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"Every year from 2006 to 2012, some two-thirds of U.S. corporations did not pay federal income tax, according to a Government Accountability Office study released on Wednesday. In 2012 alone, 42.5 percent of businesses that the GAO defines as large did not pay federal taxes, including 19.5 percent of big corporations that posted a profit."
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. "Executives at these companies claim the top statutory corporate tax rate in the U.S. of 35 percent is so high relative to other countries, that they have little choice but to move overseas in order to remain competitive.
But the GAO study provides new support for the arguments of fair taxation advocates, who have long noted that effective corporate tax rates are much lower than the statutory rates."
Lets lower taxes some more for these companies facing tax hardships.
I've always felt that companies that do not want to pay US taxes should be forced to leave the US market. You don't want to be taxed here - you can't sell here.
I think you are confusing issues. Corporate tax rates are too high. But there are obviously way too many loopholes. Why would a company not legally find all ways to reduce their income tax? Do you forgo tax credits just to be a good corporate citizen? Pay more taxes than you owe?
You don't fix this by raising taxes, that compounds the problem and provides more incentives to maximize tax loopholes. You lower the corporate tax rate, and rid it of the excess loopholes.
Is GE going to pay more income tax if you raise the rate to 40%, or lower it to 18% and get rid of all loopholes? The latter of course.
I think you are confusing issues. Corporate tax rates are too high. But there are obviously way too many loopholes. Why would a company not legally find all ways to reduce their income tax? Do you forgo tax credits just to be a good corporate citizen? Pay more taxes than you owe?
You don't fix this by raising taxes, that compounds the problem and provides more incentives to maximize tax loopholes. You lower the corporate tax rate, and rid it of the excess loopholes.
Is GE going to pay more income tax if you raise the rate to 40%, or lower it to 18% and get rid of all loopholes? The latter of course.
Why would you assume I am confused or favor raising taxes on corporations? My position is that corporations belly ache about taxes being too high - then don't pay any. Not exactly good "citizens." I think the system needs fixing right away and that does not include "lowering" taxes and calling it "done."
I wonder if the liberal who wrote is intentionally playing stupid so that other stupid liberals would believe it... Do they know the multiple different types of corporations that exist and how each tax structured is used... Neither does its readers apparently... Nobody pays zero taxes.... Dumb liberals...
The GAO said those corporations in the black that still did not pay federal taxes benefitted from loopholes and tax incentives, such as the practice of rolling over losses from previous years. That enables companies to deduct those losses from their tax burden.
Suppose a company loses 1 million in 2015 and then profits 1 million in 2016. Any tax they pay in 2016 on that profit effectively puts them into the red over the two years.
I think you are confusing issues. Corporate tax rates are too high. But there are obviously way too many loopholes. Why would a company not legally find all ways to reduce their income tax? Do you forgo tax credits just to be a good corporate citizen? Pay more taxes than you owe?
You don't fix this by raising taxes, that compounds the problem and provides more incentives to maximize tax loopholes. You lower the corporate tax rate, and rid it of the excess loopholes.
Is GE going to pay more income tax if you raise the rate to 40%, or lower it to 18% and get rid of all loopholes? The latter of course.
The OP didn't say anything about raising taxes. See how knee jerk you guys are?
The point is that folks need to shut the hell up about corporate taxes being too high. They aren't too high seeing as how no one seems to pay 'em.
If we remove all loopholes, what should the statutory rate be? Tell us.
Truth is, you guys don't want them to pay ANY taxes.
Lets lower taxes some more for these companies facing tax hardships.
I've always felt that companies that do not want to pay US taxes should be forced to leave the US market. You don't want to be taxed here - you can't sell here.
I agree. Corporate greed knows no bounds. Like that idiotic Pfizer deal.
The pharmaceutical companies are particularly obnoxious. They make all their profit off of American consumers. We pay R&D for the whole world, who buy their pharmaceuticals at a much lower price than Americans due to price controls.
The only candidate I've heard address the pharmaceutical issue is Hillary.
As far as corporations stashing cash offshore to avoid taxes, I believe that is one reason why Trump will not release his tax returns.
"..These companies should be familiar to him: A review of Trump's stock portfolio, as itemized in his financial disclosure form, shows he owns millions of dollars in stock in the same companies that have been most aggressive with these legal but controversial tax strategies..."
The pharmaceutical companies are particularly obnoxious. They make all their profit off of American consumers. We pay R&D for the whole world, who buy their pharmaceuticals at a much lower price than Americans due to price controls.
The only candidate I've heard address the pharmaceutical issue is Hillary.
And how does that correlate with her accepting more donations to her campaign than Trump, Cruz, Rubio, Kasich and Sanders combined?
What is her policy, is she going after the companies or the countries with price controls?
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