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if a transnational (global..just like the globalist liberals) earns 40 billion dollars then ends up ppaying 10 billion to ANOTHER COUNTRY. are we to tax them again.....???
example: ESSO (exxon-mobil) in 2009 had a profit of 34 billion....They paid $15.1 billion in taxes to foreign countries.
Exxon paid the most taxes last year of any U.S. company, by far — but not a cent went to the IRS for income taxes. That’s because the oil giant does business in some of the mostly highly taxed countries in the world. Want to extract petroleum in Nigeria? Be prepared to fork over up to 85% of your profit in tax payments.
Exxon doled out more than $15 billion in income tax payments to foreign countries last year. U.S. tax codes allow companies to take massive deductions in light of those international charges, which knocked Exxon’s federal income-tax bill down into negative territory.
That said, Uncle Sam gets his money in other ways. Including sales taxes and duties, Exxon recorded $7.7 billion in U.S. tax costs last year, and paid even more overseas.
Its grand total in global taxes for the year? A whopping $78.6 billion. The company’s effective income tax rate was a hefty 47%, its highest in three years.
And they still set records for profits. Excuse me for not shedding any tears for them.
1. Were GOP reps also "*******s" when they pushed for removal of loop-holes? Was Reagan "*******"? It is too funny to see people like you turn around and fight to keep the loop holes, and then turn around to fight against them when the GOP goes back to opposing them.
2. Are you actually saying there is no such thing as loop-hole?
Oh, yes, Reagan closes a whole bunch of loop-holes including the ones his former employer GE (which you label as "Obama's buddy") had used. Now, Reagan also raised the corporate tax, while removing the loop-holes, but at this time we are in a position to remove so many loop-holes that we could actually lower the corporate tax and still collect more in revenue due to closing the loop-holes. You should read about Reagan and the 1986 Tax Reform Act.
REAGAN: We’re going to make it economical to raise children again. Flatter rates will mean more reward for that extra effort, and vanishing loopholes and a minimum tax will mean that everybody and every corporation pay their fair share.
1) without knowing the specifics, if is impossible to drill down through the platitude-speak you use.
2) what would cause you to make such a disconnect? There are loopholes that are unintended (by Congress) "benefits" in the tax code. Not intentional benefits intended to modify behaviors of companies (such as drill for oil, grow certain crops etc).
Reagan had it exactly correct.
I Fight *******s and their attacks on America. They are a pox, a cancer, a malignancy, pustules on the back of Freedom
My answer to the question of the thread is that the right wingers dont want the corporate 'people' paying taxes, just the middle class and the poor- the upper classes should not be taxed as they are the (hymnal music) 'job creators'
Germany charges a PREMIUM for the products is produces and does not allow them to be manufactured in sweatshops. I don't think there are any BMW plants in China.
That is an assembly plant isn't it? That probably has more to do with increasing demand for BMWs in China then labor costs. The key question is where are the parts made.
The investors that hold stock in the corporation are separate entities than the corporation. Sorry it's not double taxation.
People receive benefits in terms of being shielded from liability of actions they may take as an employee of officer of a corporation. They can also receive benefits like cars, houses, and other things that are owned by the corporation. Therefore they technically don't pay for these things. In most cases incorporation offers far more benefits to high assets individuals than liabilities. Especially if they have good tax lawyers and accountants.
Seems to be some confusion here.
International corporations do pay taxes on their profits.
They just don't pay them to the US.
They pay them to other nations with lower marginal tax rates.
As long as the US maintains some of the highest marginal tax rates in the world, international corporations will be happy to realize profits in nations which are not too stupid and greedy to lower their marginal rates on profits to something similar to what the rest of the industrialized world charges.
When our marginal corporate tax rates are at the level of Europe 15-25%, the profits now realized in low tax nations will begin to return to the US.
Get it through your heads liberals, it's not that the corporations are evil. The problem is we are too stupid and greedy to do what is in our own interest.
That is an assembly plant isn't it? That probably has more to do with increasing demand for BMWs in China then labor costs. The key question is where are the parts made.
It has to do with both plus other business considerations in addition, as do German carmakers' assembly plants all over the developing world. German multinational companies like to pay lip service to the sanctity of the German worker in Germany, but they play the global business game just as well as anyone else.
But all that is neither here nor there with regard to the original topic. Throw out the word "corporation" and certain left-leaning folks instinctively think of big evil corporations cheating the tax code to maximize their profits. Lost in this Pavlovian response is the fact that the vast majority of corporations are small businesses, many of them unprofitable so there's nothing to tax, and of those that are profitable, many if not most are pass-through or "S" corporations where the profits are taxed directly as income to the shareholders -- whether it's distributed to the shareholders or not -- rather than taxed as corporate profits.
Last edited by Drover; 08-16-2011 at 11:31 PM..
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