Thirty companies paid no income tax 2008-2010: report

[Bass v 2.0]

http://news.yahoo.com/thirty-companies-paid-no-income-tax-2008-2010-042531293.html


And you wonder people are occupying Wall Street.

 

[Douger]

See there ? Your masters already had it removed.

 

[The Rabbi]

Thirty companies paid no income tax 2008-2010: report - Yahoo! News


And you wonder people are occupying Wall Street.

Actually I wonder why people are so fucking stupid.

What are the tax breaks that corporations enjoy? One big one is accelerated depreciation that lets them write off equipment faster than it actually wears out. Deductions on executive stock options help. So do tax breaks for research and development and for making products in the United States instead of overseas. Offshore tax shelters play a role, too.

Yes, lets discourage R&D so we can have an economy like E.Germany. The companies could not have been profitable because if they were profitable they would have paid tax. It's like GE. GE took huge losses in its Capital unit and then used the losses forward to offset profit in subsequent years. That isn't a loophole, that's the accounting law. Who decided that? It wasnt corporations, it was the gummint.

 

[editec]

The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world, but over the 2008-2010 period, very few of the companies studied paid it, said the report.

The average effective tax rate for the companies over the period was 18.5 percent, said Citizens for Tax Justice and the Institute on Taxation and Economic Policy, both think tanks.

\

Pretty much says it all, doesn't it?

 

[The Rabbi]

The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world, but over the 2008-2010 period, very few of the companies studied paid it, said the report.

The average effective tax rate for the companies over the period was 18.5 percent, said Citizens for Tax Justice and the Institute on Taxation and Economic Policy, both think tanks.

\

Pretty much says it all, doesn't it?

Yup. Best argument for a simplification and cut in the corporate tax rate out there.

 

[Mad Scientist]

The story refers to "the report" but doesn't provide a link to it (unless I just missed it) Could someone post it?

G.E. is listed and I know they're on the President's Economic Council.

 

[eflatminor]

And you wonder people are occupying Wall Street.

So let me get this straight. 30 companies paid the exact amount of tax required under the law (according to those 70,000+ pages of IRS code). They paid EXACTLY what the law required of their particular financial situation and whether they benefited from loopholes or not, they followed the letter of the law.

If that pisses you off (that they paid no tax), why are you angry at them (the one's that followed the law) and not the politicians that wrote the IRS code and put into place the loopholes that benefited some industries and/or companies over others?

They should be occupying Washington DC.

 

[Mr Natural]

Those companies and industries paid our elected officials big money to get things to go their way.

 

[CrusaderFrank]

OWS is protesting GE's tax breaks?

For real?

 

[eflatminor]

Those companies and industries paid our elected officials big money to get things to go their way.

That may be true in some cases (not all companies have lobby at the federal level), but you're point is valid. So, why aren't you piss enough at the politicians that accepted that big money to write tax code and other laws to the benefit of those companies that you STOP voting for big government central planners? We keep voting into office crony politicians from both parties and then we're surprised when they act like big government central planners.

When government meddles in business, there will ALWAYS be those ready to contribute to re-election campaigns in exchange for a favor. When government lives within the confines of the Constitution, there is no ability for politicians to meddle outside of a few enumerated powers. Crony problem solved. Tax inequity problem solved.

 

[healthmyths]

Thirty companies paid no income tax 2008-2010: report - Yahoo! News


And you wonder people are occupying Wall Street.

NO I wonder why people like you are NOT working to IMPROVE and NOT destroy which is WHAT the OWS idiots want to do!

They are for the most part destroyers not builders!

NOW FACTS ANYONE with internet access ...EVEN YOU can find..
1) YOUR idiot President who has HELPED fan flames of destruction:
A) Instead of paying 35% Paid 26% AFTER taking same type
of loopholes $245,000 in donations..

DEDUCTIONS against Federal TAX revenue

estimated in 2008 the amount of federal tax expenditures for the five year (2008–2012) period.

Examples of deductions that will reduce TAX REVENUE by $3.6 trillion over
four years..

deductions for charitable contributions-$205B;
Exclusions for healthcare insurance paid for by employers-$680B;
reduced tax rate on dividends and long-term capital gains-$668B;
deduction for mortgage interest on owner-occupied residences-$444B
exclusions for pre-tax defined benefit such as to 401K plans-$554B;
deductions for non-business state and local income taxes-$242B;
exclusion of benefits under healthcare insurance "cafeteria" plans-$201B;
exclusion for interest on state and local government bonds-$147B;
exclusion for Medicare benefits-$134B;
deduction for real property taxes-$112B;
dependent credit for children under 17 years of age-$105B;
exclusion for capital gains on sale of primary residence-$90B; and
deductions for long-term care and other medical expenses-$68B.
United States federal budget - Wikipedia, the free encyclopedia

The ABOVE DEDUCTIONS ALL that benefited YOU!!!
So BEFORE you try to remove the sliver in your neighbor remove the log in your EYE!

