GAO: at least 2/3 of corporations do not pay federal income taxes

[Manonthestreet]

and in the next breath libs will tell us we need to prevent co from fleeing the US to avoid taxes.......

Nothing wrong with that. They flee the U.S.A. to avoid minimum wage laws as it is.

Both statemments cant be true either they pay nothing or they pay so much they have to flee...which is it

 

[Billy000]

That's right. You conservatives can stop bitching about the corporate tax rate of 35% being too high because it means dick when it comes to the deductions and loopholes these corporations take advantage of. The US misses out on 100 billion per year in revenue. Imagine what we could afford to fix if we had that extra revenue?

Obviously we can afford to fix this problem. After all, corporate profits are at an all time high and the top 1% of earners already own 40% of the nation's wealth.

Corporate Income Tax: Most Large Profitable U.S. Corporations Paid Tax but Effective Tax Rates Differed Significantly from the Statutory Rate

This is yet another example of leftists having NO CLUE as to how things work. They are economically illiterate and unable to put statistical "facts" into the context of American free market economy..

Who are "most corporations"?? By NUMBER --- they are TINY privately held groups with no public stock and their biggest liability is the SALARIES drawn by the key partners. THAT'S why 2/3 of corporations "pay no Fed taxes. BUT --- how it works is --- those SALARIES are taxed as INDIVIDUAL INCOME --- you dolt. They milk the corporation for salaries, leaving just enough for equipment, overhead, expansions.

Then when you get to REAL corporations -- the kind that you see NYSE or NASDAQ you find..

Of those large corporations whose financial statements reported a profit, 19.5 percent paid no federal income tax that year.

Well - that's a different story ain't it??? So why is that?? Because of TAX BENEFITS carved out by Congress. Things you LOVE as a lefttist.. Like HUGE bucks for wind and solar. Money for ELON Musk to make trophy cars for Millionaires, subsidies for every "energy efficient" dishwasher that GE sells. GE pays no taxes regularly just on their huge appliance sales for which they get tax credits on almost every item.

That's right. You conservatives can stop bitching about the corporate tax rate of 35% being too high because it means dick when it comes to the deductions and loopholes these corporations take advantage of. The US misses out on 100 billion per year in revenue. Imagine what we could afford to fix if we had that extra revenue?

Obviously we can afford to fix this problem. After all, corporate profits are at an all time high and the top 1% of earners already own 40% of the nation's wealth.

Corporate Income Tax: Most Large Profitable U.S. Corporations Paid Tax but Effective Tax Rates Differed Significantly from the Statutory Rate

This is yet another example of leftists having NO CLUE as to how things work. They are economically illiterate and unable to put statistical "facts" into the context of American free market economy..

Who are "most corporations"?? By NUMBER --- they are TINY privately held groups with no public stock and their biggest liability is the SALARIES drawn by the key partners. THAT'S why 2/3 of corporations "pay no Fed taxes. BUT --- how it works is --- those SALARIES are taxed as INDIVIDUAL INCOME --- you dolt. They milk the corporation for salaries, leaving just enough for equipment, overhead, expansions.

Then when you get to REAL corporations -- the kind that you see NYSE or NASDAQ you find..

Of those large corporations whose financial statements reported a profit, 19.5 percent paid no federal income tax that year.

Well - that's a different story ain't it??? So why is that?? Because of TAX BENEFITS carved out by Congress. Things you LOVE as a lefttist.. Like HUGE bucks for wind and solar. Money for ELON Musk to make trophy cars for Millionaires, subsidies for every "energy efficient" dishwasher that GE sells. GE pays no taxes regularly just on their huge appliance sales for which they get tax credits on almost every item.

Can we take all those "green credits" away from them? I love to help you do that. NO corporation should get a DIME for a mature product that is ALREADY on the market. .

PERIOD..,...

Lol it's amazing how you just can't read the actual abstract for itself.

"In each year from 2006 to 2012, at least two-thirds of all active corporations had no federal income tax liability. Larger corporations were more likely to owe tax. Among large corporations (generally those with at least $10 million in assets) less than half—42.3 percent—paid no federal income tax in 2012. Of those large corporations whose financial statements reported a profit, 19.5 percent paid no federal income tax that year. Reasons why even profitable corporations may have paid no federal tax in a given year include the use of tax deductions for losses carried forward from prior years and tax incentives, such as depreciation allowances that are more generous in the federal tax code than those allowed for financial accounting purposes. Corporations that did have a federal corporate income tax liability for tax year 2012 owed $267.5 billion."

