Most US Companies avoid paying income tax

Discussion in 'Economy' started by sealybobo, Aug 12, 2008.

  1. sealybobo
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    sealybobo Diamond Member

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    Unlike the rest of us, most U.S. corporations and foreign companies doing business in the United States pay no federal income tax, according to a new report from Congress. The study by the Government Accountability Office, expected to be released Tuesday, said two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, and about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period.


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  2. sealybobo
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    sealybobo Diamond Member

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    where's gunny, allie, charles, jreeves? All the people who think Corporations already pay too much in taxes. HA!!!
     
  3. CA95380
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    CA95380 USMB Member

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    Yeah, saw this on the news earlier. :cuckoo:

    Lot's of kickbackin' going on! :evil:
     
  4. Care4all
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    Care4all Warrior Princess Supporting Member

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    wow! :(
     
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  5. chopcrazy
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    chopcrazy Member

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    What is even more funny, is that the report does not say how many companies made a profit to pay the tax and avoided it through credits or other means. Nor did the report say how many of the companies were S-corps and the federal tax would than be paid on personal income tax.

    The company I work for does not pay income tax because we lose money. We have a high depreciation and interest expense which results in a net loss for us.

    Maybe this is a point for going towards a flat tax or national sales tax.
     
  6. sealybobo
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    sealybobo Diamond Member

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    Keep in mind this is during the time they said that Companies couldn't afford to do business in America because they are being overtaxed.

    And McCain wants to give corporations more tax breaks and make Bush's bullshit tax breaks to the top 1% perminant.

    The GOP will lie to us ruthlessly until November. Don't believe a word they say. Just go by how they did for the last 8 years.
     
  7. sealybobo
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    sealybobo Diamond Member

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    I'm no expert to even go there. All I know is I hear people telling me how much the oil companies pay in taxes. I bet they don't pay shit when it is all said and done.

    The GOP passed all sorts of pro corporation laws from 2000-2006. Giving tax breaks for companies going overseas, letting companies tap into their pension funds, etc. So much has happened, I forgot probably 80% of what they did. But it all lead up to where we are now.

    If we don't run them out of office, they will continue to favor corporations over labor and we will continue to shoulder way too much of the tax burden.

    The rich pay a lot in taxes? BOO FREAKIN HOO!!! So do I. So who should get a break, me or the rich? Me!!!!
     
  8. RetiredGySgt
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    RetiredGySgt Platinum Member

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    8 billion from the Oil Companies on the Gulf coast/East Coast oil and gas wells. Ya they don't pay anything.

    Further if a company LOSES money what exactly would their tax burden be?
     
  9. editec
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    editec Mr. Forgot-it-All

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    I run a corporation which doesn't pay any taxes.

    I must have mislaid my secret Swis bank account book, though cause we barely have a pot to piss in or a window to throuw it out of.

    These bumper sticker headlines are dazzling starting points for discussion, but they're often quite misleading, too.

    Most corporations in America are subchapter 8 small businesses.

    When you take out their real cost of doing business, many of these folks are making piss-all in profits.
     
    Last edited: Aug 12, 2008
  10. Ravi
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    Ravi Diamond Member

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    But

    According to the report:

    Shifting income to low tax countries?

    I have a hard time believing 25% of our largest companies are S-corps.

    Study says most corporations pay no U.S. income taxes | Markets | Bonds News | Reuters
     

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