Most firms pay no income taxes

[☭proletarian☭]

Majority of corporations avoid federal income taxes - study - Aug. 12, 2008

 

[RetiredGySgt]

Avoid? So now not making enough to pay income tax is avoiding it? Will that be the next big Liberal scare tactic?

 

[antagon]

so sarge didnt read the article...

 

[RetiredGySgt]

so sarge didnt read the article...

The GAO report, which did not name any specific companies, said that some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability, the GAO said.

But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income.

"Small businesses that are going to be liable for a lot of income tax are likely to use other tax forms so they only pay individual income taxes," said Eric Toder, a senior fellow at the Tax Policy Center.

From the article. You may want to take a course in reading comprehension.

 

[Skull Pilot]

BIg Biden Deal.

My 2 companies pay no income tax either.

But I pay taxes on any profit whether I leave it in the corp or not. My employees pay taxes on what I pay them.

What you tax the corporations to death people don't understand is that it makes no sense for a corporation to have scads of cash hanging around.

 

[antagon]

well i'm sitting on the biggest check ive cut since 2007.

 

[editec]

If they're avoiding taxes by paying their employees, there's surely no problem with that.

If they're shifting their profits to offshore operation to avoid taxes, the CEO ought to be hanged and the corporation shut down.

 

[antagon]

so sarge didnt read the article...

The GAO report, which did not name any specific companies, said that some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability, the GAO said.

But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income.

"Small businesses that are going to be liable for a lot of income tax are likely to use other tax forms so they only pay individual income taxes," said Eric Toder, a senior fellow at the Tax Policy Center.

From the article. You may want to take a course in reading comprehension.

what does that have to do with 'not making enough money'? moreover, that is certainly not the case with major multinationals.

 

[RetiredGySgt]

so sarge didnt read the article...

The GAO report, which did not name any specific companies, said that some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability, the GAO said.

But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income.

"Small businesses that are going to be liable for a lot of income tax are likely to use other tax forms so they only pay individual income taxes," said Eric Toder, a senior fellow at the Tax Policy Center.

From the article. You may want to take a course in reading comprehension.

what does that have to do with 'not making enough money'? moreover, that is certainly not the case with major multinationals.

Major Corporations are paying their taxes dumb ass. And those people and Business not paying are doing so because they did not make enough to HAVE to pay taxes, though in almost every case they ARE paying taxes in a different venue then Federal Income tax, as the article explains.

LEARN how to read.

 

[antagon]

From the article. You may want to take a course in reading comprehension.

what does that have to do with 'not making enough money'? moreover, that is certainly not the case with major multinationals.

Major Corporations are paying their taxes dumb ass. And those people and Business not paying are doing so because they did not make enough to HAVE to pay taxes, though in almost every case they ARE paying taxes in a different venue then Federal Income tax, as the article explains.

LEARN how to read.

i think reading's just different when your head is up the ass of a big business like yours is. there's not anything in the article about not making enough money. what is there is that major firms dodge their US tax liability entirely, despite making plenty enough cash on our soil to constitute a liability.

those 'different venues' that you're talking about, are offshore tax shelters.

 

[boedicca]

From the article:

The GAO report, which did not name any specific companies, said that some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability, the GAO said.


They didn't make enough money to pay taxes according to tax accounting.

Big Whoop.

 

[RetiredGySgt]

From the article:

The GAO report, which did not name any specific companies, said that some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability, the GAO said.


They didn't make enough money to pay taxes according to tax accounting.

Big Whoop.

Not according to retard that started the thread and his buddy that claimed I never read the piece.

 

[antagon]

From the article:

The GAO report, which did not name any specific companies, said that some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability, the GAO said.


They didn't make enough money to pay taxes according to tax accounting.

Big Whoop.

reading further, however, you see that these companies made billions of dollars. the fact of the matter is that the tax code has loopholes in it which allow some businesses to transfer their earnings to offshore subsidiaries, while they were earned stateside. when my company earns it's cash, me and my company pay our taxes right here. mobil where my gas card comes from and who makes billions in the US paid no taxes here from what i understand.

if you read that these companies 'didnt make enough money' from that quote, you dont know what you're talking about. flatly, that you dont think its a big whoop that american small businesses and their owners are burdened with most of america's corporate taxes, while companies like exxon dont bear any, is typical of the conservative supposition that bullshit like this is somehow good for the US and our economy.

 

[boedicca]

They're like gold fish. Somebody waves some shiny anti-business thing in front of them, and they swim towards it with mouth open.

 

[boedicca]

reading further, however, you see that these companies made billions of dollars. the fact of the matter is that the tax code has loopholes in it which allow some businesses to transfer their earnings to offshore subsidiaries, while they were earned stateside. when my company earns it's cash, me and my company pay our taxes right here. mobil where my gas card comes from and who makes billions in the US paid no taxes here from what i understand.

if you read that these companies 'didnt make enough money' from that quote, you dont know what you're talking about. flatly, that you dont think its a big whoop that american small businesses and their owners are burdened with most of america's corporate taxes, while companies like exxon dont bear any, is typical of the conservative supposition that bullshit like this is somehow good for the US and our economy.

