Business

Which Major U.S. Corporations Have Barely Paid Any Taxes?

Which Major U.S. Corporations Have Barely Paid Any Taxes?There’s an intriguing new study out by Citizens for Tax Justice (CTJ). The report claims that a dozen U.S. companies are barely paying their share of taxes. Tax reform, an issue that’s currently being discussed on both sides of the aisle, continues to be a contentious subject among American lawmakers and the public at large. The Hill has more:

Citizens for Tax Justice (CTJ) released an examination on Wednesday that said that a dozen major companies had, between them, an average effective tax rate of roughly -1.5 percent between 2008 and 2010 — well below the top marginal corporate rate of 35 percent.

The liberal-leaning group’s analysis comes more than a quarter-century after it released a similar report that is widely credited with adding momentum to the push for the last successful overhaul of the tax code, which was completed in 1986…

In all, CTJ found that two-thirds of the 12 companies in the analysis, which come from a wide range of industries, had an overall negative effective tax rate between 2008 and 2010. (When the group says negative rate, it means the companies got a tax benefit — not necessarily that the business got a check from the government.)

According to CTJ, the Treasury Department lost out on $60 billion in revenue during the three years that were analyzed. General Electric is among the companies that have benefited immensely from the current tax code. From 2008 through 2010, GE had the lowest tax rate of all of the companies examined, -61.3 percent (yes, that’s a negative sign). The company claimed a $3.2 billion “tax benefit” for 2010 alone. The Hill reminds us that “Jeffrey Immelt, GE’s chief executive, is the chairman of President Obama’s Council on Jobs and Competitiveness.”

Aside from GE, the other companies that barely paid any taxes were American Electric Power, Dupont, Verizon, Boeing, Wells Fargo, FedEx, Honeywell, IBM, Yahoo!, United Technoloties and ExxonMobil.

While the study is certainly interesting, it doesn’t rely on tax returns. Instead, it looks at financial and accounting records. Some critics caution that this data is not as accurate or reliable as the information from the returns would be. Either way, this study certainly provides some viable information for lawmakers to examine as the ongoing debate about America’s tax code continues.

What do you think? Should tax loopholes be closed to avoid the extremely low rates these companies enjoy, or do corporations deserve the tax benefits they’re receiving?

This story has been updated.

Comments (137)

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  • I_Hate_Libs
    Posted on June 1, 2011 at 1:02pm

    It turns out that the Democrats are in bed with big business.

    The horror of the Democrat mind.

    Report Post »  
  • Ron_WA
    Posted on June 1, 2011 at 1:01pm

    Flat tax of 10% – no exemptions for all individuals making over $20k/year & $45k families of 4 (some community service for those below that level); plus 20% for all corporations making a profit over $75k per year – NO EXEMPTIONS! That & some fiscal responsibility would fix these ills. I’d pay more under this plan but at least I’d know it was a level playing field. Oh, if you live somewhere where the cost of living makes this too much of a hardship: MOVE!

    Report Post » Ron_WA  
    • commonsenseguy
      Posted on June 1, 2011 at 1:08pm

      i am with you on that, but you and i know that everyone wants change, most just don’t want to be the ones who are effected, they will cry like babies,when you take their tit away, and bitch when they have to give up a little,to save a lot, what is the saying , what is mine is mine,and what is yours is mine.they will never accept change,it is way to hard ,but when they find out they will get nothing,they will bitch some more,but they would not give up a little earlier so everyone could make. then they will know they were stupid greedy.o well, they need not come to for help, i am prepared and will not share with a greedy commie.

      Report Post »  
    • Non-sequitur
      Posted on June 1, 2011 at 1:14pm

      All this would do is hurt poor people more since 10% of their money has a much higher value to them. If you take $2000 from someone making $20000 a year you’re hurting them much more than taking $100.000 from someone making $1.000.000 a year. Rich people can afford to pay more taxes and should since they profit much more from the money they pay in taxes (their companies use the public infrastructure much more than a regular person).

