Toddsterpatriot
Diamond Member
The average tax paid by US corporations is around 5%. That is actual tax paid, not the fairy tale tax rate.
I think that well over half of our fortune 500 companies paid no tax at all. Many got subsidies.
Should we give them all subsidies? Their taxes are so low that is the next logical step.
The average tax paid by US corporations is around 5%. That is actual tax paid, not the fairy tale tax rate.
According to the US Census Bureau, in 2010, corporate profits were about $1.625 trillion. They paid taxes of $417 billion. That's almost 26%. That is actual tax paid, not the fairy tale number you made up.
http://www.census.gov/compendia/statab/2012/tables/12s0791.pdf
I don't know what you are talking about but I am talking large corporations, multinationals.
To be fair I confused tax rate with taxes as a percent of GDP. To be equally frank your figure of 26% is wildly off the mark also. It is an unfortunate fact that small businesses pay a much higher tax rate than the large corporations.
Checking my stats I come to the following: 30 Fortune 500 companies paid more to lobby congress than they paid in taxes.
"The Dirty Thirty companies all told made $163.7 billion in profits while paying zero dollars in federal income taxes and collecting a total of $10.6 billion in various tax rebates. Meanwhile, they collectively spent $475.7 million in lobbying expenses for the three year period."
"As it stands now, the actual tax rate corporations pay, called the "effective" tax rate, is at 12.1 percent of profits, the lowest level it's been since 1972, Think Progress reports. Likewise, tax revenue as a percentage of gross domestic product is at lows not seen since the 1940s, according to CTJ."
"A total 280 profitable Fortune 500 companies collectively paid an effective federal income tax rate of 18.5 percent, about half of the statutory 35 percent corporate tax rate, while receiving $223 billion in tax subsidies."
So we have an "effective" tax rate of somewhere between 12 and 18%. Personally I would venture it is closer to 12 than 18.
The "Fortune 500" companies are not the only ones who know how to avoid taxes.
I would give you links but there are too many and they are easily found by even the most
inept of web surfers.
To be equally frank your figure of 26% is wildly off the mark also.
It's not my figure, that's the US Census Bureau figure for the entire economy.