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I just watched a documentary about large corporations with billions of dollars in profits, that pay no federal income taxes. There have been a few threads here on some of the corporations, but they are often quickly lost among the threads.
I just started this thread to start the discussion about corporations who pay no federal income taxes. If your operating at a loss, ok, but is it justifiable when your making millions of dollars in profit??
How much revenue could be raised if we closed tax loopholes that allow corporations to pay no taxes on their profits? Why should other hard working Americans pay taxes when corporations aren't held to the same standards?
I'll start the thread off by saying that I'm willing to pay my fair of taxes. As my businesses grow, I want to pay my fair share of taxes. I'm ok with living within my means and growing my money with time. I don't need everything now. I have a place to live, a car that runs, and a daily fight that is not always easy, but has been paying the bills ha.
I think we need to re-evaluate our values America.
General Electric pays next to nothing, also Facebook, Google gets some absurd tax breaks overseas. They should reduce the corporate tax rate a few percent and close these loopholes.
Haha not only do some corporations not pay any taxes but they get tax returns from the Government effectively giving them a negative tax rate. And some Republicans still want to say someone working 50+ Hours per week minimum wage is not paying their share. Sad state of affairs.
Verizon Communications
Profits: $19.8 billion Effective tax rate: -3.8% Top recipients, 2011-2012
President Barack Obama: $51,493
Sen. Robert Menendez (D-N.J.): $24,450
Sen. Mitch McConnell (R-Ky.): $23,700
Rep. John Boehner (R-Ohio): $22,500
Sen. Kirsten Gillibrand (D-N.Y.): $15,000
General Electric
Profits: $19.6 billion Effective tax rate: -18.9% Top recipients, 2011-2012
Mitt Romney: $53,750
President Barack Obama (D): $30,493
Sen. Scott Brown (R-Mass.): $23,900
Rep. Howard Berman (D-Calif.): $21,860
Rep. Chris Murphy (D-Conn.): $19,750
Corporations have no partisan beliefs. They go for the PEOPLE who can influence changes for their benefit.
Corporations play both sides of the fence.
Corporations are NOT individuals though and have their own tax structure.
When you go after "tax the rich" you are going after individuals, not the corporations.
Also, an increase in corporate taxes is an indirect tax increase on consumers. It makes great envy based sound bites but in truth businesses are not tax payers at any level but tax collectors. Increased taxes are nothing more than a pass through to the customer.
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