 

[healthmyths]

Thirty companies paid no income tax 2008-2010: report - Yahoo! News


And you wonder people are occupying Wall Street.

NO I wonder why people like you are NOT working to IMPROVE and NOT destroy which is WHAT the OWS idiots want to do!

They are for the most part destroyers not builders!

NOW FACTS ANYONE with internet access ...EVEN YOU can find..
1) YOUR idiot President who has HELPED fan flames of destruction:
A) Instead of paying 35% Paid 26% AFTER taking same type
of loopholes $245,000 in donations..

DEDUCTIONS against Federal TAX revenue

estimated in 2008 the amount of federal tax expenditures for the five year (2008–2012) period.

Examples of deductions that will reduce TAX REVENUE by $3.6 trillion over
four years..

deductions for charitable contributions-$205B;
Exclusions for healthcare insurance paid for by employers-$680B;
reduced tax rate on dividends and long-term capital gains-$668B;
deduction for mortgage interest on owner-occupied residences-$444B
exclusions for pre-tax defined benefit such as to 401K plans-$554B;
deductions for non-business state and local income taxes-$242B;
exclusion of benefits under healthcare insurance "cafeteria" plans-$201B;
exclusion for interest on state and local government bonds-$147B;
exclusion for Medicare benefits-$134B;
deduction for real property taxes-$112B;
dependent credit for children under 17 years of age-$105B;
exclusion for capital gains on sale of primary residence-$90B; and
deductions for long-term care and other medical expenses-$68B.
United States federal budget - Wikipedia, the free encyclopedia

The ABOVE DEDUCTIONS ALL that benefited YOU!!!
So BEFORE you try to remove the sliver in your neighbor remove the log in your EYE!

JUST received this EMAIL warning!!!

exclusions for pre-tax defined benefit such as to 401K plans-$554B;
The Obama Administration is Planning to COMPLETELY Eliminate the Tax Deduction of 401(k)'s and IRA's.
On Sept 15, 2011, the Powerful Senate Finance Committee continued talks on various ways to Increase Tax Revenues.

The Proposal on the Table is the Mastermind of Peter Orszag, who was president Obama`s First Budget Director. The latest version of the plan has been introduced by William Gale of the Brooking Institution, who has close ties to Current and Former Obama Administration Officials.

The plan is to "Tweak" IRA & 401k`s and make them more "Efficient", the proposal is named:

Human Events

 

[Mr Natural]

Those companies and industries paid our elected officials big money to get things to go their way.

That may be true in some cases (not all companies have lobby at the federal level), but you're point is valid. So, why aren't you piss enough at the politicians that accepted that big money to write tax code and other laws to the benefit of those companies that you STOP voting for big government central planners? We keep voting into office crony politicians from both parties and then we're surprised when they act like big government central planners.

When government meddles in business, there will ALWAYS be those ready to contribute to re-election campaigns in exchange for a favor. When government lives within the confines of the Constitution, there is no ability for politicians to meddle outside of a few enumerated powers. Crony problem solved. Tax inequity problem solved.

Who says I'm not pissed?

But with one measily little vote each, we are powerless against the big money interests that can fork over thou$ands to get politicians to see things their way.

 

[ba1614]

Thirty companies paid no income tax 2008-2010: report - Yahoo! News


And you wonder people are occupying Wall Street.

NO I wonder why people like you are NOT working to IMPROVE and NOT destroy which is WHAT the OWS idiots want to do!

They are for the most part destroyers not builders!

NOW FACTS ANYONE with internet access ...EVEN YOU can find..
1) YOUR idiot President who has HELPED fan flames of destruction:
A) Instead of paying 35% Paid 26% AFTER taking same type
of loopholes $245,000 in donations..

DEDUCTIONS against Federal TAX revenue

estimated in 2008 the amount of federal tax expenditures for the five year (2008–2012) period.

