2/3 of US Corporations Pay No Income Tax

[boedicca]

B'loney. Those resources are used by people to do their jobs as well.

 

[Dont Taz Me Bro]

Are you contesting any of the "facts" presented?

No, I am not contesting the "facts" because no facts were presented. See my reply in post #97. Just half truths which you would know if you did your own research and stopped letting other people think for you like I told you.

Is it accurate to say Exxon Mobile payed $15 billion in taxes in 2009 and not a single cent made its way to the US Treasury?

No, it is not accurate to say that.

Any ideas on where to start looking?

For one, the linked article that Think Progress falsely quoted, which took me all of two minutes to read and catch the deception, something you were too lazy to do.

 

[Care4all]

Are you contesting any of the "facts" presented?

No, I am not contesting the "facts" because no facts were presented. See my reply in post #97. Just half truths which you would know if you did your own research and stopped letting other people think for you like I told you.

Is it accurate to say Exxon Mobile payed $15 billion in taxes in 2009 and not a single cent made its way to the US Treasury?

No, it is not accurate to say that.

Any ideas on where to start looking?

For one, the linked article that Think Progress falsely quoted, which took me all of two minutes to read and catch the deception, something you were too lazy to do.

Why is it not accurate to say that? What did I miss? Did Exxon that year pay federal corporate income taxes or other federal taxes that went to the u.s. treasury?

 

[Sallow]

I think exxon valdez paid like 27 billion dollars in federal taxes in 2008 and years before.

It's instructive to examine the behavior of the rich during the last two years of our Great Recession if you want to understand how cost is socialized and profit privatized by Republicans AND Democrats in times of manufactured crisis:

"EXXON-MOBIL: The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States.

"Although Exxon-Mobil paid $15 billion in taxes in 2009, not a penny of those taxes went to the American Treasury.

"This was the same year that the company overtook Wal-Mart in the Fortune 500. Meanwhile the total compensation of Exxon-Mobil’s CEO the same year was over $29,000,000."

Excellent news. Thank you for that uplifting story. That is a lot of money the Obama/Pelosi/Reid junta won't get their greedy hands on...

Junta? What Junta? They won elections.

And cheering the reduction of revenue used to treat the wounds of our Veterans from Afghanistan and Iraq in order to line the pockets of those who use their income to party in the Caribbean while they piss on their workers isn't very patriotic.

 

[Flopper]

It's a start. 100% shouldn't pay corporate income tax. It's double taxation. Investors pay tax again when they take the money out of the corporation. And again when they spend it. It's triple taxation...

Not really. In some cases dividends are deductible by the corporation which means they are not double taxed. When you sell your interest in a corporation you pay capital gains tax which is the difference between your cost basis and your net proceeds from the sale. There is no direct relationship relationship with corporate taxes paid. Whether you pay sales tax or not depends on where you live and how you spend the money.

Dividends are taxed, you're just wrong on that. Dividends are one way corporations distribute money to shareholders and they are not deductible ever, sorry. You may be thinking of dividends from preferred shares, but they are really bonds, not dividends. Bonds are deductible by the company. But dividends aren't. Either that or you just don't know what you're talking about. The rest is silly.

I said in some cases dividends are deductible by the corporation. For federal tax purposes, a corporation may generally take a dividends-received deduction (DRD) on its tax return equal to 70% of the dividend income it receives from a domestic corporation. Qualified dividends are partially taxed since they are taxed at the capital gains rate.

When you take your money out of the corporation, the amount of tax you pay has nothing to do with corporate tax. Your capital gains tax is based on the money you made, not the corporation.

If you live in Oregon, Montana, Vermont, Delaware, or Alaska, you pay no sales.

So yes, money is taxed more than once, but not triple taxed. That's an exaggeration.

 

[kaz]

It's instructive to examine the behavior of the rich during the last two years of our Great Recession if you want to understand how cost is socialized and profit privatized by Republicans AND Democrats in times of manufactured crisis:

"EXXON-MOBIL: The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States.

"Although Exxon-Mobil paid $15 billion in taxes in 2009, not a penny of those taxes went to the American Treasury.

"This was the same year that the company overtook Wal-Mart in the Fortune 500. Meanwhile the total compensation of Exxon-Mobil’s CEO the same year was over $29,000,000."

Excellent news. Thank you for that uplifting story. That is a lot of money the Obama/Pelosi/Reid junta won't get their greedy hands on...

Junta? What Junta? They won elections.

