Flaylo
Handsome Devil
Corporate Tax Loopholes = Corporate Socialism: Pulitzer Prize Winner David Cay Johnston | Daily Ticker - Yahoo! Finance
How can the right wingers be so hard against socialism, all socialism but be so pro-Corporate socialist?
The United States has the highest marginal corporate tax rate in the world, at 39.2%.
Corporations, Wall Street, Mitt Romney and even President Obama all argue that rate is too high for U.S. companies to be competitive in the global economy.
That would be the case if corporations paid such high rates but often they don't. Take Microsoft. The company avoided at least $6.5 billion in taxes using transactions with subsidiaries in Puerto Rico, Ireland, Singapore and Bermuda that were perfectly legal, according to the Senate's Permanent Subcommittee on Investigations, which held a hearing Thursday on corporate tax avoidance.
Carl Levin (D-Michigan), chairman of the subcommittee told reporters, "These loopholes and abuses exact a tremendous cost What these gimmicks do is shift the burden of taxes onto citizens and business who don't use armies of lawyers and accountants."
How can the right wingers be so hard against socialism, all socialism but be so pro-Corporate socialist?