That 19.5 figure you cherry picked only referred to corporations with at least 10 million in assets. The reasons why they paid no federal tax are laid out. Just read it.

 

[flacaltenn]

That's right. You conservatives can stop bitching about the corporate tax rate of 35% being too high because it means dick when it comes to the deductions and loopholes these corporations take advantage of. The US misses out on 100 billion per year in revenue. Imagine what we could afford to fix if we had that extra revenue?

Obviously we can afford to fix this problem. After all, corporate profits are at an all time high and the top 1% of earners already own 40% of the nation's wealth.

Corporate Income Tax: Most Large Profitable U.S. Corporations Paid Tax but Effective Tax Rates Differed Significantly from the Statutory Rate

This is yet another example of leftists having NO CLUE as to how things work. They are economically illiterate and unable to put statistical "facts" into the context of American free market economy..

Who are "most corporations"?? By NUMBER --- they are TINY privately held groups with no public stock and their biggest liability is the SALARIES drawn by the key partners. THAT'S why 2/3 of corporations "pay no Fed taxes. BUT --- how it works is --- those SALARIES are taxed as INDIVIDUAL INCOME --- you dolt. They milk the corporation for salaries, leaving just enough for equipment, overhead, expansions.

Then when you get to REAL corporations -- the kind that you see NYSE or NASDAQ you find..

Of those large corporations whose financial statements reported a profit, 19.5 percent paid no federal income tax that year.

Well - that's a different story ain't it??? So why is that?? Because of TAX BENEFITS carved out by Congress. Things you LOVE as a lefttist.. Like HUGE bucks for wind and solar. Money for ELON Musk to make trophy cars for Millionaires, subsidies for every "energy efficient" dishwasher that GE sells. GE pays no taxes regularly just on their huge appliance sales for which they get tax credits on almost every item.

That's right. You conservatives can stop bitching about the corporate tax rate of 35% being too high because it means dick when it comes to the deductions and loopholes these corporations take advantage of. The US misses out on 100 billion per year in revenue. Imagine what we could afford to fix if we had that extra revenue?

Obviously we can afford to fix this problem. After all, corporate profits are at an all time high and the top 1% of earners already own 40% of the nation's wealth.

Corporate Income Tax: Most Large Profitable U.S. Corporations Paid Tax but Effective Tax Rates Differed Significantly from the Statutory Rate

This is yet another example of leftists having NO CLUE as to how things work. They are economically illiterate and unable to put statistical "facts" into the context of American free market economy..

Who are "most corporations"?? By NUMBER --- they are TINY privately held groups with no public stock and their biggest liability is the SALARIES drawn by the key partners. THAT'S why 2/3 of corporations "pay no Fed taxes. BUT --- how it works is --- those SALARIES are taxed as INDIVIDUAL INCOME --- you dolt. They milk the corporation for salaries, leaving just enough for equipment, overhead, expansions.

Then when you get to REAL corporations -- the kind that you see NYSE or NASDAQ you find..

Of those large corporations whose financial statements reported a profit, 19.5 percent paid no federal income tax that year.

Well - that's a different story ain't it??? So why is that?? Because of TAX BENEFITS carved out by Congress. Things you LOVE as a lefttist.. Like HUGE bucks for wind and solar. Money for ELON Musk to make trophy cars for Millionaires, subsidies for every "energy efficient" dishwasher that GE sells. GE pays no taxes regularly just on their huge appliance sales for which they get tax credits on almost every item.

Can we take all those "green credits" away from them? I love to help you do that. NO corporation should get a DIME for a mature product that is ALREADY on the market. .

PERIOD..,...

Lol it's amazing how you just can't read the actual abstract for itself.

"In each year from 2006 to 2012, at least two-thirds of all active corporations had no federal income tax liability. Larger corporations were more likely to owe tax. Among large corporations (generally those with at least $10 million in assets) less than half—42.3 percent—paid no federal income tax in 2012. Of those large corporations whose financial statements reported a profit, 19.5 percent paid no federal income tax that year. Reasons why even profitable corporations may have paid no federal tax in a given year include the use of tax deductions for losses carried forward from prior years and tax incentives, such as depreciation allowances that are more generous in the federal tax code than those allowed for financial accounting purposes. Corporations that did have a federal corporate income tax liability for tax year 2012 owed $267.5 billion."

