While Republicans complain about tax's....

[bill718]

1. .....the Fortune 500 pays little or nothing.
   
   As pro-business interest groups bristle at proposed corporate tax increases to pay for President Biden’s $2 trillion infrastructure plan, a new report has found that dozens of major U.S. companies paid no taxes on their massive profits in 2020.
   
   According to the Institute on Taxation and Economic Policy (ITEP), no fewer than 55 publicly traded firms avoided federal income taxes last year, despite reporting nearly $40.5 billion in combined pre-tax profits. That group consists of major S&P 500 and Fortune 500 companies from a diverse variety of sectors and industries, including the likes of Nike, Salesforce, FedEx, and Archer Daniels Midland.
   
   Of those 55 companies, 26 were identified by ITEP as having paid no federal income taxes for three consecutive years—despite having reported profits in each of those years, and a combined $77 billion in earnings.
   
   While noting that major U.S. corporations have found loopholes sheltering their profits from federal taxes “for decades,” the Trump administration’s Tax Cuts and Jobs Act of 2017 failed to address loopholes that enable tax dodging, and in fact made the situation worse.
   
   This list does not include the multitude of companies that used tax loopholes to massively under pay their tax's.
   
   Corporate tax loopholes are nothing more than socialism for rich and powerful companies, allowing them to shift their tax burden to the working class, and to add dramatically to the national debt.
   
   
   

   55 major companies paid $0 in federal taxes on their 2020 profits: report

   A new report found that dozens of major U.S. companies paid no taxes on their profits in 2020.

   fortune.com
   
   
   

   No Federal Taxes for Dozens of Big, Profitable Companies (Published 2021)

   FedEx and Nike are among those found to have avoided U.S. tax liability for three straight years.

   www.nytimes.com

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[MarathonMike]

Your Democratic Party is destroying America.

 

[AFrench2]

While Republicans complain about tax's.... everything


Just wanted to make the title more honest.

 

[LuckyDuck]

1. .....the Fortune 500 pays little or nothing.
   
   As pro-business interest groups bristle at proposed corporate tax increases to pay for President Biden’s $2 trillion infrastructure plan, a new report has found that dozens of major U.S. companies paid no taxes on their massive profits in 2020.
   
   According to the Institute on Taxation and Economic Policy (ITEP), no fewer than 55 publicly traded firms avoided federal income taxes last year, despite reporting nearly $40.5 billion in combined pre-tax profits. That group consists of major S&P 500 and Fortune 500 companies from a diverse variety of sectors and industries, including the likes of Nike, Salesforce, FedEx, and Archer Daniels Midland.
   
   Of those 55 companies, 26 were identified by ITEP as having paid no federal income taxes for three consecutive years—despite having reported profits in each of those years, and a combined $77 billion in earnings.
   
   While noting that major U.S. corporations have found loopholes sheltering their profits from federal taxes “for decades,” the Trump administration’s Tax Cuts and Jobs Act of 2017 failed to address loopholes that enable tax dodging, and in fact made the situation worse.
   
   This list does not include the multitude of companies that used tax loopholes to massively under pay their tax's.
   
   Corporate tax loopholes are nothing more than socialism for rich and powerful companies, allowing them to shift their tax burden to the working class, and to add dramatically to the national debt.
   
   
   

   55 major companies paid $0 in federal taxes on their 2020 profits: report

   A new report found that dozens of major U.S. companies paid no taxes on their profits in 2020.

   fortune.com
   
   
   

   No Federal Taxes for Dozens of Big, Profitable Companies (Published 2021)

   FedEx and Nike are among those found to have avoided U.S. tax liability for three straight years.

   www.nytimes.com

Post Reply

Due to legal loopholes regarding FEDERAL income tax deductions, business expenses, charitable contributions, et cetera, many uber-rich can and do pay lower "FEDERAL" taxes than your average worker......BUT.....you will notice that I emphasized the FEDERAL taxes.
There are still city, county and state taxes that have to be paid and they do pay those taxes.
Rich business owners still have to pay property taxes on not just their own home(s), but also on their business properties as well. They have to pay far more for insurance than you or I, to cover accidents/injuries on their property, as not only workers, but customers can and have been injured on company properties and the injured take the companies for as much as they can. Attorneys have to be kept on retainer, should they be needed. They have to pay business license fees. They also have utility bills that go beyond their homes. Employees have to be paid, many even when they are off for a couple of weeks being non-productive. Owners of larger businesses also have to contribute funds to workers health care coverage.
Unlike the mid-1800's when Karl Marx saw the abuse of workers by company owners, which at the time, ushered in the "beginning" of the industrial-age, today we have worker protections, child labor laws, Unions and Occupational Safety and Health regulations that have to be met.
So, while a rich businessman/woman may be able to use loopholes to pay a lower amount in FEDERAL taxes, he/she can't escape city, county and state taxes, as well as all the other expenses that you or I don't have to deal with.
And frankly, I think that those people that complain about how rich some people are, are just plain jealous of the rich having more than them. It's petty.