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They are not tax loopholes. Politicians call them loopholes in an attempt to make people think that these breaks weren't intentionally written into the tax code. They were.
Yes indeed. And it's called the tax code.
It favors low-moderate income, non earned income and large corporations. That's no accident.
We have some of the highest tax rates in the world, but we have so many loopholes for businesses that it makes the tax rate a ridiculous, meaningless figure.
We do indeed have some of the highest corporate tax rates in the world. The effective rate is what really matters . No one pays retail.
The GOP is going down hard in 2014 if they keep standing in the way of these tax breaks while calling for Social Security, Medicare, and Medicaid to be cut.
Are these recent tax breaks.
The D's owned the WH, Congress and Senate for a couple of years. Why didn't they fix them then and tell the world about it?
Look, I'm all about eviscerating megacorporations that rip us off by hiding income offshore then trying to extort the U.S. government to let them use it here tax-free, like this jerk, and other schemes they set up to pay net zero taxes, but that's not what happened here.
".......Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million...."
".......Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million...."
This is all the result of lobbyists and a corrupt political system which makes politicians sell legislation to the highest bidder. The single best investment ANY company can make is to lobby congressmen to get special legislation. Now, this is classic rent seeking behavior EXACTLY like Adam Smith defined it and it is highly economically destructive as it obfuscates the market and creates artificial winners and losers based on political access (rigging the game in your favor) instead of winning in the market place because you tried harder or produced a better product.
Never the less this is the corrupt political system which has existed for the last 40 years and it will NOT change in any meaningful way until it is made illegal to give any money (or anything of any monetary value) to any politician including telling them they'll get a fat, swank job post politics if only they do X, Y, and Z for a certain company. Call campaign donations exactly what they are, a bribe, and begin handing down harsh sentences to both companies and politicians. Don't do that and America will continue to have its growth impeded by rent seeking behavior just like Adam Smith said almost 300 years ago.
Look, I'm all about eviscerating megacorporations that rip us off by hiding income offshore then trying to extort the U.S. government to let them use it here tax-free, like this jerk, and other schemes they set up to pay net zero taxes, but that's not what happened here.
Cozy up to the government and you get all sorts of sweetheart deals. Don't, or be antagonistic of them and you get thrown in jail or driven to suicide, murdered or if you're lucky, just run out of business. Warren Buffet and Bill gates can fill you in. Andrew Breitbert could have, too.
Buisness never actually pays taxes. If a business is hit with a big tax bill, they meerly pass that cost on to you the consumer. One way or the other, YOU are going to pay the taxes.
The GOP is going down hard in 2014 if they keep standing in the way of these tax breaks while calling for Social Security, Medicare, and Medicaid to be cut.
Social Security, Medicaid and Medicare NEEDS to be cut!
If we settled the bill for the above today, our deficit would rise to approximately $120 trillion!!
All the kids in high school now and beyond are going to be footing the bill for all the baby boomer retirees and others currently on SS and MC.
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