DiamondDave
Army Vet
I don't mean to confuse you DD.
It's just that it's so hard NOT to confuse somebody like you.
I am only confused by your stances and your inherent hypocrisy
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I don't mean to confuse you DD.
It's just that it's so hard NOT to confuse somebody like you.
Read my other link discussing the effective tax rate.
I am only confused by your stances and your inherent hypocrisy
You realize of course that this would actually RAISE the tax rate paid by corporations. Wasn't it last year that the GAO came out with a report that 2/3 of American corporations don't pay any corporate tax? The tax rate in the US for corporations is extremely low, comparatively speaking.
The Gap Between Statutory and Real Corporate Tax Rates
You realize of course that this would actually RAISE the tax rate paid by corporations. Wasn't it last year that the GAO came out with a report that 2/3 of American corporations don't pay any corporate tax? The tax rate in the US for corporations is extremely low, comparatively speaking.
The Gap Between Statutory and Real Corporate Tax Rates
As Techie pointed out, it was 2/3 of the Fortune 500 corps and I seriously doubt they are s-corps.Here we go again. Broken record time.
Since more than half of US corps are subchapter S corporations and profits from subchapter S corporations are not reported on a corporate tax returns but rather on the individual tax returns of the S corporation share holders, of course most corporations don't pay a corporate tax but the tax is paid by the shareholders individually.
So if 50% of corporations are S corps and don't report taxes on a corporate tax return only 16% of corporations actually paid no taxes. Probably because they either ran at a loss or their prfits and expenses zeroed out.
But this can't be right because ALL corporations are greedy money grubbing employee abusing entities that should have to pay 100% tax.
GMAFB
Excluding Japan, most industrial nations have cut their corporate tax rates to be more competitive.
The big story though is Ireland.
Into the 1990's, Ireland was known as "the sick man of Europe" mostly because its workers had to leave Ireland to find work commensurate with workers' work skills.
In the early 90's, it drastically reduced its corporate tax rate, till reaching a low rate of 12 1/2% compared to our present 35%.
Major corporations poured into Ireland--jobs have soared ever since. Ireland is now more prosperous than all the major industrial nations of Europe.
A rate of 25%, in the U.S. would be a good start to be matched by removal of any loophole (no matter what you call it--credit, allowance, subsidy etc.) so that normal business expenses, are the only deductions.
Although Ireland has had this dramatic turnaround in increased jobs, increased revenues and a huge increase in living standards, most class warfare merchants on the Left--which is just about the entire left--ignore these highly desirable results.
The Left makes petty arguments about unrelated matters.
Attacking anything in any way relating to profit, seems to make them proud and certain that they just shared their wisdom with us--though hatred would often be a more accurate description.
As long as the nanny-state crowd, shows disdain for the single biggest entity of heroes in the country---those who create jobs, those who give us a choice of employment, so we don't have to be farmers or engage in some other unrewarding form of drudgery, as was the case before the Industrial Revolution started spreading wealth among the general population---that crowd feels certain that its reckless, unrelated comments are jewels of widsom.
Most of the Mainstream Media is in this group.
Hardly any members of the Mainstream Media, have ever risked a penny in their lives, yet they believe the government--which has no money of its own--is the basic solution to everything no matter how huge the cost.
As Techie pointed out, it was 2/3 of the Fortune 500 corps and I seriously doubt they are s-corps.
Your s-corps are paying at an individual rate not a corporate rate.
EXACTLY!!! Who was proposing this? McCain! Who is against this and could possibly raise them? Obama
Truthfully if you want to have America turn the corner and actually win the trade war with China, India, Russia, Brazil, Mexico and the 3rd world, you need to remove the corporate tax, capital gains tax (on stocks), payroll tax and most importantly the income tax (most companies have a flow through taxation - which the owners are taxed on at a personal level vs entity level)!
How can we do this! The FAIR TAX!
Look at Dubai, the fastest growing corporate sector in the world! How are they doing it in one of the most instable regions of the world? Because of a 0% Corporate taxation!
Great perhaps you should join Halliburton Corporation and move there, then.
AFter all, Dubai is a monarchy.
And people who prefer corporative power above representational governments are probably more comfortable under an extremely paternal fascist monarchical goverment than living in something messy like a democracy, anyway.
And just think, no corporate taxes, either.
It's a swell place as you can read here; Dubai - Wikipedia, the free encyclopedia
Shall I book your flight today?
The same could be said about any money spent.Still is a non issue.
The money a corp makes pays its employees. They pay taxes
The company pays dividends. Shareholders pay taxes,
The company contracts labor. the contractor pays taxes
The company leases a space, the lessor pays taxes
The company buys new equipment and supplies from vendors. Sales taxes are paid, the vendor pays its employees those employees pay taxes
Share holders pay capital gains taxes when stocks appreciate.
When share holders die their heirs pay death taxes.
The fact that a corp paid no taxes is meaningless. It either ran at a loss, broke even or paid more to shareholders.
Every red fucking cent that a corporation takes in and spends is taxed.
Great perhaps you should join Halliburton Corporation and move there, then.
AFter all, Dubai is a monarchy.
And people who prefer corporative power above representational governments are probably more comfortable under an extremely paternal fascist monarchical goverment than living in something messy like a democracy, anyway.
And just think, no corporate taxes, either.
It's a swell place as you can read here; Dubai - Wikipedia, the free encyclopedia
Shall I book your flight today?
Just commenting on the OP. The person that posted it didn't seem to realize that corporate taxes at 25% with no loopholes would be more taxes than corporations now pay.My point is: so what?
Just commenting on the OP. The person that posted it didn't seem to realize that corporate taxes at 25% with no loopholes would be more taxes than corporations now pay.
But I think also that corporations shouldn't have a lower tax rate than moi.
After all the deductions on your 1040 what was the actual percentage of your gross income paid in taxes?
Turbotax used to have that feature. We do it online now. But a couple of years ago it said my effective tax rate was 6%.
I'll figure it out and let you know.After all the deductions on your 1040 what was the actual percentage of your gross income paid in taxes?
It won't work because those who pay nothing now want to keep riding for free.