And cheering the reduction of revenue used to treat the wounds of our Veterans from Afghanistan and Iraq in order to line the pockets of those who use their income to party in the Caribbean while they piss on their workers isn't very patriotic.

What an ass

 

[kaz]

Not really. In some cases dividends are deductible by the corporation which means they are not double taxed. When you sell your interest in a corporation you pay capital gains tax which is the difference between your cost basis and your net proceeds from the sale. There is no direct relationship relationship with corporate taxes paid. Whether you pay sales tax or not depends on where you live and how you spend the money.

Dividends are taxed, you're just wrong on that. Dividends are one way corporations distribute money to shareholders and they are not deductible ever, sorry. You may be thinking of dividends from preferred shares, but they are really bonds, not dividends. Bonds are deductible by the company. But dividends aren't. Either that or you just don't know what you're talking about. The rest is silly.

I said in some cases dividends are deductible by the corporation. For federal tax purposes, a corporation may generally take a dividends-received deduction (DRD) on its tax return equal to 70% of the dividend income it receives from a domestic corporation

Saying they get a tax reduction doesn't contradict that they are taxed. You're talking about how it's calculated. But even in the one case you named where a company owns a company, you still only supported the tax is reduced not eliminated. I didn't address how it's taxed, I just said it was.

So yes, money is taxed more than once, but not triple taxed. That's an exaggeration.

And yet I listed the three times it's taxed:

1) Corporate tax
2) Dividend or capital gains when you take your money out
3) Sales tax when you spend it

If you give it away or leave it to someone, that's a fourth tax...

We should go to the Fair Tax. Almost as good as firing every IRS agent would be firing every tax attorney and tax accountant as the dead wood they are on our economy

 

[Dont Taz Me Bro]

Are you contesting any of the "facts" presented?

No, I am not contesting the "facts" because no facts were presented. See my reply in post #97. Just half truths which you would know if you did your own research and stopped letting other people think for you like I told you.



No, it is not accurate to say that.

Any ideas on where to start looking?

For one, the linked article that Think Progress falsely quoted, which took me all of two minutes to read and catch the deception, something you were too lazy to do.

Why is it not accurate to say that? What did I miss? Did Exxon that year pay federal corporate income taxes or other federal taxes that went to the u.s. treasury?

Judging from the Forbes interview, we don't know. It doesn't conclude one or the other, so yes, it is inaccurate to say they didn't pay any taxes to the federal government.

 

[Care4all]

No, I am not contesting the "facts" because no facts were presented. See my reply in post #97. Just half truths which you would know if you did your own research and stopped letting other people think for you like I told you.



No, it is not accurate to say that.



For one, the linked article that Think Progress falsely quoted, which took me all of two minutes to read and catch the deception, something you were too lazy to do.

Why is it not accurate to say that? What did I miss? Did Exxon that year pay federal corporate income taxes or other federal taxes that went to the u.s. treasury?

Judging from the Forbes interview, we don't know. It doesn't conclude one or the other, so yes, it is inaccurate to say they didn't pay any taxes to the federal government.

wonder why such a reputable mag like Forbes would leave OUT that critical information?

 

[uscitizen]

I think it should be a lower, flat tax for all corporations....with no loopholes.

all corporations pay the same flat rate on earnings....

We would probably collect more in corporate taxes that way, and it would be a level playing field for all corporations, global and domestic.

Disagree, with a qualification.

All taxes levied should be for a specific enumerated power of the feds to spend. For example, fuel taxes to pay for roads and bridges.

Like the Whiskey tax was?

 

[Care4all]

No, I am not contesting the "facts" because no facts were presented. See my reply in post #97. Just half truths which you would know if you did your own research and stopped letting other people think for you like I told you.



No, it is not accurate to say that.



For one, the linked article that Think Progress falsely quoted, which took me all of two minutes to read and catch the deception, something you were too lazy to do.

Why is it not accurate to say that? What did I miss? Did Exxon that year pay federal corporate income taxes or other federal taxes that went to the u.s. treasury?

Judging from the Forbes interview, we don't know. It doesn't conclude one or the other, so yes, it is inaccurate to say they didn't pay any taxes to the federal government.

well, here is a CNN article that says they paid ZERO in federal corporate income taxes....actually, the Federal government PAID EXXON money....156 million paid by us tax payers...that's just bull crap.

Exxon Mobil: $15.1 billion

U.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion

Exxon paid the most taxes last year of any U.S. company, by far -- but not a cent went to the IRS for income taxes.Tax bills for 5 corporate giants - Exxon Mobil: $15.1 billion (2) - CNNMoney.com

so the 15.2 billion they are claiming to have paid is INTERNATIONAL and we, the fed and state got crapola?

our corporate tax structure MUST BE REFORMED.