      It is not the taxes. Taxes were much higher in the most prosperous times of America. Taxes are much higher in the most prosperous European and Scandinavian nations and their companies seem to kick the asses of ours. What’s the reason for that? Are our companies just so much weaker and worse than theirs? Does “American Exceptionalism” suddenly mean we’re exceptionally BAD at everything? Look at the article. Our companies refuse to pay taxes and some people here just try to make excuses for them like a beaten wife makes up excuses for their abusive husband. “If we lower the taxes of companies, maybe they’ll stay with us! We know they love us!”

      Report Post »  
    • Clive
      Posted on June 1, 2011 at 2:48pm

      Non-sequitur, you are making too much sense for this wall.

      Report Post »  
    • Therightsofbilly
      Posted on June 1, 2011 at 4:11pm

      @Cliive

      If you follow non-seq’s thinking, you will NOT make much “cents”.

      Are you positive that you were not indoctrinated?

      Report Post » Therightsofbilly  
  • commonsenseguy
    Posted on June 1, 2011 at 12:59pm

    well lets see a labor union calling out the biggest union companies ,i am will to pay good money for a front row seat, to this heavy weight match, careful labor unions,you should never throw rocks at your glass house, or bite the hand that feeds you. citizen for tax justice, i wonder how much money soros has invested in this commie club?? hey idiots way not do a report on the hedge fund managers,and see how many of them are tax delinquents and thieves??? then i might take you serious,but until then,seat down and shut your commie union pie hole.

    Report Post »  
  • NOBALONEY
    Posted on June 1, 2011 at 12:53pm

    The democrates are always attacking big oil, but I‘ll bet my last dollar that they’ll be silent with General Electric.

    Report Post » NOBALONEY  
    • inferno
      Posted on June 1, 2011 at 2:25pm

      The reason politicians attack “big oil”, is because a majority of the ignorant public buys their BS. They publicly attack to score points on one hand, while raking campagin money on the other. Perhaps I was too kind when I said ignorant people buy their BS. Maybe I should have said “stupid”
      public.

      Report Post »  
  • Richard Compton
    Posted on June 1, 2011 at 12:48pm

    So Charlie Rangle D. NY wants to raise taxes on the people but corporations that make billions in profit pay nothing or next to nothing. I wonder what political contributions these companies made and to who’s campaign etc.

    Report Post »  
  • Joan Of Argghh
    Posted on June 1, 2011 at 12:46pm

    I question the single source for this article and am surprised that no one else cares:
    Citizens for Tax Justice.

    I’m just on my lunch break and already I know more than the author has written for this post.

    Report Post »  
  • Mr. Oshawott
    Posted on June 1, 2011 at 12:42pm

    If only the Flat Tax were implemented…All companies would pay the same percentage of their profits, regardless of how high the profit margin. And I would want the percentage to be no higher than 15%.

    Report Post » Mr. Oshawott  
  • Aerocog
    Posted on June 1, 2011 at 12:39pm

    I seem to remember certain company with the intials “GE” giving a few million dollars in donations to certain a democratic canditate a few years ago. i wonder if there’s a connection between the two? Humph? I wonder.

    Report Post »  
    • OneRepublic4us
      Posted on June 1, 2011 at 1:02pm

      Yeah, and I wonder how Unions that donate heavily to the DNC got so many waivers for Obamacare…..I WONDER!

      Report Post » OneRepublic4us  
  • Grey Matter
    Posted on June 1, 2011 at 12:36pm

    I’m amazed how we try to encourage businesses to prosper in this country and then back-hand them for using the very tools we gave them to do so. For instance, the government allowed business to write off (for tax purposes) 100% percent of capital expenditures via Sec 179 or bonus depreciaiton this year. We also give a tax credit to companies who are willing to invest in researching and developing new technologies and products which will in turn create new products and jobs. The idea is to encourage spending that will benefit the economy.

    This of course will lower the amount of taxes a company will have to pay. More products have been ordered, more jobs created, but let’s damn these companies for doing what we asked them to do.

    I am no fan of G.E. but they have legimately used an NOL (net operating loss) to lower their tax liability. Too lengthy of a discussion for this post to explain properly but companies are allowed to even income across various years. So if you lost millions in prior years, those losses can be used to offset income in future years.

