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We have the highest corporate tax rates in the world. What does one expect?
Why do people keep repeating this lie? Seriously. WHY?
We DO have a high statutory rate, but we end up having a VERY low effective rate. Do you even comprehend the difference? These companies are doing it for only a small tax rate change. And people like you seem to want us to "race to the bottom". Know how that ends?
We have the highest corporate tax rates in the world. What does one expect?
Second actually, but it's only by 3%. Now the effective tax rate...
I'd be all for lowering the corporate income tax rate to 10% or even eliminating it it that meant we started actually taxing investment income. My hunch is that the people who run these corporations care more about their extremely low personal taxes than they do the corporation's address. And they are more than happy to keep the status quo of getting their cake and eating it too when it comes to the US Tax code.
Well the average citizen cannot possible dream to get all the loopholes and hire an army of attorneys to reduce their tax burden to zero.
Is that a joke? Well over 40% of ALL individual income tax filers have no federal income tax liability whatsoever. They do indeed use loopholes, deductions, and tax credits to completely eliminate their federal income tax liability.
Furthermore, the bottom 40% of tax filers (those who even have enough income to have to file their taxes) have a NEGATIVE effective federal income tax rate, which offsets some or all of their payroll taxes:
Is that a joke? Well over 40% of ALL individual income tax filers have no federal income tax liability whatsoever. They do indeed use loopholes, deductions, and tax credits to completely eliminate their federal income tax liability.
Furthermore, the bottom 40% of tax filers (those who even have enough income to have to file their taxes) have a NEGATIVE effective federal income tax rate, which offsets some or all of their payroll taxes:
OH noes!! Someone is talking about the incredibly wealthy avoiding taxes! Lets grab that water bucket, and go on about how the incredibly poor aren't paying enough!
Really? Stay on topic folks, we're talking about a company based in the US exploiting a loophole to claim they are based elsewhere.
and how much corporate welfare did Prifzer take from taxpayers over the years?
Pfizer could be paying $200 million in taxes and getting $1 million in legal tax breaks leaving them with a bill of $199 million and people like you would pretend they aren't paying taxes.
Quote:
Originally Posted by crouching_tiger
Basically corporations do not want to pay any taxes at all nowadays. On top of that they want a whole bunch of subsidies and blackmail the governments if their every wish is not fulfilled.
The pressure is particularly acute in the pharmaceutical sector, where many of the largest players are based in lower-tax countries: 17 of the 25 biggest drug companies by market value are foreign, and they paid an average 17% tax rate last year versus 24% for the U.S. companies, according to FactSet.
Quote:
Pfizer’s tax rate was 25.5% in 2014, versus the 4.8% paid by Actavis, which changed its name to Allergan after the two companies combined earlier this year. Trimming that rate to 15%, for example, would save nearly $2 billion in taxes, based on the profit Pfizer expects to post this year.
Quote:
Originally Posted by crouching_tiger
Well the average citizen cannot possible dream to get all the loopholes and hire an army of attorneys to reduce their tax burden to zero.
Over 40% of American adults pay no federal income taxes.
That's what will happen when all of the jealous short-sighted business haters get their way and drive most companies out of the US.
And of course your solution is a race to the bottom where the US becomes some 3rd world country unable to pay their bills, all in the name of providing big business with even more massive incomes.
Basically corporations do not want to pay any taxes at all nowadays. On top of that they want a whole bunch of subsidies and blackmail the governments if their every wish is not fulfilled.
Got a clue for you, no one wants to pay taxes.
If you make enough money you want to pay someone familiar with the tax laws and take advantage of legal deductions. Why wouldn't a corporation go offshore if the numbers added up. nothing illegal, unethical or immoral.
For years Democrat Charlie Rangel headed the ways and means committee that shepherded the tax code. Be sure to thank charlie.
And of course your solution is a race to the bottom where the US becomes some 3rd world country unable to pay their bills, all in the name of providing big business with even more massive incomes.
Common sense dictates that when your spending is greater than your income, you reduce spending.
Goofball sense never even contemplates spending.
The real problem with third world countries is a lack of business and jobs, not a lack of taxation. If it were strictly a lack of taxation, they could easily tax their way to prosperity.
If you make enough money you want to pay someone familiar with the tax laws and take advantage of legal deductions. Why wouldn't a corporation go offshore if the numbers added up. nothing illegal, unethical or immoral.
For years Democrat Charlie Rangel headed the ways and means committee that shepherded the tax code. Be sure to thank charlie.
That's what I am saying, lets get rid of all taxes and leave the funding of infrastructure and military to charities.
We should try a zero tax system and see how that works out for everyone.
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