 

[Immanuel]

Why is it not accurate to say that? What did I miss? Did Exxon that year pay federal corporate income taxes or other federal taxes that went to the u.s. treasury?

Judging from the Forbes interview, we don't know. It doesn't conclude one or the other, so yes, it is inaccurate to say they didn't pay any taxes to the federal government.

well, here is a CNN article that says they paid ZERO in federal corporate income taxes....actually, the Federal government PAID EXXON money....156 million paid by us tax payers...that's just bull crap.

Exxon Mobil: $15.1 billion

U.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion

Exxon paid the most taxes last year of any U.S. company, by far -- but not a cent went to the IRS for income taxes.Tax bills for 5 corporate giants - Exxon Mobil: $15.1 billion (2) - CNNMoney.com

so the 15.2 billion they are claiming to have paid is INTERNATIONAL and we, the fed and state got crapola?

our corporate tax structure MUST BE REFORMED.

Our income tax structure must be reformed, but it will never happen because with the way things are politicians, lobbyist and the rich control the nation. As long as we have the tax structure that we have today, that will always be the case. Yet so many people are sold on the "fairness" of the progressive tax system.

Immie

 

[McDowell's]

Why is it not accurate to say that? What did I miss? Did Exxon that year pay federal corporate income taxes or other federal taxes that went to the u.s. treasury?

Judging from the Forbes interview, we don't know. It doesn't conclude one or the other, so yes, it is inaccurate to say they didn't pay any taxes to the federal government.

well, here is a CNN article that says they paid ZERO in federal corporate income taxes....actually, the Federal government PAID EXXON money....156 million paid by us tax payers...that's just bull crap.

Exxon Mobil: $15.1 billion

U.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion

Exxon paid the most taxes last year of any U.S. company, by far -- but not a cent went to the IRS for income taxes.Tax bills for 5 corporate giants - Exxon Mobil: $15.1 billion (2) - CNNMoney.com

so the 15.2 billion they are claiming to have paid is INTERNATIONAL and we, the fed and state got crapola?

our corporate tax structure MUST BE REFORMED.

You're wrong. Sorry, get over it.

PolitiFact | Bernie Sanders says ExxonMobil paid no taxes in 2009, but that's inaccurate

And the states and fed did not get nothing out of Exxon. If you want to pretend they didn't pay any INCOME taxes, they pay plenty of other taxes in addition to royalties to the federal and state governments. Even your article mentioned that fact, but you decided to ignore it.

 

[Care4all]

Judging from the Forbes interview, we don't know. It doesn't conclude one or the other, so yes, it is inaccurate to say they didn't pay any taxes to the federal government.

well, here is a CNN article that says they paid ZERO in federal corporate income taxes....actually, the Federal government PAID EXXON money....156 million paid by us tax payers...that's just bull crap.

Exxon Mobil: $15.1 billion

U.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion

Exxon paid the most taxes last year of any U.S. company, by far -- but not a cent went to the IRS for income taxes.Tax bills for 5 corporate giants - Exxon Mobil: $15.1 billion (2) - CNNMoney.com

so the 15.2 billion they are claiming to have paid is INTERNATIONAL and we, the fed and state got crapola?

our corporate tax structure MUST BE REFORMED.

You're wrong. Sorry, get over it.

PolitiFact | Bernie Sanders says ExxonMobil paid no taxes in 2009, but that's inaccurate

And the states and fed did not get nothing out of Exxon. If you want to pretend they didn't pay any INCOME taxes, they pay plenty of other taxes in addition to royalties to the federal and state governments. Even your article mentioned that fact, but you decided to ignore it.

oh, so CNNmoney is wrong? I did NOT say they paid nothing in taxes, they paid plenty in International corporate income taxes.... I said they paid nothing in FEDERAL CORPORATE INCOME TAXES dear....in fact, the federal treasury paid exxon 157 million

 

[Gadawg73]

Eliminate all income taxes and go to the Fair Tax.
Revenue would double within 2 years.
But of course the redistributionists and class warfare warriors oppose it.

 

[Gadawg73]

well, here is a CNN article that says they paid ZERO in federal corporate income taxes....actually, the Federal government PAID EXXON money....156 million paid by us tax payers...that's just bull crap.



so the 15.2 billion they are claiming to have paid is INTERNATIONAL and we, the fed and state got crapola?

our corporate tax structure MUST BE REFORMED.

You're wrong. Sorry, get over it.

