Biden's increase in the Corporate Tax Rate from 21% to 28% is insufficient.

[Rye Catcher]

No Federal Taxes for Dozens of Big, Profitable Companies

Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest firms paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President...

www.yahoo.com

My federal Tax this year is a bit short of $20,000; and yet,

"Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest firms paid no taxes last year on billions of dollars in profits.

"The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill — sometimes to zero — thanks to a range of legal deductions and exemptions that have become staples of the tax code, according to the analysis.

"Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy, a left-leaning research group in Washington."

The tax reform (LOL) written by the lame duck Congress led by Ryan, and signed by Trump in 2017 is a fraud and a lie to the American people. Once again a lie and effort by Trump and the Callous Conservative to mislead the public is exposed, and to demonstrates the Republican Party is the party of the small tent.

As the national debt continues to grow, fiscal conservatism is another fraud and an example of ther usual sophistry to fool the biddable. It is irresponsible to burden We the People and allow a small elite to thrive on the peoples labor.

 

[rightwinger]

Trump paid $750 in Federal Taxes

 

[Moonglow]

They should just remove deductions and then there would not need to be an increase in tax rate.

 

[Sunsettommy]

They should just remove deductions and then there would not need to be an increase in tax rate.

They should drop the entire 10,000 page tax code and go with a 5 page tax law instead. No more deductions, no more loopholes, no more tax write offs.

Flat Tax or Fair tax?

 

[Moonglow]

There is only a hundred billion in tax deductions and the massive majority are for the wealthy and business...Do we really need a tax deduction for dancing horses that compete in the olympics?

 

[toobfreak]

My federal Tax this year is a bit short of $20,000;

You need to pay much much more. I'd like to get a new electric car soon.

 

[mudwhistle]

No Federal Taxes for Dozens of Big, Profitable Companies

Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest firms paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President...

www.yahoo.com

My federal Tax this year is a bit short of $20,000; and yet,

"Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest firms paid no taxes last year on billions of dollars in profits.

"The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill — sometimes to zero — thanks to a range of legal deductions and exemptions that have become staples of the tax code, according to the analysis.

"Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy, a left-leaning research group in Washington."

The tax reform (LOL) written by the lame duck Congress led by Ryan, and signed by Trump in 2017 is a fraud and a lie to the American people. Once again a lie and effort by Trump and the Callous Conservative to mislead the public is exposed, and to demonstrates the Republican Party is the party of the small tent.

As the national debt continues to grow, fiscal conservatism is another fraud and an example of ther usual sophistry to fool the biddable. It is irresponsible to burden We the People and allow a small elite to thrive on the peoples labor.

I can see unemployment skyrocketing.
Nancy Pelosi is finally getting back all of the crumbs she bitched Trump was giving to us.

 

[Rye Catcher]

They should just remove deductions and then there would not need to be an increase in tax rate.

The top two tax brackets were eliminated in the tax fraud of 2017; it's past time to return them and add several more. The interest on the debt will continue to grow no matter which party is in office, a result of fiscal conservatism. Metaphorically, it is to ignore a leak in the roof and in time ruin the entire house.

 

[Rye Catcher]

My federal Tax this year is a bit short of $20,000;

You need to pay much much more. I'd like to get a new electric car soon.

Wow, a double idiot-gram ^^^!

BTW it is dishonest to post only a small part of a quote.

 

[Sunsettommy]

They should just remove deductions and then there would not need to be an increase in tax rate.

The top two tax brackets were eliminated in the tax fraud of 2017; it's past time to return them and add several more. The interest on the debt will continue to grow no matter which party is in office, a result of fiscal conservatism. Metaphorically, it is to ignore a leak in the roof and in time ruin the entire house.

NO, the main cause of massive budget deficits are the Entitlements part which is slowly consuming the budget as a whole, already at 68% and growing, eventually reach 100% in 30 years or so. It was all created by the Democrats from day one.

Stop trying to rewrite history!

