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Pfizer and Allergan are merging at a value of about $150B billion dollars. Pfizer will move its corporate headquarters to Ireland, shaving about 28% off of their corporate tax rate.
We are a nation of laws. Yet, the politicians are negligent in changing our tax laws. We need a drastic overhaul, personal and corporate so that the tax code is not alternately as either switch or a kiss.
The "Double Irish" has been around for years and years.
So have a ton of other tax dodges.
The very rich Euros use everything from dual citizenships to hidden assets.
Last big tax dodger wanted by the FBI for illegal sanction violations as well.....got pardoned by Clinton on his last day in office after the guys still chummy ex funnelled millions to dem coffers. Then about 4 years ago she gave up her US citizenship to save 50mil give or take in taxes.
What bills specific bills have the Democrats put forward that would make it illegal for pharma companies to sell in the US for more than other countries?
Prolongation of patents (facilitated by congress) is well known to prevent the competition from generic drugs and therefore sell at very high prices.
Why does the struggling little republican guys defend big corporate America?
The "Double Irish" has been around for years and years.
So have a ton of other tax dodges.
The very rich Euros use everything from dual citizenships to hidden assets.
Last big tax dodger wanted by the FBI for illegal sanction violations as well.....got pardoned by Clinton on his last day in office after the guys still chummy ex funnelled millions to dem coffers. Then about 4 years ago she gave up her US citizenship to save 50mil give or take in taxes.
Ugh.
Ireland killed that last year. It is no more.
And they reduced the corporate tax rate to 6.5% if the company invests in R&D in Ireland.
12.5% without R&D investment.
No one pays the marginal tax rate. If you are going to have a discussion on this particular subject, and talk about specific companies, then you should find out what the effective tax rate is for this company.
in other countries, the amount of loopholes and tax breaks for companies is slime to none, at least in comparison to the US.
A marginal tax rate in the US is a max of 35%, but can be as low as a negative tax(giving money back to the company)
Its varied, a low of 11.9% one year, last year was 25.5% which was about average for the last few years, although one year went as high as 31.5%
I paid what? 12.6% last year......oh wait..no that was just the compensation for social security. Then what? another 20% for federal, and...5-6 for state? (Not sure on the state one off the top of my head). Huh.....
Ohhh wait...you just think taxes are all about the federal, and doesn't include all the other stuff. Got it!
Seriously folks, if you want to talk taxes talk about the entire tax burden.
The top 1% pay about 32%, I'm paying about 22.5% according to that chart. But keep in mind that doesn't include the other 6% paid for social security on my behalf.....which if it wasn't being paid would be part of my compensation....
And that also doesn't include all the fees, and other indirect taxes I pay.
And then ask yourself....what % of a persons disposable income is that? But of course....that would be hard math, and might result in numbers or facts you dont like wouldn't it?
I paid what? 12.6% last year......oh wait..no that was just the compensation for social security. Then what? another 20% for federal, and...5-6 for state? (Not sure on the state one off the top of my head). Huh.....
SS taxes are flat while benefits are progressive by the SS Admin's own admission:
Other than that, your effective federal income tax rate is significantly below the average effective federal income tax rate of the top 1%, and the top 0.1%.
You should be ashamed of your persistent representation otherwise. Shame on you. How do you sleep at night knowing you're such a dishonest person?
Other than that, your effective federal income tax rate is significantly below the average effective federal income tax rate of the top 1%, and the top 0.1%.
You should be ashamed of your persistent representation otherwise. Shame on you. How do you sleep at night knowing you're such a dishonest person?
LOL. Dishonest says the person who tries to deflect the topic from taxes...to whether someone pays less then the top 1%. What? Don't want to talk about disposable income? Don't want to discuss actual rates?
Please. Even the people who have implemented the new tax laws in Kansas admit that they are the problem, not the cherry picked markets. Similar states are doing great with just as many bad industries. Trying to claim otherwise is incredible.
Not understanding the very basic principles of how the economy works doesn't make your argument valid.
The top four industries in Kansas took substantial hits that caused a massive loss of jobs, income and tax revenue, and you can't understand how that would cause such a major impact to tax revenue?
If you have a rooster that crows at the same time a tornado takes out the power plant on the other side of town, you might argue the rooster's crow caused the power to be lost at your house, but that doesn't make it true.
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