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Exxon paid $28 billion in 2006 (41.4% of earnings) and $30 billion in 2007.
Don't let the zero taxes in 2009 fool you.
I don't think it is fooling anybody but those who think they have to have paid taxes at the rate of 39%? Did they? For that matter, do you believe that corporations, on average, are paying at the statutory rate?
I don't think it is fooling anybody but those who think they have to have paid taxes at the rate of 39%? Did they? For that matter, do you believe that corporations, on average, are paying at the statutory rate?
I sure as hell don't believe it.
To me, the corporate tax rate isn't the important question. What's more important is even with our higher corporate tax rate (effective or statuatory), which country is cheaper to produce in when labor costs are figured in?
If the same company producing a widget in the United States decided to produce the same product at a Canadian facility, which would be more profitable if productivity was about the same?
I submit that among industrialized nations, the United States is hard to beat despite our higher corp tax burden.
The $13-billion budgetary surplus the Conservatives inherited when they took office in 2006 is gone. It has been replaced with a $56-billion deficit, the largest deficit in our history, and the Parliamentary Budget Officer is projecting that the government will add more than $200-billion in new debt by 2016.
Canada's corporate tax rate, which is 25% lower than the U.S. and is the second lowest in the G7, is already competitive and so there is no pressing need to cut corporate taxes further at this time.
I do not think corporations should pay any tax at all. Once money is removed from a corporation, it will already be taxed in virtually every method of distribution to other people.
I do not think corporations should pay any tax at all. Once money is removed from a corporation, it will already be taxed in virtually every method of distribution to other people.
Maybe that would work in Somalia...but most countries have country to run. Canadian Conservatives must really look up to the broke and battered USofA
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