America’s 10 most profitable corporations paid an average corporate income tax rate of just 9 percent in 2011, according to a study from financial site NerdWallet reported by the Huffington Post. The 10 companies include Wall Street banks like Wells Fargo and JP Morgan Chase, oil companies like ExxonMobil and Chevron, and tech companies like Apple, IBM, and Microsoft.
The two companies with the lowest tax rates were both oil companies. ExxonMobil paid $1.5 billion in taxes on $73.3 billion in earnings, a tax rate of 2 percent. Chevron’s tax rate was just 4 percent. None of the companies paid anywhere near the 35 percent top corporate tax rate, providing more evidence to debunk claims that America’s corporate tax rate is stunting economic growth and job creation (Despite the high marginal rate, American corporations pay one of the lowest effective corporate tax rates in the world).
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Thanks to a “sweetheart” tax deal worked out between General Motors and government, the Detroit auto manufacturer won’t have to pay $45.4 billion in taxes on future profits, according to recent reports from the Wall Street Journal and CNN Money.
As it turns out, not only did the feds give the failing company billions of taxpayers dollars, all while firing executives and replacing them with government-backed officials, but they also gave what some call “preferential treatment” in the form of tax breaks, according to documents filed with federal regulators.
“The tax benefit stems from so-called tax-loss carry-forwards and other provisions, which allow companies to use losses in prior years and costs related to pensions and other expenses to shield profits from U.S. taxes for up to 20 years,” Randall Smith and Sharon Terlep write in the WSJ.
Mr. Obama's choice of Immelt came under scrutiny Friday in the wake of a front-page story in the New York Times reporting that despite $14.2 billion in worldwide profits - including more than $5 billion from U.S. operations - GE did not owe taxes in 2010.
In fact, the story said, G.E. claimed a tax benefit of $3.2 billion.
so income tax IS fair...like it should be OK to collect based upon some F'EN fairness scale?
do you seriously think that the populace would know the difference if we were talking about 9% of our buttons...we won't say dollars because the value of such is MADE UP....
the discussion about the 1% vs 99% is an f'en diversion....
so when the communes are all crying Robin Hood Robin Hood....really?
I say ditch income tax which is a diversion and election tactic NOT TO MENTION subjective based upon the value of our $$$ at the time....
DITCH INCOME TAX......
let me know how fair you are maybe I'll vote for you.....
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Those 10 largest US Corporations need to fire their lawyers, tax accountants and lobbyists --- they are paying way too much tax.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
That's 9% too high. Corporations are not people, therefore should not be subject to the IRS.
A great thought... Since "Corporations are not people" THEY SHOULDN'T BE SUCKING UP ALL THAT TAXPAYER FUNDED CORPORATE WELFARE.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
And on this point, we agree. They shouldn't be accepting bailouts, either.
...only if that bailout transfers the money and ownership of the company to organized labor. Then it is a nobel corporation that "saved jobs". Ya know, like GM.
And on this point, we agree. They shouldn't be accepting bailouts, either.
IMO, the roll of govt sometimes intercedes in private business. Govt regulation when NEEDED or govt assistance when it is in the public good is sometimes acceptable. One million AUTO jobs lost, on top of the Bush Economic Melt Down, and ending the US auto manufacturing business is one of those cases.
Subsidizing oil companies at a time when they are making record profits is NOT!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
IMO, the roll of govt sometimes intercedes in private business. Govt regulation when NEEDED or govt assistance when it is in the public good is sometimes acceptable. One million AUTO jobs lost, on top of the Bush Economic Melt Down, and ending the US auto manufacturing business is one of those cases.
Subsidizing oil companies at a time when they are making record profits is NOT!
Ever think that the reason that they "needed" to intercede is due to the fact that they have already interceded too much? What if they could pay less to the employees as a company, you know, to not cover things such as Medicare money that has to come out of the paycheck, or a minimum wage for certain workers, and could pay only what they thought was a fair wage (you know, an amount agreed on between the employer and the employee)? What if they didn't have government mandated workers compensation insurance and could spend that money on bettering their output / safety in the factories?
Also, you do realize that the Government is actually the major issue with the gas prices so high, right? Well, we won't be seeing a removal of any of the sales tax off of our gas in Schenectady County this year, but maybe we'll see it for a few months next year. After all, it is an election season. They've pulled that one before.
Ever think that the reason that they "needed" to intercede is due to the fact that they have already interceded too much? What if they could pay less to the employees as a company, you know, to not cover things such as Medicare money that has to come out of the paycheck, or a minimum wage for certain workers, and could pay only what they thought was a fair wage (you know, an amount agreed on between the employer and the employee)? What if they didn't have government mandated workers compensation insurance and could spend that money on bettering their output / safety in the factories?
Also, you do realize that the Government is actually the major issue with the gas prices so high, right? Well, we won't be seeing a removal of any of the sales tax off of our gas in Schenectady County this year, but maybe we'll see it for a few months next year. After all, it is an election season. They've pulled that one before.
~"Ever think that the reason that they "needed" to intercede is due to the fact that they have already interceded too much?" Corporations with the help of Conservative SUPPLY SIDERS have been distorting the role of govt for years. Corporate welfare wasn't just for companies like the US Auto business who actually needed it... Corporate Welfare has become a way of life for all US corporations... distorting the real role of business, labor and govt.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
IMO, the roll of govt sometimes intercedes in private business. Govt regulation when NEEDED or govt assistance when it is in the public good is sometimes acceptable. One million AUTO jobs lost, on top of the Bush Economic Melt Down, and ending the US auto manufacturing business is one of those cases.
Subsidizing oil companies at a time when they are making record profits is NOT!
Government loans are the only intervention that should be allowed.
Government giveaways should be illegal.
That is your basic theft and redistribution of wealth.
Taxes should not be forgiven.
Grants should not be given.
Corporations are not people.
They have no right to welfare.
Never mind the separation of church and state, there needs to be separation of corporations and state.
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