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American busineses pay the first or second highest rate of taxes in the world.
A dramatic cut in their tax responsibility would go much further in stabilizing our economy and creating jobs than any stimulus plan that the Democrats are already concocting. That plan will fail again. And again.
Two thirds of the folks that would receive $500 from Barack pay income taxes. One third of the folks that would receive $500 from Barack don't pay income taxes at all. That group is likely, at least to some extent, to spend their $500 on Cocaine and/or Marijuana. That is an economic stimulus for the illegal drug trade and non productive.
Let's see jobs become available rather than encourage welfare recipients to spend taxpayer bonuses on drugs and booze.
People always look at the mega-companies and scream they want businesses to pay more taxes.
What they don't stop and think about, is that those tax rates etc. that hit the mega-companies also hit the smaller companies which keep this country going and growing. Also, a lot of states want to entice the bigger companies to their state by giving them state tax breaks, etc. The smaller guys sure don't receive that kind of thing.
In the US: Number of companies with Number of Employees
Firms:......18,071 w 500+ .........6,004,056 w <500 .........( 90,560 w 100-499; 535,865 w 20-99; etc.)
Establishments (1 physical location)
...........1,128,513 w 500+ ........ 6,472,647 w < 500 ........(345,719 w 100-499; 697,755 w 20-99; etc.)
Firm - A firm is a business organization consisting of one or more domestic establishments in the same state and industry that were specified under common ownership or control. The firm and the establishment are the same for single-establishment firms. For each multi-establishment firm, establishments in the same industry within a state will be counted as one firm- the firm employment and annual payroll are summed from the associated establishments. Statistics of U.S. Businesses- Explanation of Terms
See page 42 of this:
http://www.treas.gov/press/releases/reports/07230%20r.pdf (broken link)
And this:
CQ Today - Most Corporations Don’t Pay Income Taxes: GAO (http://public.cq.com/docs/cqt/news110-000002937306.html - broken link)
Quote:
Most corporations, including the vast majority of foreign companies doing business in the United States, pay no income taxes, according to a Government Accountability Office report released Tuesday.
The effective rate of business taxes is low compared to other countries. Cutting them further only shifts more of the burden to people who can less afford it.
Do you have any data to back your 2/3-1/3 claim or did you make it up as part of this attempt to troll?
So PeteyNice and idahogie don't think that businesses struggle under America's tax policy.
The ones to blame are the job poviders, right?
If you democrats think that you can force a company to give you what you want, then that's socialism. No reward for hard work --- just everyone the same. Dammit, that's stupid.
Americans need to be competitive in a world economy and all these 20 year olds want to do is love everybody. Love is good, but after about five years of marriage or so, you start to look at heating bills, and the car payment, the mortgage, life insurance, etc.
If you think that you want to be out of work at this point - you're crazy.
These recent posters don't think its important to help businesses ( employers ) survive.
The effective rate may be lower but as the report you referenced states about the US: The country’s 35 percent top rate on corporate income is among the highest in the industrialized world.
Quote:
The report said about 80 percent of the companies studied paid no taxes because they didn’t generate any profit after expenses. CQ Today - Most Corporations Don’t Pay Income Taxes: GAO (http://public.cq.com/docs/cqt/news110-000002937306.html - broken link)
They included small business in their study and I would say this is true for a lot of small businesses.
Quote:
Eighty-three of the nation's 100 largest corporations, including Citigroup, Bank of America and News Corp., had subsidiaries in offshore tax havens in 2007, and some of the companies received federal bailout funding, a government watchdog said Friday.
........vast majority of foreign companies doing business in the United States, pay no income taxes,
72 percent of foreign-owned corporations went at least one year without owing taxes, and the same was true for 55 percent of domestic corporations.
more than 3,500 large domestic corporations — with more than $250 million in assets or $50 million in gross receipts — did not pay taxes in 2005.
The GAO report also found that foreign-owned corporations were somewhat more likely to report no income than domestic corporations. There are several possible reasons for that. Foreign corporations may be younger, and startups are more likely to have no net income after expenses. They may also be in industries with lower profit margins. Another possibility could be the use of transfer pricing, which companies use to account for transactions between subsidiaries in different countries. Creative, rule-stretching use of transfer pricing can allow companies to push their profits into lower-taxed jurisdictions. The report does not attempt to examine whether illegal transfer-pricing caused the difference between foreign and domestic companies.
But companies looking for lower-taxed jurisdictions often take profits out of the United States.
CQ Today - Most Corporations Don’t Pay Income Taxes: GAO (http://public.cq.com/docs/cqt/news110-000002937306.html - broken link)
The big boys have armies of accountants and the abilities to duck and sway - but the smaller to mid-size companies do not (I'm not even taking into considering the small companies). Before the whole crisis in the economy, Obama campaigned on raising the tax % on business which made as low as $250,000. How in the world can this compare to the big boys? There's no loops for business in this area to jump through.
Ostensibly, the U.S. federal tax code requires corporations to pay 35 percent of their profits in income taxes.
But of the 275 Fortune 500 companies that made a profit each year from 2001 to 2003 and for which adequate information to draw conclusions is publicly available, only a small proportion paid federal income taxes anywhere near that statutory 35 percent tax rate. The vast majority paid considerably less.
In fact, in 2002 and 2003, the average effective tax rate for all of these 275 companies was less than half the statutory 35 percent rate. Over the 2001-2003 period, effective tax rates ranged from a low of -59.6 percent for Pepco Holdings to a high of 34.5 percent for CVS.
Over the three-year period, the average effective rate for all 275 companies dropped by a fifth, from 21.4 percent in 2001 to 17.2 percent in 2002-2003.
American busineses pay the first or second highest rate of taxes in the world.
A dramatic cut in their tax responsibility would go much further in stabilizing our economy and creating jobs than any stimulus plan that the Democrats are already concocting. That plan will fail again. And again.
Two thirds of the folks that would receive $500 from Barack pay income taxes. One third of the folks that would receive $500 from Barack don't pay income taxes at all. That group is likely, at least to some extent, to spend their $500 on Cocaine and/or Marijuana. That is an economic stimulus for the illegal drug trade and non productive.
Let's see jobs become available rather than encourage welfare recipients to spend taxpayer bonuses on drugs and booze.
Don't give us this tripe from some RIGHT WING think tank or wacko's garage office.
Tax policy decisions must includes ALL the taxes the society is paying to determine fairness and economic viability.
Why don't you mention that there is such as thing as the Value Added Tax (VAT), a consumption-based tax, used in Europe and elsewhere. The proceeds from that tax replaces taxes that might be levied under a higher corporate tax.
RIGHT WING blowhards are all alike. Their posts are like an after-midnight infomercial. They give us USELESS information because it is INCOMPLETE and IDEOLOGICAL rather than PRAGMATIC. Please research WHAT WORKS instead of WHAT'S RIGHT under your particular system of pet peeves.
yes more tax cuts for the millionares and billionares, go away Republican
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