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The issue of corporate tax participation has become especially pressing in recent years, as the country struggles to manage its ballooning deficits. Corporate taxes for non-financial companies have fallen more than 13 percent since 2007, according to Bloomberg. At the same time, the national debt grew to $15.23 trillion from $9.13 trillion -- a number larger than the economy itself.
According to a recent analysis of nearly 300 Fortune 500 companies by the Citizens for Tax Justice, the average company was paying just 18.3 percent in taxes -- a little more than half the official rate. And by using techniques like industry subsidies, stock option packages, and moving assets overseas where they can't be taxed, 30 companies mentioned in the report -- including Wells Fargo, Verizon, Boeing and General Electric -- didn't pay a cent in federal taxes in 2008, 2009 or 2010, the report found.
The phenomenon affects state income taxes as well as federal. Last month, another study from the Center for Tax Justice found that corporate tax avoidance had cost states a combined $42.7 billion between 2008 and 2010 -- a period when budget shortfalls forced states to cut spending for health care, public schools and care for the elderly and disabled.
Not one in Congress has talked about corporate tax rates so I guess nothing will happen.
Instead they will get it from that $200K/year mid level manager.
There are taxes paid, but they are paid by the individual owners/investors, not the corporation.
The rate of this type of corporation has grown, I predict because its easier to hide profits by individualizing them, but mainly because the number of small businesses have grown.
There are taxes paid, but they are paid by the individual owners/investors, not the corporation.
The rate of this type of corporation has grown, I predict because its easier to hide profits by individualizing them, but mainly because the number of small businesses have grown.
Supreme court ruled that corporations have the same rights as people. With rights come responsibilities. They can't have it both ways, pay up.
The issue of corporate tax participation has become especially pressing in recent years, as the country struggles to manage its ballooning deficits. Corporate taxes for non-financial companies have fallen more than 13 percent since 2007, according to Bloomberg. At the same time, the national debt grew to $15.23 trillion from $9.13 trillion -- a number larger than the economy itself.
According to a recent analysis of nearly 300 Fortune 500 companies by the Citizens for Tax Justice, the average company was paying just 18.3 percent in taxes -- a little more than half the official rate. And by using techniques like industry subsidies, stock option packages, and moving assets overseas where they can't be taxed, 30 companies mentioned in the report -- including Wells Fargo, Verizon, Boeing and General Electric -- didn't pay a cent in federal taxes in 2008, 2009 or 2010, the report found.
The phenomenon affects state income taxes as well as federal. Last month, another study from the Center for Tax Justice found that corporate tax avoidance had cost states a combined $42.7 billion between 2008 and 2010 -- a period when budget shortfalls forced states to cut spending for health care, public schools and care for the elderly and disabled.
I don't read a lot of HuffPo but can you tell me if they mentioned the fact that if those corporations did pay income taxes they would charge the consumers more for their goods and services to make up for their "loss". I guess it is alright for us to get to pay more so the government can collect more in taxes but I don't like it.
I don't read a lot of HuffPo but can you tell me if they mentioned the fact that if those corporations did pay income taxes they would charge the consumers more for their goods and services to make up for their "loss". I guess it is alright for us to get to pay more so the government can collect more in taxes but I don't like it.
Basic economics 101, price = supply and demand. If corporations could charge more and get away with it, they would have done it already.
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