    Finally, the use of the phrase “loophole” needs to stop. A loophole is nothing more than what you call someone else’s tax deduction you wish you had. Single people think married people have a loophole. Children are considered a loophole to the parentless. Alimony is also considered a loophole to some (depends which side of the coin you’re one). So let’s stop using this meaningless phrase.

    Report Post » Grey Matter  
  • 70S_KIDS_FIGHTING_SOCIALISM
    Posted on June 1, 2011 at 12:35pm

    Where are all the libs, cricket cricket, Bueller – Bueller – Bueller? Mcfly? They love the Big huge companies Like Big GE easier to control the masses, forced unionization etc…

    Report Post » 70S_KIDS_FIGHTING_SOCIALISM  
  • Sjah
    Posted on June 1, 2011 at 12:24pm

    When will the government STOP picking winners and losers and just treat every company (and person) the same. Oh that’s right as soon as we get politicians out of bed with them.

    Report Post » Sjah  
  • jessieH
    Posted on June 1, 2011 at 12:23pm

    Fair tax! Oh, and investigations into G.E. They may be part of Soros’s group of thugs.

    Report Post »  
  • Nick Pable with Buckshot
    Posted on June 1, 2011 at 12:23pm

    Report: Some Major U.S. Corporations Have Paid Very Little in Taxes
    Coming next – “Pope is a Catholic” shock and “Bears s**t in the woods” report. Come on Blaze – where’s the news?

    Report Post » Jack of Hearts  
  • ccr
    Posted on June 1, 2011 at 12:23pm

    And people thought Obama was going to “fix” all of this! haha! He’s just protected his biggest buddy (GE and former connection with his propaganda channel: nbc/msnbc). Paybacks are part of the Chicago way, right?

    Citizens that believe Obama doesn’t have his “cronies” are ……asleep, naive or blind.

    Report Post »  
  • MtnLou
    Posted on June 1, 2011 at 12:20pm

    Keep the taxes corporations have to pay LOW. Encourage more businesses to come to the US. More businesses=more employees=tax revenue increase. To modify a line from Clinton- It’s a spending problem stupid. I‘m tired of witch hunts on who and who doesn’t pay their “fair share”.

    Report Post » MtnLou  
  • Grey Matter
    Posted on June 1, 2011 at 12:17pm

    Joan of Argghh is correct. All corporate taxes are simply passed through. This is either reflected in higher prices to the end consumer and/or lower returns to the investor. And in case you’re wondering, anyone with a 401k is also a corporate investor, which these days is pretty much everyone. So everyone that is screaming for higher taxes on corporations should be careful what they wish for you. Because you are only requesting a higher tax on yourself!

    Report Post » Grey Matter  
  • Blazer334
    Posted on June 1, 2011 at 12:16pm

    GE not withstanding, (because they are in Obama’s pocket), it’s good that corporations paid less in taxes. They shouldn’t be taxed at all. Not when we consumers are taxed AGAIN when we buy what the big corporations make.

    Report Post » Blazer334  
    • StargazerInSavannah
      Posted on June 3, 2011 at 8:49am

      I would point out that Corporations are owned by stockholders. The stockholders pay individual taxes. Corporate taxes are a form of ‘double taxation’ because any corporate earnings that are passed on to share holders will again be taxed.
      Taxes on corporations and small business like all the idiotic regulations from the idiots in DC increase the cost of doing business meaning that the business becomes less competitive. When less competitive the business moves over seas or goes into bankruptcy.
      Obama and the other communists that support him are the greatest destroyers of jobs and wealth in history.

      Report Post »  
  • SheriS
    Posted on June 1, 2011 at 12:13pm

    I used to buy nothing but GE products! That came to an end when they jumped in bed with Obama! What products I have will not be replaced with GE! So done with them and their products!

    Report Post »  
    • ccr
      Posted on June 1, 2011 at 12:24pm

      I’m with you!! I’m not knowingly buying ANYTHING GE!

      Report Post »  
    • Joan Of Argghh
      Posted on June 1, 2011 at 12:25pm

      “Citizens for Tax Justice” Hmmm. . . let’s go to SourceWatch.org

      “Citizens for Tax Justice (CTJ) was founded in 1979 by labor unions and other groups.”

      “”The Citizens for Tax Justice (CTJ) is the tax policy arm of the AFL-CIO.”