You need to look up the accounting definitions for REVENUE and net income.

The management of those companies have a fiduciary and legal responsibility to their shareholders to manage the tax strategy for the benefit of those shareholders.

The U.S. has tax treaties with other countries so that U.S. companies are not double taxed; if you wish to get rid of them, then be ready for a lot of unintended consequences that will disadvantage U.S. companies and their employees.

 

[Neubarth]

reading further, however, you see that these companies made billions of dollars. the fact of the matter is that the tax code has loopholes in it which allow some businesses to transfer their earnings to offshore subsidiaries, while they were earned stateside. when my company earns it's cash, me and my company pay our taxes right here. mobil where my gas card comes from and who makes billions in the US paid no taxes here from what i understand.

if you read that these companies 'didnt make enough money' from that quote, you dont know what you're talking about. flatly, that you dont think its a big whoop that american small businesses and their owners are burdened with most of america's corporate taxes, while companies like exxon dont bear any, is typical of the conservative supposition that bullshit like this is somehow good for the US and our economy.

You need to look up the accounting definitions for REVENUE and net income.

The management of those companies have a fiduciary and legal responsibility to their shareholders to manage the tax strategy for the benefit of those shareholders.

The U.S. has tax treaties with other countries so that U.S. companies are not double taxed; if you wish to get rid of them, then be ready for a lot of unintended consequences that will disadvantage U.S. companies and their employees.

WE do not want to start messin' with international tax agreements that have been hammered out in the past fifty years, unless they are too much to our disadvantage. In some of these agreements to promote international economic cooperation we totally screwed ourselves over. Most everybody is aware of it, but we are doing nothing about it.

 

[antagon]

reading further, however, you see that these companies made billions of dollars. the fact of the matter is that the tax code has loopholes in it which allow some businesses to transfer their earnings to offshore subsidiaries, while they were earned stateside. when my company earns it's cash, me and my company pay our taxes right here. mobil where my gas card comes from and who makes billions in the US paid no taxes here from what i understand.

if you read that these companies 'didnt make enough money' from that quote, you dont know what you're talking about. flatly, that you dont think its a big whoop that american small businesses and their owners are burdened with most of america's corporate taxes, while companies like exxon dont bear any, is typical of the conservative supposition that bullshit like this is somehow good for the US and our economy.

You need to look up the accounting definitions for REVENUE and net income.

The management of those companies have a fiduciary and legal responsibility to their shareholders to manage the tax strategy for the benefit of those shareholders.

The U.S. has tax treaties with other countries so that U.S. companies are not double taxed; if you wish to get rid of them, then be ready for a lot of unintended consequences that will disadvantage U.S. companies and their employees.

the claim in the article mentioned both revenue and net income. whats your point?

some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability

it goes on to say that small businesses are likely to transfer the liabilities to their owners, domestically, and some multinational firms will transfer them to their offshore subsidiaries acting as a tax shelter.

i mentioned exxon, and i dont know if they deducted away their domestic liability when they paid no corp tax last year. if that's the case, then i dont really have a bone to pick with them.

what i have an issue with is loopholes which allow deductibility of offshore investment via transfers of money earned stateside. your tax agreements aren't made to facilitate that, notwithstanding that they are exploited to do so. in the likelihood that exxon has transferred all or a substantial part of their US earnings to non-us operations, they are transferring tax dollars to these foreign governments. when i wrote off my gas card, i passed the buck to exxon. if they've transferred their US income to indonesia, and paid taxes there in lieu, those revenues are lost.

conservative 'thinkers' like yourself think that's great; 'fiduciary obligations' are being met. what americans without a polar affiliation can see is that the disrepair in parts of our tax system which don't function to benefit our economy, actually hurt it. more burden is transferred to domestic earners, mainly small businesses and their owners, when these larger firms side-step their liabilities. to remain fiscally solvent, the country will need to double its tax revenue, cut some costs and remodel its entitlement obligations. all of these represent pressures on our economy which will heat up over the next decade. with tax evasive practices unaccounted for, we'll feel the heat and without the recourse to get out the kitchen like these firms do.

transfers and tax agreements have nothing to do with eachother, bo. nobody is saying that they earned money offshore, so they should pay tax here. what i'm saying is that they earned cash here, and they should have to accrue domestic liability for all of it. if they can deduct it away, the US economy is better for it. if they cant, they sould share the burden.

but go ahead, bend over backwards to justify big biz dodging the bullet, even if it puts you in the crossfire... its the conservative way.

 

[antagon]

They're like gold fish. Somebody waves some shiny anti-business thing in front of them, and they swim towards it with mouth open.

dont play yourself, bo. you've plenty handy at swimming toward big business trinkets, like the rest of the clownfish in your school.