 

[Dekster]

I would be fine with forcing companies to pay more taxes, but just symbolic changes in the rates are pointless. I will also change the way lawsuit proceeds are taxed. It is ridiculous to me that the winner has to pay taxes on the part of the the money that goes to legal fees and expenses.

 

[Moonglow]

They should just remove deductions and then there would not need to be an increase in tax rate.

The top two tax brackets were eliminated in the tax fraud of 2017; it's past time to return them and add several more. The interest on the debt will continue to grow no matter which party is in office, a result of fiscal conservatism. Metaphorically, it is to ignore a leak in the roof and in time ruin the entire house.

No politician wants to commit political suicide by doing what is necessary and right, they are too busy buying votes.

 

[progressive hunter]

Trump paid $750 in Federal Taxes

but his business dealings generated hundreds of millions in tax moneys,, far more than you will ever create or pay,,

 

[rightwinger]

Trump paid $750 in Federal Taxes

but his business dealings generated hundreds of millions in tax moneys,, far more than you will ever create or pay,,

Has nothing to do with what he personally pays

 

[progressive hunter]

Trump paid $750 in Federal Taxes

but his business dealings generated hundreds of millions in tax moneys,, far more than you will ever create or pay,,

Has nothing to do with what he personally pays

sure it does,, and you lied or are ignorant because he paid far more than 750,,,

not to mention over his lifetime hes paid so much its an insult to humanity,,,

its every americans right to take advantage of the laws created by dems and repubes to pay as little as possible,,,

 

[Gdjjr]

from the biased article- the company “fully complies with federal and state tax laws as part of our efforts to make investments that will benefit our customers and communities.”

She pointed out that the bonus depreciation, intended to encourage investment in areas like renewable energy, “caused Duke’s cash tax obligations to be deferred to future periods, but it did not eliminate them.” According to a filing at the end of 2020, Duke has a deferred federal tax balance of $9 billion that will be paid in the future.

DTE Energy, a Detroit-based utility that was also found to have paid no federal taxes for three years, said major investments in modernizing aging infrastructure and new solar and wind technologies were the primary reasons last year. “For utilities, the benefit of these federal tax savings are passed on to utility customers in the form of lower utility bills,” it said in a statement.

A provision in the 2017 tax bill allowed businesses to immediately write off the cost of any new equipment and machinery.

vs 5 years ^^^^^

The report is the latest fodder in a debate over whether and how to revise the tax code. Policymakers, business leaders and tax experts argue that many deductions and credits are there for good reason — to encourage research and development, to promote expansion and to smooth the ups and downs of the business cycle, taking a longer view of profit and loss than can be calculated in a single year.

Amen to the high lighted

He pointed out that the Biden administration itself supported tax credits for green energy investments.

Really?Imagine that!

Good lord- what can please you people? You want more laws to correct more laws- SMFH- you people are pathetic.

 

[toobfreak]

Wow, a double idiot-gram ^^^!

You talkin' to yourself again?

BTW it is dishonest to post only a small part of a quote.

Better check the rules. It is dishonest to CHANGE what they said. I change nothing, I merely truncate to the salient part of a post to which I'm replying, to make for easier reading + less server space. And I do it to about 95% of all my replies.

 

[rightwinger]

Trump paid $750 in Federal Taxes

but his business dealings generated hundreds of millions in tax moneys,, far more than you will ever create or pay,,

Has nothing to do with what he personally pays

sure it does,, and you lied or are ignorant because he paid far more than 750,,,

not to mention over his lifetime hes paid so much its an insult to humanity,,,

its every americans right to take advantage of the laws created by dems and repubes to pay as little as possible,,,

Why Trump refuses to release his taxes

He has something to hide

 

[Toddsterpatriot]

But dozens of Fortune 500 companies were able to further shrink their tax bill — sometimes to zero — thanks to a range of legal deductions and exemptions that have become staples of the tax code,

When your taxaxble income is zero, what is a fair tax rate?

 

[Toddsterpatriot]

They should just remove deductions

Which ones?