      Their Mission Statement has the killing, telling line it it, too:
      CTJ’s mission is to give ordinary people a greater voice in the development of tax laws. ‘Citizens for Tax Justice’ fights for:

      Fair taxes for middle and low-income families
      Requiring the wealthy to pay their fair share
      Closing corporate tax loopholes
      Adequately funding important government services
      Reducing the federal debt
      Taxation that minimizes distortion of economic markets

      According to a Bloomberg article on February 9, 2004, Citizens for Tax Justice “is funded in part by labor unions”.

      Report Post »  
  • Steelhead
    Posted on June 1, 2011 at 12:13pm

    and thanks to the Supreme Court in Baker v. Exxon there are now limits on which corporations ca be fined.

    Report Post » Steelhead  
    • 13th Imam
      Posted on June 1, 2011 at 2:10pm

      So, the Trial Lawyers will have to steal their money elsewhere. What a shame

      Report Post » 13th Imam  
  • Joan Of Argghh
    Posted on June 1, 2011 at 12:10pm

    Corporate taxes are merely a hidden tax on the consumer. You can legislate the details 100 different ways, but the accountants on staff get paid to keep the doors open and the profits flowing. Anything that shifts that balance against profit will come out in the pricing of the product. Pure and simple.

    Elected representatives know that in taxing businesses, they are actually taxing you, dear ones. But it’s a game they play well, and the corporations suffer it to be so because it looks like “their fair share” and keeps everyone blissfully unaware of the true cost of their government.

    Report Post »  
    • mickgringo
      Posted on June 1, 2011 at 12:17pm

      @ Joan Of Argghh

      You are so on the mark with this…simply another example class/corporate warfare politics. In the end, it all comes out of our “ends”…. Time to eliminate the tax code in it’s entirety and decide on what will be best for the citizens of this great country: a flat tax or a VAT tax. Time to also make the IRS extinct.

      Report Post » mickgringo  
    • CARS60
      Posted on June 1, 2011 at 12:45pm

      Totally agree but we have to get rid of Obamacare too so the IRS can be dismantled…

      Report Post »  
  • packsack54
    Posted on June 1, 2011 at 12:09pm

    What else is new? LCT.

    Report Post »  
  • Joan Of Argghh
    Posted on June 1, 2011 at 12:08pm

    Businesses NEVER pay taxes. NONE of them do.

    Report Post »  
    • dmforman
      Posted on June 1, 2011 at 12:13pm

      So true. They pass those expenses back on those who buy their products or services.

      Report Post »  
    • Clive
      Posted on June 1, 2011 at 2:52pm

      joan, are you kidding, or are you a moron? my business paid a tax rate of about 30% last year. and the state of illinois taxed it an additional 10%.

      Report Post »  
    • Joan Of Argghh
      Posted on June 1, 2011 at 3:01pm

      You need to get out of business if you don’t know how to keep a ledger and balance sheet and understand how to make a profit. Taxes are a liability. If you are a business owner, you are passing on the cost of doing business to your clients and customers. If not, then you really need to work for someone else.

      Report Post »  
    • Therightsofbilly
      Posted on June 1, 2011 at 4:16pm

      Hey Clive,

      Read between the lines, OK?

      My goodness!

      Report Post » Therightsofbilly  
  • h20sue
    Posted on June 1, 2011 at 12:08pm

    I‘d say it’s time to collect back taxes from these corporations, not individuals who are trying to survive.
    It’s the atypical democratic yahoo. Instead of cutting spending to foreign countries, they want to strap the small, hard working tax payers. We’re tired of it. What don’t they hear from us, or understand? Are they ignorant? Get those large corporations to pay their back taxes. We have to pay when we earn money. Of coarse, that’s been little to none lately. Small businesses are falling like flies, but do you think anyone in Washington cares? They talk a big talk, but they don’t give a rats butt what happens to us.

    Report Post »  
  • Thorkratos
    Posted on June 1, 2011 at 12:07pm

    What GE? The most trusted honorable company on the face of the earth (hint of sarcasm). We’re awake and coming for you too! Send in the government alligators!

