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Old 03-24-2014, 05:41 AM
 
Location: Beautiful Rhode Island
9,260 posts, read 14,834,877 times
Reputation: 10284

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I have a question.

The RI corporate income tax rate is 9%.

One company headquartered here- CVS Caremark- has 132.9 billion total revenue.

That's roughly 11 billion in tax at 9%.

The total state budget is 11.7 billion.

Voila- from just one company headquartered here our individual taxes are almost completely eliminated.

Just think- The State of Rhode Island and Consumer Value Stores.

Does every large company get a deal like this?
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Old 03-24-2014, 08:02 AM
 
Location: Wyoming
9,724 posts, read 21,186,837 times
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Income tax isn't paid on total revenue but rather on profit.
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Old 03-24-2014, 08:04 AM
 
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Quote:
Originally Posted by WyoNewk View Post
Income tax isn't paid on total revenue but rather on profit.
Which is something is a lot of people screaming about the so called high corporate taxes seem to forget. In reality the US has some of the lowest corporate tax rates in the world when you figure in loopholes, exemptions and that the US has a tiered corporate tax system.

Other countries all corps have the same tax corporate tax rate and do not have loopholes or exemptions so they actually pay more in corporate taxes then the US corps do.
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Old 03-24-2014, 11:47 AM
 
Location: Beautiful Rhode Island
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It is ranked #13 on the Fortune 500 list of top US corporations: CVS Caremark - Fortune 500 2013 - Fortune

Even if their profits were half of revenue, that would still cover half the entire budget of this state.
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Old 03-24-2014, 12:00 PM
 
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CVS had to spend several hundred million dollars implementing a number of security procedures and upgrades after getting caught helping meth labs get several key ingredients in violation of the law. This money being spent helped CVS avoid getting shut down by the DEA so CVS just had to forfeit 2.5 million dollars in profit and pay a 75 million dollar fine in addition to spending several hundred million dollars.

http://www.wehonews.com/z/wehonews/a...articleID=5466
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Old 03-24-2014, 12:38 PM
 
Location: Warwick, RI
5,450 posts, read 6,240,814 times
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For fiscal year 2012, CVS reported total revenues of just over $123 billion, and an operating profit of $7.228 billion, a far cry from half. They reported paying a total of $2.441 billion in taxes, an approximate 34% rate. I'm not sure how that breaks down between federal, state, and local taxes, or to which states and localities it paid the taxes to. None of this information is top secret, it's all there in their annual report, available on their website under investor relations for anyone to download and read, and I'm sure you could request and get more detailed tax information from the company.
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Old 03-24-2014, 12:49 PM
 
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How many companies have a profit that is half of their revenue?
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Old 03-24-2014, 04:19 PM
 
Location: Beautiful Rhode Island
9,260 posts, read 14,834,877 times
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Does anyone honestly think that a reporting of the major companies in the state and the actual corporate tax rate paid would approach 9%? If anyone knows if such a list is publicly available, it would be interesting to see it since so much has been made of the "high tax climate" for business.
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Old 03-24-2014, 07:34 PM
 
23,296 posts, read 18,454,689 times
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Quote:
Originally Posted by Hollytree View Post
Does anyone honestly think that a reporting of the major companies in the state and the actual corporate tax rate paid would approach 9%? If anyone knows if such a list is publicly available, it would be interesting to see it since so much has been made of the "high tax climate" for business.
I don't know what do you think?
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Old 03-25-2014, 06:18 AM
 
11,113 posts, read 19,477,898 times
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Quote:
Originally Posted by Hollytree View Post
Does anyone honestly think that a reporting of the major companies in the state and the actual corporate tax rate paid would approach 9%? If anyone knows if such a list is publicly available, it would be interesting to see it since so much has been made of the "high tax climate" for business.


R.I. business tax climate ranks 46th in country, worst in N.E. - Providence Business News

^^^ Latest report.
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