Examples of deductions that will reduce TAX REVENUE by $3.6 trillion over
four years..

deductions for charitable contributions-$205B;
Exclusions for healthcare insurance paid for by employers-$680B;
reduced tax rate on dividends and long-term capital gains-$668B;
deduction for mortgage interest on owner-occupied residences-$444B
exclusions for pre-tax defined benefit such as to 401K plans-$554B;
deductions for non-business state and local income taxes-$242B;
exclusion of benefits under healthcare insurance "cafeteria" plans-$201B;
exclusion for interest on state and local government bonds-$147B;
exclusion for Medicare benefits-$134B;
deduction for real property taxes-$112B;
dependent credit for children under 17 years of age-$105B;
exclusion for capital gains on sale of primary residence-$90B; and
deductions for long-term care and other medical expenses-$68B.
United States federal budget - Wikipedia, the free encyclopedia

The ABOVE DEDUCTIONS ALL that benefited YOU!!!
So BEFORE you try to remove the sliver in your neighbor remove the log in your EYE!

JUST received this EMAIL warning!!!

exclusions for pre-tax defined benefit such as to 401K plans-$554B;
The Obama Administration is Planning to COMPLETELY Eliminate the Tax Deduction of 401(k)'s and IRA's.
On Sept 15, 2011, the Powerful Senate Finance Committee continued talks on various ways to Increase Tax Revenues.

The Proposal on the Table is the Mastermind of Peter Orszag, who was president Obama`s First Budget Director. The latest version of the plan has been introduced by William Gale of the Brooking Institution, who has close ties to Current and Former Obama Administration Officials.

The plan is to "Tweak" IRA & 401k`s and make them more "Efficient", the proposal is named:

Human Events

"The plan is to "Tweak" IRA & 401k`s and make them more "Efficient","
lol, government speak for hold on to your wallet!

 

[zzzz]

Here is the full report. Be forewarned it is 67 pages long in pdf form
http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf

Twenty-five years ago, President Ronald Reagan was horrified by a similar epidemic of
corporate tax dodging. “I just didn’t realize that things had gotten that far out of line,” Reagan
reportedly told his Treasury Secretary. And Reagan solved the problem, by sweeping away
corporate tax loopholes with the Tax Reform Act of 1986.
But over time, Reagan’s 1986 decision to get rid of corporate tax subsidies and make our
big corporations pay their fair share has been reversed. Ironically, that reversal has been led in
large part by politicians who claim to be Reagan’s disciples and to oppose government
subsidies that interfere with market incentives. Indeed, many of these purported fans of
Reagan want to expand corporate subsidies and tilt public policy even further in favor of
corporate tax avoidance.

# The good news is that 71 of our companies, 25 percent of the total, paid effective three-year
tax rates of more than 30 percent. Their average effective tax rate was 32.3 percent.
# The bad news is that an almost equal number of companies, 67, paid effective three-year tax
rates of less than 10 percent. Their average effective tax rate was zero.
# Even worse news is that 30 companies paid less than zero percent over the three years. Their
effective tax rate averaged –6.7 percent.

 

[Soggy in NOLA]

Thirty companies paid no income tax 2008-2010: report - Yahoo! News

And you wonder people are occupying Wall Street.

No, not really... it;s abunch of shiftless bums acting like shiftless bums. No mystery here.

 

[eflatminor]

Those companies and industries paid our elected officials big money to get things to go their way.

That may be true in some cases (not all companies have lobby at the federal level), but you're point is valid. So, why aren't you piss enough at the politicians that accepted that big money to write tax code and other laws to the benefit of those companies that you STOP voting for big government central planners? We keep voting into office crony politicians from both parties and then we're surprised when they act like big government central planners.

When government meddles in business, there will ALWAYS be those ready to contribute to re-election campaigns in exchange for a favor. When government lives within the confines of the Constitution, there is no ability for politicians to meddle outside of a few enumerated powers. Crony problem solved. Tax inequity problem solved.

Who says I'm not pissed?

But with one measily little vote each, we are powerless against the big money interests that can fork over thou$ands to get politicians to see things their way.

While I don't fall in lockstep with everything the Tea Party stands for, they sure have proved that 'one measly little vote', can make a huge difference. Unions can make the same claim. I don't know how you vote, but if it's for establishment Ds or Rs and you really do want to stop the cronyism, you're voting for the wrong guys.

The point is that we will NEVER stop companies operating within the law in such a way that is of benefit to that company's shareholders. We have a shot at stopping the politicians that would give favors to those companies by supporting limited government leaning candidates. Now is the time.

 

[Steel_Banshee]

The story refers to "the report" but doesn't provide a link to it (unless I just missed it) Could someone post it?

G.E. is listed and I know they're on the President's Economic Council.

good point.