That 19.5 figure you cherry picked only referred to corporations with at least 10 million in assets. The reasons why they paid no federal tax are laid out. Just read it.

I'm not the one who didn't realize that 2/3 of corporations are tiny 10 person outfits run on SALARIES with no stockholders, and not that many employees. There are FRANCHISE theater owners with $10M in assets. THat's NOT the big ole corporations that you are thinking of... A Medical corporation with 3 doctors that own an MRI clinic has $10M in assets.

So your 2/3 is a bullshit fabrication based on your ignorance of what an American "corporation" looks like. It's only the TOP 4 or 5% of corporations by size that get all the "tax breaks". And MOST of those tax breaks are shit you'd scream over if anyone ever tried to end them.. Isn't that right BullWinkle??

 

[asaratis]

Far be it from me to understand why people cannot understand that CORPORATIONS DO NOT PAY TAXES....OF ANY SORT!!!!!

Get that through your head!

Corporations (other than non-profit organizations) are designed to MAKE A PROFIT so they can pay dividends to the their stockholders. In order to do this, they must take in more money than they pay out. They do this by pricing their goods and services so they can be competitive and still TAKE IN MORE MONEY THAN THEY PAY OUT.

If the amount they pay out is increased by taxation, they must either decrease their other costs or increase the prices of their goods and services. They can decrease their other costs in various ways...including CLOSING PLANTS, DOWNSIZING (firing people), increasing efficiency, using cheaper materials, cutting salaries and wages, cutting travel expenses, etc.

Whatever they do, the cost of the taxation is covered by a part of their INCOME. The corporate customers PAY THE TAXES for them.

CORPORATIONS DO NOT PAY TAXES!!!!! If you are one of their consumers, YOU PAY THEIR TAXES FOR THEM!!!!!

If a corporatation's taxes go down, their prices will go down in order to remain competitive......unless they have no competitors or they collude with their competitors to keep pricing high.

 

[FA_Q2]

Funny that the leftie here bitches about the right and corporate tax rates when the right has been trying to fix such asinine things for awhile now.

This is why the right is pushing for a simpler tax code. That way the largest of all the corporations would pay the proper tax instead of installing laws through political donations that gave them massive breaks. Of course, the left hates any simplified tax code (and the congress members on the right are doing little more than paying lip service) because it takes all the power to manipulate people and the market for their benefit.

 

[Brain357]

Funny that the leftie here bitches about the right and corporate tax rates when the right has been trying to fix such asinine things for awhile now.

This is why the right is pushing for a simpler tax code. That way the largest of all the corporations would pay the proper tax instead of installing laws through political donations that gave them massive breaks. Of course, the left hates any simplified tax code (and the congress members on the right are doing little more than paying lip service) because it takes all the power to manipulate people and the market for their benefit.

The right controls congress, they must not be working too hard on this.

 

[hadit]

Funny that the leftie here bitches about the right and corporate tax rates when the right has been trying to fix such asinine things for awhile now.

This is why the right is pushing for a simpler tax code. That way the largest of all the corporations would pay the proper tax instead of installing laws through political donations that gave them massive breaks. Of course, the left hates any simplified tax code (and the congress members on the right are doing little more than paying lip service) because it takes all the power to manipulate people and the market for their benefit.

The right controls congress, they must not be working too hard on this.

No it doesn't. The GOP party power structure controls Congress, and they have little interest in fighting Obama and crew on anything, and less interesting in anything conservative.

 

[FA_Q2]

Funny that the leftie here bitches about the right and corporate tax rates when the right has been trying to fix such asinine things for awhile now.

This is why the right is pushing for a simpler tax code. That way the largest of all the corporations would pay the proper tax instead of installing laws through political donations that gave them massive breaks. Of course, the left hates any simplified tax code (and the congress members on the right are doing little more than paying lip service) because it takes all the power to manipulate people and the market for their benefit.

The right controls congress, they must not be working too hard on this.

Why do you think I am not a part of the GOP?

They pay lip service to the right and ignore everything that they stand for. It is pathetic.
Until they wake the hell up and stop voting for them nothing will change.