    Report Post » Thorkratos  
    • J.C. McGlynn
      Posted on June 1, 2011 at 12:21pm

      What an inspiration you just gave me. We have “Government Motors” and now we have “Government Electric”.

      Report Post » J.C. McGlynn  
    • vennoye
      Posted on June 1, 2011 at 12:40pm

      You have more discretion with public corporations……….I quit buying anything from GE years ago, quit using GE Financing for anything like lasik or other 6 month no interest unless I paid it off before the 6 months over, etc. But it is becomming clear that the only people paying taxes are ordinary people, not the poor, not the BIG corporations, not the government employees!! That is why the middle class is not dying…..they are being destroyed.

      Report Post » vennoye  
    • Mr. Oshawott
      Posted on June 1, 2011 at 12:49pm

      @J.C. McGlynn

      Well said on the Government Electric part. In fact, that‘s what I’ll be referring “General Electric” to from this point foward.

      Report Post » Mr. Oshawott  
  • Gonzo
    Posted on June 1, 2011 at 12:05pm

    Two words: FAIR TAX

    Report Post » Gonzo  
    • J.C. McGlynn
      Posted on June 1, 2011 at 12:18pm

      Can we get Charlie “Tax Cheat” Wrangle to tax these outfits before he tells me I haven’t paid enough yet?

      Report Post » J.C. McGlynn  
    • tinydd
      Posted on June 1, 2011 at 12:20pm

      You mean “Flat Tax”? Oh the wailing and gnashing of teeth this would bring about. Never goning to happen as too many “Tax People”, would be out of a job plus it makes too much sense, which Washington cannot or will not understand. Sense? You mean the pennys in my pocket?

      Report Post »  
    • Blackhawk1
      Posted on June 1, 2011 at 12:20pm

      Two more words….Obama’s friends!

      Report Post » Blackhawk1  
    • lovenfl3
      Posted on June 1, 2011 at 12:26pm

      I agree, FAIR TAX. http://www.youtube.com/watch?v=JbXPpBLlc1U

      Report Post » lovenfl3  
    • frustratedwithgovt
      Posted on June 1, 2011 at 12:31pm

      Agreed Gonzo. You can’t get mad at the companies for exploiting the loopholes in the system. Instead blame a tax code that has grown from 24K pages in 1980 ( already mammoth in size ) to over 80K pages in 2010. It doesn’t have to be that complicated.

      Report Post » frustratedwithgovt  
    • AKMIIKEUS
      Posted on June 1, 2011 at 12:33pm

      It doesn’t matter how many tax breaks the rich get, they still won’t create jobs in this country.

      Report Post » AKMIIKEUS  
    • The_Almighty_Creestof
      Posted on June 1, 2011 at 12:38pm

      My idea? You pay a flat tax of X % which the government can spend on anything…then you pay another X % where YOU decide it to be spent…like you are given a choice of 100 different areas and you can put no more than 10% of this portion in any category.

      This way the American people decide what programs are worth funding and which are not. If Amtrack winds up with $100.00 then they close up shop and get out of dodge. Grants for the Arts? Piss off. Aid to foriegn countries? Take a number and have a seat.

      Report Post »  
    • Obama Snake Oil Co
      Posted on June 1, 2011 at 12:38pm

      So you come up with EPA regulations to drive companies overseas to avoid corp taxes and then say its not fair? I see it differently. These companies left for a reason, we have the highest corp tax rate than any country. So what was congress thinking when they put in these regulations along with the green czars and the EPA and the whole host of new jobs? Well, they left, good bye America for now. When we stop shooting ourselves in the foot and look down to see we are bleedin? You wanted green cars, China and India want jobs. Guess where most of the wind turbines are being made? Guess where most of the solar panels are made? Call it American wealth redistribution to other countries…but the environmentalists have ruined the normal industry here in America. Until someone gets a handle on “reasonable” business, this terd is the one you find in the swimming pool. It boils my blood to hear an unemployed person gripe about voting for hopey and dopey and wonder why they have no job….

      Report Post » Obama Snake Oil Co  
    • drago
      Posted on June 1, 2011 at 12:42pm

      @akmiikeus
      You’re an f-n idiot, go troll a river moron…….

