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Like I said, I'm no tax expert, but no corporations actually pay those rates. Most pay significantly less, which is part of the push for a simplified tax code.
15% only applies to the first $50,000, the next $25K is taxed at 25%, the next $25K is taxed at 34%, but then the tax rates jumps to 39%. It's better to show a small US profit and shift the rest of the profit to the UK, Ireland, Hong Kong or the Bahamas, which is more difficult to do for small companies.
Like I said, I'm no tax expert, but no corporations actually pay those rates. Most pay significantly less, which is part of the push for a simplified tax code.
There are deductions available, but after deductions are taken you pay a high tax on your taxable income.
A large corporation in my state, Johnson & Johnson, paid $2.89 billion in taxes on $10.85 billion in net income. That's 27% of double taxation.
I read recently read that Johnson & Johnson avoided $2 billion by shifting profits overseas. Would you mind sharing your sources for the $2.89 paid? I'm curious now...
There was a recession between 1998 and 2005. It's possible to have a single year for anyone (corporation or individual) in which they did not pay taxes. But show that corporations do not pay taxes on a regular basis.
If corporate income tax goes down to zero, then personal income tax will need to rise sharply. We can't lower taxes everywhere, and they're already at historic lows... common sense tells me somebody's got to pay. (I don't like paying taxes either, btw. )
There was a recession between 1998 and 2005. It's possible to have a single year for anyone (corporation or individual) in which they did not pay taxes. But show that corporations do not pay taxes on a regular basis.
7 years isn't enough. LOL.
Whatever.
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