US Corporate Tax Rate 35% ---> Highest in the world

Discussion in 'Economy' started by rdean, Jun 15, 2011.

  1. rdean
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    rdean rddean

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    There is an economist on Morning Joe with some very interesting numbers. He said the US Corporate Tax Rate is 35% which is well known to be the highest in the world and the Republicans and Democrats are in a "bidding war" to bring it down. Joe totally agreed.

    Then he started talking numbers.

    He said because of all the loopholes and givebacks, the "effective" tax rate was actually at 1.5% which put us behind Greece.

    The top 12 largest US corporations have a "negative" tax rate and get billions from the government. This is happening no where else in the world.

    Corporate Tax Rate as part of GDP is just 1.3% which puts us at the bottom of the industrialized nations.

    He said this is why small mom and pop companies are struggling to add another person to cook the fries.

    But the corporations are looking to expand in South America or Asia. They are looking for somewhere to spend the enormous amount of money they have amassed. Of course, getting money from the government and paying almost no taxes, I'm sure, didn't have anything to do with it.

    Joe looked "shell shocked". Republicans have to understand that nothing is zero. If corporations aren't paying taxes, then they are getting "free money". There is no "in-between".

    Side bar.

    Anyone see Colburn say Norquist is "Old News" and taxes and revenue have to be on the table? Hilarious.
     
  2. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    Norquist is not old news. This corporate socialism is his baby.
     
  3. sparky
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    sparky VIP Member

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  4. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Dems definitely need to run on a "I don't have a spending problem, I'm leaving your family with too much money" platform.
     
  5. rdean
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    rdean rddean

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    As opposed to the Republicans "Let's redistribute the wealth to the top 3%" because they make the jobs they still need to make.
     
  6. expat_panama
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    expat_panama Silver Member

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    Corporations paid over $410 billion in taxes this past year and that's up 7% from two years ago.

    Corporations also paid over seven trillion to their workers this past year. That's number is down about three percent from what it was two years ago because the law says taxes have to be paid even if workers must be laid off.

    More corporate tax info from the National Economic Accounts Gross Domestic Product (GDP) here.
     
  7. CrusaderFrank
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    CrusaderFrank Diamond Member

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    You're always free to move to any of the Progressive Utopias, like Cuba or North Korea, that follow your ideas
     

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