      Report Post »  
    • drattastic
      Posted on June 1, 2011 at 12:46pm

      @ GONZO….Yup
      @AKMEATHEAD….I think we can all agree that most jobs are created by welfare recipients..you like most progressive idiots ,couldn’t logic your way out of a wet paper bag.

      Report Post » drattastic  
    • GODSAMERICA
      Posted on June 1, 2011 at 12:47pm

      @Gonzo
      More than two words:
      Arrest obama and his cronies for aiding, abetting and even participating in the theft of government (really our money) money. They are all petty thiefs (petty minds anyway) but still crooks. Put every one of them in prison for felony theft and I bet that there are a few dozen more charges that they could be charged with.

      Report Post » GODSAMERICA  
    • HappyStretchedThin
      Posted on June 1, 2011 at 12:48pm

      Businesses don’t pay taxes. People do. You want companies to “pay” and give a “fair share” what you’ve really done is add to the price of the goods/services you get from the company. If we just killed these corporate taxes off completely and left revenue to income tax, or a sales tax/fair tax-ish idea, business would flourish, foreigners would invest in the US, and the purchasing power of the average american would skyrocket.

      Report Post » HappyStretchedThin  
    • Mike N
      Posted on June 1, 2011 at 12:48pm

      FAIR TAX is right . . . I’m on board.

      Report Post »  
    • jedi.kep
      Posted on June 1, 2011 at 12:50pm

      Amen to fair tax. Time to end the IRS. Removing that money sucker alone could pay for what, ten more bailouts? Rebuild Joplin and Tuscalosa? Fund Medicare a bit longer? Everyone pay the same percent. Period.

      Report Post » jedi.kep  
    • jzs
      Posted on June 1, 2011 at 12:52pm

      First of all, I thought everyone here was in favor of lowering corporate taxes. So why the change in heart.

      Second, to the idea that GE is getting special dispensations, read this: http://www.nytimes.com/2007/06/25/business/media/25murdoch.html?pagewanted=2

      The article says, “By taking advantage of a provision in the law that allows expanding companies like Mr. Murdoch’s to defer taxes to future years, the News Corporation paid no federal taxes in two of the last four years, and in the other two it paid only a fraction of what it otherwise would have owed. During that time, Securities and Exchange Commission records show, the News Corporation’s domestic pretax profits topped $9.4 billion.”

      New Corp owns FOX in case you didn’t know.

      Report Post » jzs  
    • Non-sequitur
      Posted on June 1, 2011 at 1:03pm

      “Businesses don’t pay taxes. People do. You want companies to “pay” and give a “fair share” what you’ve really done is add to the price of the goods/services you get from the company.”

      And you don’t think companies already charge the absolute maximum they think they can get away with? Please stop repeating talking points and think for yourself.

      Report Post »  
    • ChillyinAlaska
      Posted on June 1, 2011 at 1:05pm

      I think FLAT TAX would be better, would not allow “manipulation” and would be fairer that all pay the same percentage and would be easier to institute.

      Report Post »  
    • Mannax
      Posted on June 1, 2011 at 1:10pm

      I agree. Fair Tax and all of this crap is settled.

      Report Post »  
    • slimster
      Posted on June 1, 2011 at 1:11pm

      Here are some better words – End the federal reserve and go back to a system of taxing that is completely constitutional.

      Report Post »  
    • Mannax
      Posted on June 1, 2011 at 1:21pm

      CHILLYINALASKA
      Posted on June 1, 2011 at 1:05pm
      I think FLAT TAX would be better, would not allow “manipulation” and would be fairer that all pay the same percentage and would be easier to institute.

      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

      Flat Tax sucks because it still involves the IRS. And our original system started out as a flat percentage tax. Read up on the Fair Tax, I think you will like it.

      Report Post »  
    • RollingWheat
      Posted on June 1, 2011 at 1:24pm

      Corporations don’t pay taxes, people do. Whatever goods and services you buy or a coporation buys from another company, it is just an expense they have to cover in the price of their goods and services. So if we increase corporate taxes we are raising the taxes on ourselves.
      What is unfair is that some corporations avoid taxes by receiving tax breaks from Uncle Sam, i.e. G.E.

