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That's a load of hooey. The corporations certainly paid a great deal in SS and Medicare taxes - as well as the plethora of exercise, sales, and use taxes embedded into nearly everything they purchase. And then there's the little detail that their employee base pay a great deal of income taxes, which are borne by the corporations' cost structures.
Corporations only pay taxes on profits. Hence, tax income drops during recessions, as most corporations cannot turn a profit.
They were paying no taxes long before the recession.
Majority of corporations avoid federal income taxes - study - Aug. 12, 2008
NEW YORK (CNNMoney.com) -- Nearly two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes, according to a congressional report released Tuesday.
The Government Accountability Office (GAO) examined samples of corporate tax returns filed between 1998 and 2005. In that time period, an annual average of 1.3 million U.S. companies and 39,000 foreign companies doing business in the United States paid no income taxes - despite having a combined $2.5 trillion in revenue.
That's a load of hooey. The corporations certainly paid a great deal in SS and Medicare taxes - as well as the plethora of exercise, sales, and use taxes embedded into nearly everything they purchase. And then there's the little detail that their employee base pay a great deal of income taxes, which are borne by the corporations' cost structures.
This is what IMMEDIATELY follows what allie posted in the opening post:
The phenomenon of technology executives advancing dismal predictions and offering pointed critiques of Washington politicking isn't new, of course.
For instance: In 2005, midway through the Bush administration, Microsoft's Bill Gates told a Washington audience that curbs on immigration and guest workers would provide a boost to research institutions in China and India. A year earlier, then-Intel CEO Craig Barrett warned that the U.S. must dramatically improve its education system.
That never happened. Nor did politicians follow Gates' advice to rethink laws that led to foreign engineers being kicked out of the country as soon as they finish their degrees.
You Moonbats need to get your stories straight. Which is it: are we OUTSOURCING jobs to India and China, or importing their workers?
Given that there are 30 million more men than women in China (thanks to the one-child rule), yes, yes they would.Chinese people would be grateful to have the wives we throw away?
Lots of Americans aren't lucky enough to have wives.
Lots of Americans aren't lucky enough to have wives.
Apple and Hewlett Packard put together a plant in China employing 300,000 people where they have suicides every couple of days. They just got their salaries DOUBLED to $293 dollars A MONTH.
The CEO of Intel wants to do that here and is angry Obama is against it?
This is what Republicans are "defending"? The CEO of Intel? They want us to be like China? A "communist/socialist" country?
For all you tax cut nutjobs.
Clinton increased the taxes on the very wealthy. Killed the economy, correct?
Bush gave the very wealthy a big tax cut. And the increase in new jobs did not even keep up the the Americans that were entering the job market as they graduated for school.
But you want more of the same. Lordy, lordy!!!!!
Some of this is overblown. I heard the same thing in 1993.
BUT ...
It is foolish to ignore what CEOs say. They are the ones who ultimately make the decisions on capital expenditures. Many CEOs have been saying the same thing over the past year.
HOWEVER ...
Even if the corporate tax rate was 0% and there were zero regulations, the economy would still be in the tank because there is excess capacity and too much debt. Until we work through both of those, economic and job growth is going to be anemic. It doesn't matter what the CEOs say. This is a massive structural problem beyond what the government can do. The government might be able to mitigate these problems a little and work through these problems a little faster, but they can't alter the fundamental problems.
For all you tax cut nutjobs.
Clinton increased the taxes on the very wealthy. Killed the economy, correct?
Bush gave the very wealthy a big tax cut. And the increase in new jobs did not even keep up the the Americans that were entering the job market as they graduated for school.
But you want more of the same. Lordy, lordy!!!!!
A fair part of the stimulus was a tax cut. The Republicans refused to vote for the bill to allow easier credit to small business. It died.
Some of this is overblown. I heard the same thing in 1993.
BUT ...
It is foolish to ignore what CEOs say. They are the ones who ultimately make the decisions on capital expenditures. Many CEOs have been saying the same thing over the past year.
HOWEVER ...
Even if the corporate tax rate was 0% and there were zero regulations, the economy would still be in the tank because there is excess capacity and too much debt. Until we work through both of those, economic and job growth is going to be anemic. It doesn't matter what the CEOs say. This is a massive structural problem beyond what the government can do. The government might be able to mitigate these problems a little and work through these problems a little faster, but they can't alter the fundamental problems.
I'd add that: Too much unemployment and Too Much loss of home equity wealth. The U.S. economy is 70% consumer driven, with an overweighting on housing. As the loose credit enabled speculation drove up housing prices well beyond what would be justified by inflation and normal population growth supply and demand, homeowners cashed out equity to fuel consumer spending. That game is gone.
Businesses invest when they see opportunities for revenue growth. With consumers retrenching, there is a serious lack of such opportunities.
