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And many American corporations that make huge profits pay no taxes (and then get IRS tax refunds.)
"From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service."
"Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits."
"Pfizer, one of the largest prescription drug companies in America, not only paid no federal income taxes from 2010 to 2012, it received $2.2 billion in tax refunds from the IRS at the same time it made $43 billion in profits worldwide."
"From 2008 to 2013, while Boeing made over $26.4 billion in U.S. profits, it received a total tax refund of $401 million from the IRS."
"From 2008 to 2013, while Verizon made over $42.4 billion in U.S. profits, it received a total tax refund of $732 million from the IRS."
"In 2011, Federal Express received a $135 million tax refund from the IRS even though it made more than $2.7 billion in U.S. profits that year."
Several issues. First, taxes on corporations are a "double tax" in the first place. Taxes on the profits of a corporation are ALREADY taxed-by the owners of those corporations. Those would be the shareholders that own stock in the company. Dividends paid are already taxed at the individual income tax rate. Any increase in value of the corporation (aka increase in stock value) is paid as capital gains when the stock is sold.
Given the above, my preference would to to eliminate corporate income tax. Stop making US companies less competitive. And stop providing US citizens with money to invest with a major reason to invest OUTSIDE the US.
I doubt that we'll see significant change. Politicians use taxes, tax breaks and loopholes to drive social engineering and economic "change". I doubt you'll see them give up that power.
Taxes on smaller businesses are not so favorable. They lack the ability to take advantage of all the tax favors bought by the lobbyists over the last 50 years. Yes, cut taxes on business. But limit it to the smaller ones. Close the loopholes for the multinational globalists.
What about the individual tax. I just sent in my Fed. taxes and only paid 8.7%. What the Gas oil Party tax cuts are is a massive tax hike on the average income earner. I had about 70K in income.
The reality of both POTUS and Ryan is tax cuts for the top 1% and everyone else including big corporations and small business.
Several issues. First, taxes on corporations are a "double tax" in the first place. Taxes on the profits of a corporation are ALREADY taxed-by the owners of those corporations. Those would be the shareholders that own stock in the company. Dividends paid are already taxed at the individual income tax rate. Any increase in value of the corporation (aka increase in stock value) is paid as capital gains when the stock is sold.
Given the above, my preference would to to eliminate corporate income tax. Stop making US companies less competitive. And stop providing US citizens with money to invest with a major reason to invest OUTSIDE the US.
I doubt that we'll see significant change. Politicians use taxes, tax breaks and loopholes to drive social engineering and economic "change". I doubt you'll see them give up that power.
American companies don't need anymore breaks. They have a cheap, scared and non unionized workforce that can be easily manipulated into voting for their boss's interests over their own. And the American workforce knows nothing but job insecurity for the most part. Alan Greenspan admitted this and said that it's a good thing.
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The whole lower corporate taxes and flat tax is just a means to an end for the Reich. The end goal is ironically no government. And this would happen because there are more working class and poor than rich or corporations, and by making the plebs pay more than they can handle in taxes, you will get revolts for the taxes to go away, and then no one will pay taxes=anarchy
I am for a flat business tax of 5%. Then add on a Corporate tax of 10% on Corporations. Tax businesses based on their profit within the US not Worldwide. Establish a 2% tax on imports. Do away with income tax and create a National tax. Establish a tax on high risk investments. Tax for social security. Tax for universal mental health care and universal health care for the elderly. Excess tax of 5% on marijuana, alcohol, and cigarettes. Levy taxes on businesses that notoriously violate the environment; While offering tax breaks to those who lessen their environmental impact.
And the more we save, the more those savings generate money that we CAN then spend.
Yes and a lot of businesses *gasp* pay higher dividends to shareholders, engage in more stock buybacks, rather than lower prices for consumers.
Economists have not been able to validate the argument that 'corporate taxes are passed through to consumers.' In fact, economists have observed that most corporate taxes are are passed through to shareholders in the form of lower returns on capital.
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