      Report Post »  
    • Therightsofbilly
      Posted on June 1, 2011 at 1:35pm

      @NON-SEQ

      So if the price of crude permanently drops by 50% overnight, will gas still cost $4.00 a month from now?
      Using your non-logic it should stay at $4.00 because they have already proven that they can get away with it.

      Please stop listening to Carville, and think for yourself.

      @JZS

      Yes, I am for the smallest corporate tax possible, even for GE.

      If a company is EXPANDING, it is creating jobs. Those new jobs create taxpayers. Those new taxpayers spend money, which in turn, creates more jobs, which creates more taxpayers……..see what that gets us to?……….Prosperity. Isn’t capitalism great?

      So I have no problem with them DEFERRING some taxes to a later time. (Again, GE included)

      Report Post » Therightsofbilly  
    • realjohn
      Posted on June 1, 2011 at 1:46pm

      The U.S. has the highest or second highest – depending on Japan’s current rate – corporate tax rate of all “developed” countries. Corporate taxes in Canada cap at 16% while ours pay 35% on domestic revenue (AGI). If a corporation moves its production offshore and runs the revenue through the “laundromat”, they pay less U.S. corporate tax.
      If the corporate tax rate was lowered, the corporations would have more incentive to keep jobs here. I am not saying they would because of high union payroll and benefits. But NYC just changed their taxi fleet (in the process). They gave a $3 billion contract to Mexico to produce the Nissan minivans. Why worry about unions and high corporate tax? Just build offshore. Not even Government Motors can compete. Just sayin’ there is a lot more to it than just the tax rate.

      Report Post »  
    • HappyStretchedThin
      Posted on June 1, 2011 at 1:51pm

      Thanks Billy,
      Well reasoned defense. Non-sequitur’s handle is a description of his own logic just as his suggestion that I should “stop repeating talking points and think for yourself.” is a classic example of medicine he should be taking himself.
      Price = cost + profit margin. This is basic econ. I said nothing about the profit margin part of the equation, but to deny that taxes on corporations add to the cost part of the equation is the only real non-sequitur here.
      What I find more revealing is the language he uses to talk about what companies are doing when they set prices for things/services they sell. Why is it automatically “getting away with” something if you freely enter into an exchange with someone to offer them something they want for money they’ve earned doing something else productive/useful to society? That JZS, Non-sequitur, AKMiikeus impute greed as the sole motive behind exchanges-indeed, behind human beings organizing to maximize the useful productivity they can attain-speaks to an emotional projection which reveals their own motives, I daresay.
      Profits are not evil. They are the proof you’ve done something worthwhile for someone else.

      Report Post » HappyStretchedThin  
    • theonefromabove
      Posted on June 1, 2011 at 2:06pm

      Fair tax is a good idea.

      http://politicalbowl.com – Political Videos

      Report Post »  
    • its_time_to_arrest_our_government
      Posted on June 1, 2011 at 2:10pm

      two more words “jail time”

      Report Post »  
    • inferno
      Posted on June 1, 2011 at 2:21pm

      Gonzo,
      There is no such thing as a fair tax. If there were, who would decide what’s fair ? The fact that one person or a group of people decides what’s fair, is unfair in itself.

      Report Post »  
    • 101
      Posted on June 1, 2011 at 2:27pm

      Flat tax & Abolish the IRS

      Report Post »  
    • Jediusetheforce
      Posted on June 1, 2011 at 2:32pm

      No, Two Words–NO Taxes…….Period!!!!!!

      Report Post »  
    • VerySeniorCitizen
      Posted on June 1, 2011 at 2:34pm

      The UGLAND HOUSE is a five (5) story building in Cayman Islands

      It is called HOME to 18,857 Coprporations – at least HALF that number are US companies

      They ALL pay ZERO in taxes.

