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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."
\\Corporate Tax Loopholes = Corporate Socialism: Pulitzer Prize Winner David Cay Johnston | Daily Ticker - Yahoo! Finance
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?
Corporate Tax Loopholes = Corporate Socialism: Pulitzer Prize Winner David Cay Johnston | Daily Ticker - Yahoo! Finance
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?
Well, it is simple. As I once saw written concerning France, but which applies pretty generally, "We are capitalist for the profits and socialist for the losses."
I believe this should explain both your confusion here and as well the response to the crisis generated by overly avaricious banks and investment predators.
What we need is a flat tax on every dollar earned by every person, and a corporate tax of about 20%. Then we need to axe every tax loophole there is for every person, corporation, farmer, and anyone else who gets preferential treatment.
But that ain't happening, so I don't know the answer. It's all I can do to figure out how to keep my small company afloat and avoid layoffs anymore, never mind the country.
What we need is a flat tax on every dollar earned by every person, and a corporate tax of about 20%. Then we need to axe every tax loophole there is for every person, corporation, farmer, and anyone else who gets preferential treatment.
But that ain't happening, so I don't know the answer. It's all I can do to figure out how to keep my small company afloat and avoid layoffs anymore, never mind the country.
In short, give the rich more money, you do know taxing a person who makes $20,000 atr the same rate of someone who makes 20 million is not equal nor fair at all?
Corporate Tax Loopholes = Corporate Socialism: Pulitzer Prize Winner David Cay Johnston | Daily Ticker - Yahoo! Finance
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?
What we need is a flat tax on every dollar earned by every person, and a corporate tax of about 20%. Then we need to axe every tax loophole there is for every person, corporation, farmer, and anyone else who gets preferential treatment.
But that ain't happening, so I don't know the answer. It's all I can do to figure out how to keep my small company afloat and avoid layoffs anymore, never mind the country.
In short, give the rich more money, you do know taxing a person who makes $20,000 atr the same rate of someone who makes 20 million is not equal nor fair at all?
Everyone should use every legal method and loophole to avoid paying taxes. Starve the beast.
Ranked by size the type of deduction and the amounts written off against taxes in 2008
Amount of
Deduction Type of deduction that government ALLOWS tax payer to subtract from taxes
$653.7 billion
[*]$131.0 billion Exclusion of employer medical insurance premiums and medical care
[*]$117.7 Net exclusion of pension contributions and earnings
[*]$ 88.5 Deductibility of mortgage interest on owner-occupied homes
[*]$55.9 Accelerated depreciation of machinery and equipment
[*]$49.1 Deductibility of non-business state and local taxes
[*]$46.8 Deductibility of charitable contributions
[*]$31.5 Deferral of income from controlled foreign corporations
[*]$30.0 Capital gains exclusion on home sales
[*]$29.1 Deductibility of State and local property tax on owner-occupied homes
[*]$28.4 Child credit
[*]$24.2 Capital gains (except agriculture,timber, and coal)
[*]$21.5 Step-up basis of capital gains at death
What we need is a flat tax on every dollar earned by every person, and a corporate tax of about 20%. Then we need to axe every tax loophole there is for every person, corporation, farmer, and anyone else who gets preferential treatment.
But that ain't happening, so I don't know the answer. It's all I can do to figure out how to keep my small company afloat and avoid layoffs anymore, never mind the country.
In short, give the rich more money, you do know taxing a person who makes $20,000 atr the same rate of someone who makes 20 million is not equal nor fair at all?
I don't care if the rich get to keep more of their money if I and my neighbors have more opportunities to better ourselves.
Those EVIL profiteering banks and insurance companies... OFF with their heads... Power to the people!
OK LETS bankrupt 1,300 insurance companies as Obama wants to do.
Where will the $100 billion a year in Federal/state/local and property taxes come from these companies pay?
Where will the unemployment checks that the 400,000 out of work insurance employees come from?
No one seems to think about that.
Oh and by the way... again ignorance of some people is so evident..
You obviously don't know that 80% of the AVERAGE health insurance premium paid by employer or private insurance goes out in claims.
And those evil profits?? 4% of the premium BEFORE taxes are paid!
Then of the net if paid in dividends the shareholder pays taxes again on the dividends.
So out of the 16% left those hefty salaries for the executives right???
Computer systems which are paid from the 16%... buildings... supplies... all GONE now with your plan!
What we need is a flat tax on every dollar earned by every person, and a corporate tax of about 20%. Then we need to axe every tax loophole there is for every person, corporation, farmer, and anyone else who gets preferential treatment.
But that ain't happening, so I don't know the answer. It's all I can do to figure out how to keep my small company afloat and avoid layoffs anymore, never mind the country.
In short, give the rich more money, you do know taxing a person who makes $20,000 atr the same rate of someone who makes 20 million is not equal nor fair at all?
That person at $20m is still paying orders of magnitude more in actual dollars than the person at $20k.
Everyone should have a stake in a tax burden, its when some people pay and some people dont that we get true inequality.
Those EVIL profiteering banks and insurance companies...
OK LETS bankrupt 1,300 insurance companies as Obama wants to do.
You obviously don't know that 80% of the AVERAGE health insurance premium paid by employer or private insurance goes out in claims.
In short, give the rich more money, you do know taxing a person who makes $20,000 atr the same rate of someone who makes 20 million is not equal nor fair at all?
I don't care if the rich get to keep more of their money if I and my neighbors have more opportunities to better ourselves.
Don't bitch about the deficit and talk fiscal responsibility if thats what you believe, Repugs, forever biting themselves in the ass.
What is wrong with all of us prospering more, even the evil rich guy?
