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Originally Posted by chopcrazy  What is even more funny, is that the report does not say how many companies made a profit to pay the tax and avoided it through credits or other means. Nor did the report say how many of the companies were S-corps and the federal tax would than be paid on personal income tax.
The company I work for does not pay income tax because we lose money. We have a high depreciation and interest expense which results in a net loss for us.
Maybe this is a point for going towards a flat tax or national sales tax. |
here is some further stats for those that like some data instead of words ('census.gov/csd/susb/2005/usst05.xls')
Basically, about 92% of firms and establishments have less than 500 people and comprise half of the employment. Only 8% comprise Firms and establishments that have 500+ people and make up half of the employement. There were roughly 13.5 million firms and establishments in the data. this is to give perspective when you see that two-thirds don't pay
federal income tax as a company. When you think of a corporation, are you thinking of one that has 10,000+ employees or one that has 50 employees?
As you looked through Exxon's 10-Q, you probably noticed that Exxon paid 19.8 billion in taxes or 46.8% of income before taxes which is up from the 14.5 Billion or 42.5% of income before taxes that was paid in 2007 through the first six months.
What tax breaks did exxon have that resulted in an increase in the percent of taxes to be paid?
Your point about who should get the tax break "me" is valid for almost everyone. Almost everyone would want to have a tax break. When you vote, you vote what is best for you. If someone promises to give a tax break to you, you more than likely will vote for it.