      More than $100 Billion per year in tax evasion to the USA.

      http://taxjustice.blogspot.com/2008/07/18857-firms-one-registered-address.html

      Report Post »  
    • Eric_The_Red_State
      Posted on June 1, 2011 at 2:42pm

      if pigs could vote, the man with the slop bucket would be elected swineherd every time, no matter how much slaughtering he did on the side

      Report Post » Eric_The_Red_State  
    • Okie from Muskogee
      Posted on June 1, 2011 at 2:44pm

      @rights of Billy

      If you buy oil at $100 a barrel and after refining and overhead you can sale at $4.00 a gallon. Oil drops to $50 a barrel overnight, will you sale your purchased $100 oil for $4.00 a gallon or for $2.00 a gallon at 50% loss? You sale your $100 oil for $4.00 until it is gone then you begin selling your $50 oil for $2.00 a gallon….

      @JZS
      Yes the lowest tax rate possible for everyone. The problem we are having is due to Global companies and the ability to keep profits offshore by shifting the balance sheets and earnings around. The rich should be taxed equal to the poor, unless you like to discriminate. 

      Here is the whole problem, Progressive Income Tax Amendment. Repeal it and do not put any other tax in place…Yup that is right, RESTORE back to the CONSTITUTION. Make the Government function how it was intended, small, lean, and non-intrusive. Before the Progressive Income Tax was added however did our Government function?! Quite fine I would say. Since the Progressive Income Tax, we have become slaves, Governmemt grew and we all became poorer…RETURN TO THE CONSTITUTION! That simple..

      Report Post » Okie from Muskogee  
    • restorehope
      Posted on June 1, 2011 at 3:55pm

      To say that companies are not to blame if they take advantage of tax loopholes is just what’s wrong with America today. Of course those companies are wrong to do it! The bar has been lowered so far that we no longer recognize honorable or honest behavior.

      Society has become selfish….instead of selfless. And that concept is spreading to all of the facets of our lives….and is ultimately contributing to our country’s decline. Americans need to realize that we all have to pull together and conduct not only our lives, but our businesses with honor. Only then can we regain the greatness we once had.

      Report Post »  
    • Therightsofbilly
      Posted on June 1, 2011 at 3:59pm

      @Okie,

      Yes, I understand the economic principles involved.
      That is why I stipulated “a month from now” in my rhetorical question to non-sequiter.

      Report Post » Therightsofbilly  
    • Therightsofbilly
      Posted on June 1, 2011 at 4:02pm

      Eric_The_Red_State WROTE:

      “if pigs could vote, the man with the slop bucket would be elected swineherd every time, no matter how much slaughtering he did on the side”

      So true.
      Sad, but true.

      Report Post » Therightsofbilly  
    • Okie from Muskogee
      Posted on June 1, 2011 at 6:14pm

      @RightsOfBilly

      I hear your argument but you leave out demand in you rhetorical question. If oil drops 50% and demand at $4.00 is equal to demand at $2.00 would you lower your price to $2.00 a month from now? 

      Only to compete with the Gas store next door. If companies work together to keep prices equal, there is no competition and prices won’t go down. Who sets the US gas prices and is there competition in gas prices? IMO, there is no competition in the gas market. 

      Hope your doing good RightsOfBilly….

      Report Post » Okie from Muskogee  
    • tower7femacamp
      Posted on June 1, 2011 at 7:06pm

      see the slaves want tax cuts for the rich and they
      invest their money in China and de industrialize the US to
      be a 3rd world country.

      Report Post » tower7femacamp  
    • snidley-whiplash
      Posted on June 1, 2011 at 7:58pm

      my guess……………………….The U S Federal Reserve

      Report Post » snidley-whiplash  
    • momsense
      Posted on June 1, 2011 at 8:00pm

      Amen –big time! EVEN THE FREELOADERS HAVE TO PAY SOMETHING THEN—AMEN !

      Report Post »  
    • Therightsofbilly
      Posted on June 1, 2011 at 8:53pm

      @Okie

      Yes Okie, I am doing well, hope the same for you.

      Report Post » Therightsofbilly  
    • TomFerrari
      Posted on June 1, 2011 at 9:07pm

      Ditto!

      FAIR TAX !

      Report Post » TomFerrari  
    • MiketheTrucker
      Posted on June 1, 2011 at 11:32pm

      Without even reading the article I bet if you look at Obama’s biggest supporters list it will match up with the same tax avoiding companies.

      Report Post »  
    • jackrorabbit
      Posted on June 3, 2011 at 11:42am

      Two words, YOUR RIGHT!

      Report Post »  
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