That was with 5 straight trucks and 3 tractor trailer trucks working steady 5-6 days a week. Never a down day. I stumbles across my brother-in-law down in Virginia about 10 years ago, at that time they had 37 tractor trailers on the road every day. You don't grow any business that fast and pay your fair share. They lived like kings. If they paid no s.s. then they skipped taxation and some how wrote of their incomes as as expenses unlike the working class individual. Corporate laws are bought and paid for here in Delaware by untaxed corrupt green money stuffed deep in the pockets of lawmakers to benefit corporations, not citizens. The big names in politicians in Delaware both past and present are owned lock, stock and barrel by corporations. THey're all damned crooks, so no more of this self serving lie about 35% because 35% of unpaid taxes is 35% of nothing. The everyday worker, that's forced to pays taxes carries the whole load for everyone else. They should all quit and tell the federal government to shove it and that they to, want to go on welfare. The ship will sink soon anyway so my point herein is moot, and for temporary use only. My question is will the green paper at that point, have any value? The banks will fold like the house of cards they currently are anyway, and that worthless green paper will inflate like Hitler's Germany. It'll probably have zero value. Gold and silver was the commodity of trade in post war Germany, NO FREE lunch.
DeleteThis is why the Tax Code and the IRS need to be abolished and a flat tax imposed on all.
ReplyDelete11:08 did you even read the article?
ReplyDeleteLet me quote it for you:
"Some U.S. multinational corporations like to complain about the U.S. 35 percent statutory tax rate, but what they don't like to admit is that hardly any of them pay anything close to it."
That pretty much invalidates your argument.
Oh hell, Salisbury invites these kind of companies.
ReplyDeleteI am not a corporation, don't even work for a large corporation, however, Congress is responsible for TAX laws. How many individuals do not take every deduction to which they are legally entitled
ReplyDeleteBlame CONGRESS!!!
There should be NO taxes on U.S. corporations. They don't pay them anyway, YOU do.
ReplyDeleteThe fact is large corps like this tax. They have the benefit of going overseas for shelters as well as passing any US tax they pay onto consumers in higher priced goods and services.
ReplyDeleteIt's the smaller and mid sized corps that this hurts and eventually may run them out of business thereby eliminating competition for the large corps.
The dems are against eliminating this tax because they are controlled by large corporations.
Republicans would like to see it go because they are for all business not just the ones with deep pockets.
Corporations are paying tax on profits, not total taxable income. At least they are allowed to deduct all cost such as transportation buildings and such. I would like to deduct all cost of living and only pay taxes on my profits. It makes sense to have a flat tax rate and get rid of 90% of the IRS.
ReplyDeletePrior to the "voluntary" income tax, the US Gov't existed just fine with income coming from import tariffs and corporate taxes.
ReplyDeleteFree loader illegals are costing workers billions.
ReplyDelete