Do you have a Job? If so you've paid more in taxes then Exxon, GE, and Boeing combined. (Obama, insurance)

[Memphis1979]

ThinkProgress » REPORT: You Have More Money In Your Wallet Than Bank Of America Pays In Federal Taxes

Crazy, with subsidies and other tax breaks these companies get, they essentially pay 0 taxes.

This is why the corporate tax code is messed up. Small mom and pop businesses have to pay high corporate taxes, because these giants don't pay anything.

Lower the corporate tax rate, but fix the holes.

[hilgi]

They should pay for their government granted privilege. Small business could pay for liability insurance and large companies could pay a tax in order to keep the liability on shareholders limited. Oil and other natural resource companies should also pay a large percentage of their proceeds from these resources as a benefit back to the people. Like they do in Alaska.

Corporate income tax just gets passed on to us, if they had a base expense for the items above and they can’t make enough to get above it, then they should not exist.

[clb10]

The fix for this is simple:

Whatever percentage of your workforce (including contractors) that is overseas becomes your tax rate.

For example, if GE has a 70% foreign workforce then GE pays a tax on gross income at a rate of 70%.

EASY.

[shorebaby]

Originally Posted by clb10

The fix for this is simple:

Whatever percentage of your workforce (including contractors) that is overseas becomes your tax rate.

For example, if GE has a 70% foreign workforce then GE pays a tax on gross income at a rate of 70%.

EASY.

Good idea, although what happens if GE says so long US.

[clb10]

Good idea, although what happens if GE says so long US.

If they refuse to pay their fair share and hire mostly OUTSIDE of the U.S., then F*** 'EM!!

[tashie2005]

It just makes me mad and upset. This is really what Capitalism is???? Screwing the little guy?

[tashie2005]

Originally Posted by shorebaby

Good idea, although what happens if GE says so long US.

Rock on shorebaby! I totally agree!

[TXboomerang]

This is why we need flat, simple tax codes. Instead, our government is constantly fiddling with the tax code, often to benefit their corporate buddies.

Didn't Obama say he would simplify the tax code? Not that I expected him to actually follow through. I think the last 10 presidents have called for doing something about it and instead it just continues to get more and more complicated.

[sailordave]

You make it sound as if they don't pay any taxes at all. They pay many taxes. Take exxon for example. When an oil company drills in the gulf of Mexico, they
must pay the federal government money for the land in a form
Of lease. State and federal government get there share of taxed from such companies in more ways than just an income tax. Before you start looking to corporations(who employ thousands of employees who pay income taxes), you should ask federal and state elected or appointed persons to pay their taxes.

[Memphis1979]

Originally Posted by TXboomerang

This is why we need flat, simple tax codes. Instead, our government is constantly fiddling with the tax code, often to benefit their corporate buddies.

Didn't Obama say he would simplify the tax code? Not that I expected him to actually follow through. I think the last 10 presidents have called for doing something about it and instead it just continues to get more and more complicated.

He mentioned it in the state of the union. That we could lower corporate tax rates, close loop holes, and still get more money then we get now.

This is true, as the link I posted shows. Now, whether or not he or the Republican party have the testicular fortitude to do that, we shall see.