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Since the Supreme Court decided last year that corporations are now people with their rights protected under the 14th Amendment (passed after the Civil War to protect the rights of slaves), corporations should have to obey the laws just like every other person in the US and be held accountable the way every other person in the US is held accountable.
If Corporations don't pay their income tax, the Federal Revenue should seize their property and assets just as they do to a person who refuses to pay taxes. Once upon a time, we all stood equal before the law. Now this "person" called a corporation has become more equal than the rest of us.
Quote:
Many of this country’s biggest companies paid no federal taxes — or even made money through credits and refunds from the government — over the past three years by using an array of loopholes and tax breaks, according to a report released Thursday.
The authors examined the finances of 280 corporations from 2008 through 2010 and found that 30 paid zero taxes or used loopholes to wind up with negative tax rates.
Under the federal tax code, corporations are supposed to pay 35 percent of their profits in taxes. But the study found many of the companies used legal tax breaks that allowed them to pay lower rates than ordinary Americans.
some people dont even realize that S-Corporations (1120-S) are not taxable entities. income or losses flow-through to shareholders and is taxed on the indivdual 1040. The majority of corporations with less than 100 shareholders are now S-Corporations.
Now it is true that your typical big coporations like GE or Wal-Mart are taxable entites. But who is to blame for them not paying any tax? Tax planning is not illegel. Only tax evasion is.
some people dont even realize that S-Corporations (1120-S) are not taxable entities. income or losses flow-through to shareholders and is taxed on the indivdual 1040. The majority of corporations with less than 100 shareholders are now S-Corporations.
Now it is true that your typical big coporations like GE or Wal-Mart are taxable entites. But who is to blame for them not paying any tax? Tax planning is not illegel. Only tax evasion is.
Nobody is to blame them. We should blame ourselves, congress and many administrations for providing them such loopholes. However, in the current situation, perhaps its better to free them from taxes.
Many people who whine about corporations do not even understand anything on how they operate. They just heard it from Ed or Lawrence they are bad.
Give us a list of corps who pay out millions and then give us a list of corps who do not pay anything. Include what type of corp it is so we can show you how the owner(s) paid as individuals.
Washington Post hand pick certain names and left out the individuals to compare.
By contrast, tech companies and manufacturers, including General Electric, paid far less. GE, for instance, paid a rate of minus 45 percent, the report said.
This is Obamas hand picked favorite company. Why did they end up at -45%?
47% of Americans get away without paying ANY income taxes but yet use all those things the rest of us pay to use which is wrong. Most get refunds which is also wrong.
I think it is about time the OP and those like him/her actually pull out the annual reports of these corporations and read the financial statements. Then, read the tax laws passed by Congress which allow the loopholes and understand both parties have pandered using tax law to get $$ for their campaigns and to make money themselves.
If you disagree with the tax code, petition your representatives to change it. I'm outraged that 51% of Americans pay no federal income tax at all. Why isn't the OP?
I think it is about time the OP and those like him/her actually pull out the annual reports of these corporations and read the financial statements. Then, read the tax laws passed by Congress which allow the loopholes and understand both parties have pandered using tax law to get $$ for their campaigns and to make money themselves.
If you disagree with the tax code, petition your representatives to change it. I'm outraged that 51% of Americans pay no federal income tax at all. Why isn't the OP?
Without exception, people who parrot this crap have never produced anything.
47% of Americans get away without paying ANY income taxes but yet use all those things the rest of us pay to use which is wrong. Most get refunds which is also wrong.
You use the same road, street and water resources as a billionaire...Is that wrong?
No wealthy individual became wealthy in a vacuum. Think about it.
I think it is about time the OP and those like him/her actually pull out the annual reports of these corporations and read the financial statements. Then, read the tax laws passed by Congress which allow the loopholes and understand both parties have pandered using tax law to get $$ for their campaigns and to make money themselves.
If you disagree with the tax code, petition your representatives to change it. I'm outraged that 51% of Americans pay no federal income tax at all. Why isn't the OP?
I understand perfectly that those were legal loop holes and I agree that "tax laws passed by Congress which allow the loopholes and understand both parties have pandered using tax law to get $$ for their campaigns and to make money themselves."
The whole system is corrupt, the corps send congress the cash, and in return congress passes laws with those convenient loop holes and anything else the big financial and corporate interests want.
The INCOME* taxes that the 51% of lower income Americans don't have to pay wouldn't amount to a hill of beans when compared to what Corporate America has weaseled out of in taxes. Congress just winks and turns a blind eye.
Write my rep? Maybe you have great access to your rep. The people in my district don't. I've written my rep letters (polite ones) and never once did I get so much as a form letter in reply. Other people I've spoken with around here got the same result - nothing.
* (They still pay FICA, gasoline taxes, State income tax, etc.. etc,. ad nauseum)
You use the same road, street and water resources as a billionaire...Is that wrong?
No wealthy individual became wealthy in a vacuum. Think about it.
Any billionaire paid more to subsidize those than you did.
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huh?