PolitiFact | Bernie Sanders says ExxonMobil paid no taxes in 2009, but that's inaccurate

And the states and fed did not get nothing out of Exxon. If you want to pretend they didn't pay any INCOME taxes, they pay plenty of other taxes in addition to royalties to the federal and state governments. Even your article mentioned that fact, but you decided to ignore it.

oh, so CNNmoney is wrong? I did NOT say they paid nothing in taxes, they paid plenty in International corporate income taxes.... I said they paid nothing in FEDERAL CORPORATE INCOME TAXES dear....in fact, the federal treasury paid exxon 157 million

Maybe Exxon partnered with distributors here and those distributors paid the taxes.
Do you believe McDonalds OR THE FRANCHISE holder pays the local and state taxes for hamburgers sold?

 

[McDowell's]

well, here is a CNN article that says they paid ZERO in federal corporate income taxes....actually, the Federal government PAID EXXON money....156 million paid by us tax payers...that's just bull crap.



so the 15.2 billion they are claiming to have paid is INTERNATIONAL and we, the fed and state got crapola?

our corporate tax structure MUST BE REFORMED.

You're wrong. Sorry, get over it.

PolitiFact | Bernie Sanders says ExxonMobil paid no taxes in 2009, but that's inaccurate

And the states and fed did not get nothing out of Exxon. If you want to pretend they didn't pay any INCOME taxes, they pay plenty of other taxes in addition to royalties to the federal and state governments. Even your article mentioned that fact, but you decided to ignore it.

oh, so CNNmoney is wrong? I did NOT say they paid nothing in taxes, they paid plenty in International corporate income taxes.... I said they paid nothing in FEDERAL CORPORATE INCOME TAXES dear....in fact, the federal treasury paid exxon 157 million

And that refund came from what? What made the federal government obligated to pay Exxon $157 million? Could it possibly be an overpayment of taxes based on the profit the company made in that year? Just because they got a refund does not mean they paid no income taxes. Plenty of individuals overpay their taxes through withholding and estimated payments throughout the year and end up getting a refund. The existence of a refund does not prove your assertion by any means. In fact, it goes a long way to proving the opposite. Most people who get a refund have still made net payments TO the treasury. Corporations must make estimated tax payments. More likely than not, Exxon did pay income taxes and got a refund on a PORTION but not all of it.

Does CNNmoney have access to Exxon's tax returns? Did CNNmoney cite Exxon's tax returns in their article? The answer is NO to both. So CNNmoney is using the same false basis as everyone else - the company's financial statements. You do know that there are items known as temporary and permanent accounting differences which mean the financial statements do not accurately reflect the actual dollar amount paid for taxes to any government entity in a given year. Effectively, an ignorant reporter gave an ignorant person an ignorant reference that is BASELESS. Congratulations.

Read the referenced article. Exxon says they paid around $500 million in income taxes. The two years previous to that they paid over $3 billion each year. Exxon is the only entity besides the IRS which has access to their tax returns. I'm not going to trust a blind third party on this. You get a link to the IRS saying Exxon paid zero in income taxes and you have a point. Otherwise, it's all speculation on your part. You can distrust Exxon all you want, but I find it dumbfounding that someone will trust a competely blind source over someone with first hand knowledge.

And the article I linked specifally talks about federal income taxes...dear.

 

[Oddball]

Eliminate all income taxes and go to the Fair Tax.
Revenue would double within 2 years.
But of course the redistributionists and class warfare warriors oppose it.

Then I'm totally against it.

The feds are already taking too much....They don't need any more.

 

[kaz]

Eliminate all income taxes and go to the Fair Tax.
Revenue would double within 2 years.
But of course the redistributionists and class warfare warriors oppose it.

Then I'm totally against it.

The feds are already taking too much....They don't need any more.

The fair tax replaces the income tax, corporate tax, and other taxes. It's not a new tax.

Amazing that with your views you would not take any chance to eliminate the incredible intrusion the IRS commits to our privacy. It is evil that citizens of a country would be subject to that.

 

[Dont Taz Me Bro]

Eliminate all income taxes and go to the Fair Tax.
Revenue would double within 2 years.
But of course the redistributionists and class warfare warriors oppose it.

You think just they oppose it? The bulk of the elected Republicans in Congress don't support it either. The politicians get an enormous amount of power from the tax code. The Republicans had six years of complete control where they could have implemented this and yet barely even entertained the idea. In fact, I believe when Bush put together that committee to make recommendations to restructure the tax code they flat out shot down the Fair Tax.