 

[zzzz]

30 Corporations Paying No Total Income Tax in 2008-2010
Company ($-millions) 08-10 Profit 08-10 Tax 08-10 Rate
Pepco Holdings $ 882 $ –508 –57.6%
General Electric 10,460 –4,737 –45.3%
Paccar 365 –112 –30.5%
PG&E Corp. 4,855 –1,027 –21.2%
Computer Sciences 1,666 –305 –18.3%
NiSource 1,385 –227 –16.4%
CenterPoint Energy 1,931 –284 –14.7%
Tenet Healthcare 415 –48 –11.6%
Atmos Energy 897 –104 –11.6%
Integrys Energy Group 818 –92 –11.3%
American Electric Power 5,899 –545 –9.2%
Con-way 286 –26 –9.1%
Ryder System 627 –46 –7.3%
Baxter International 926 –66 –7.1%
Wisconsin Energy 1,725 –85 –4.9%
Duke Energy 5,475 –216 –3.9%
DuPont 2,124 –72 –3.4%
Consolidated Edison 4,263 –127 –3.0%
Verizon Communications 32,518 –951 –2.9%
Interpublic Group 571 –15 –2.6%
CMS Energy 1,292 –29 –2.2%
NextEra Energy 6,403 –139 –2.2%
Navistar International 896 –18 –2.0%
Boeing 9,735 –178 –1.8%
Wells Fargo 49,370 –681 –1.4%
El Paso 4,105 –41 –1.0%
Mattel 1,020 –9 –0.9%
Honeywell International 4,903 –34 –0.7%
DTE Energy 2,551 –17 –0.7%
Corning 1,977 –4 –0.2%
TOTAL $ 160,341 $ –10,742 –6.7%

http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf

 

[healthmyths]

Here is the full report. Be forewarned it is 67 pages long in pdf form
http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf

Twenty-five years ago, President Ronald Reagan was horrified by a similar epidemic of
corporate tax dodging. “I just didn’t realize that things had gotten that far out of line,” Reagan
reportedly told his Treasury Secretary. And Reagan solved the problem, by sweeping away
corporate tax loopholes with the Tax Reform Act of 1986.
But over time, Reagan’s 1986 decision to get rid of corporate tax subsidies and make our
big corporations pay their fair share has been reversed. Ironically, that reversal has been led in
large part by politicians who claim to be Reagan’s disciples and to oppose government
subsidies that interfere with market incentives. Indeed, many of these purported fans of
Reagan want to expand corporate subsidies and tilt public policy even further in favor of
corporate tax avoidance.

# The good news is that 71 of our companies, 25 percent of the total, paid effective three-year
tax rates of more than 30 percent. Their average effective tax rate was 32.3 percent.
# The bad news is that an almost equal number of companies, 67, paid effective three-year tax
rates of less than 10 percent. Their average effective tax rate was zero.
# Even worse news is that 30 companies paid less than zero percent over the three years. Their
effective tax rate averaged –6.7 percent.

SO I've written so many times trying to get people to understand the affect of the following:
I've written at least 3 threads with the topic of the $8 trillion in losses occurred because of:
1) The Stock Market Crash of 2000-2002 caused the loss of $5 trillion in the market value of companies from March 2000 to October 2002. Dot-com bubble - Wikipedia, the free encyclopedia

2) Counting the value of lives lost as well as property damage and lost production of goods and services, losses
already exceed $100 billion. Including the loss in stock market wealth ,the market's own estimate arising from
expectations of lower corporate profits and higher discount rates for economic volatility --
the price tag approaches $2 trillion.
The Cost of September 11

3) FACT: Worst hurricane SEASONS in history wiped out $1 Trillion Did you know the WORST HURRICANE
SEASONS..PLURAL..SEASONS IN HISTORY occurred And 4 of the TOP MOST EXPENSIVE ($240 Billion )
hurricanes???
#1 Hurricane Katrina August 2005 Louisiana, caused $200 billion in damage.
#3 Hurricane Charley August 13 - 14, 2004 Florida causing $15 billion
#4 Hurricane Ivan September 16 - 24, 2004 $14.2 billion in damage
#8 Hurricane Frances September 5, 2004 Florida caused $8.9 billion
http://www.epicdisasters.com/index.php/site/comments/the_ten_costliest_us_hurricanes/

Total of over $8 trillion in losses ALL written against taxes because of Dot.com/9/11 and worst hurricane SEASONS!

FACT BY NOT having the $8 trillion in losses.. $267 billion per year from 2003-2008 would NOT be deducted!
A total of $2,500 Trillion in REVENUE that would have been collected
if there had been no Dot.com bust, no 9/11 and worst hurricanes seasons in history.