Thirty Of America's Most Profitable Companies Paid 'Less Than Zero' In Income Taxes
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Thirty Of America's Most Profitable Companies Paid 'Less Than Zero' In Income Taxes

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    Senior Member Wishful Thinking!'s Avatar
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    Default Thirty Of America's Most Profitable Companies Paid 'Less Than Zero' In Income Taxes

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    Icy
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    That's what happens when you have a tax code that can break tables when it's set on them.

    Congress's fault 100%.

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    Already miss the 310/562 2manymustangs's Avatar
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    Did they pay taxes and take constructive reciept of the billions in another country??? Perfetly legal ya know...

    What makes them "American companies"?

    IF a company makes $5 but spends $10 on rent/capitol expenses they didnt really make anything, your aware of that right???
    Pat Eason, the voice of reason...

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    Red Blooded American The Doctor's Avatar
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    The tax code is seven times the size of the Bible. It's a broken system at best when GE pays no income tax but earns billions. In order to fix this tax code we'll have to get representatives that agree it's broken. Herman Cain seems clear as a bell on his intentions to scrap the entire tax code and simplify and tax everyone fairly.

    Wishful thinking, why did you fail to mention that 47% of our current residents in this country pay no taxes either. Blame the rules of the game, not the players who are complying with the rules. It's just plain broken - period. Now, let's work to elect some representatives who agree this system is broken and who will implement a fair tax to all, shall we?
    The best things in life aren't things!

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    Already miss the 310/562 2manymustangs's Avatar
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    (Reuters) - Backed by powerful companies spending millions of dollars, Washington lobbyists are fighting in the marble corridors of Congress for a tax break on $1.5 trillion in profits held overseas to escape the U.S. tax man.


    Dont hate the player,hate the game...

    Insight: Showdown looms on U.S. overseas profit tax break | Reuters
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    Capitalism at its finest. It's always big bad GE isn't in gentlemen.

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    Already miss the 310/562 2manymustangs's Avatar
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    Quote Originally Posted by RodnJen View Post
    Capitalism at its finest. It's always big bad GE isn't in gentlemen.
    Your boy Obammmie sure likes playing footsies with G.E. dont he???
    Pat Eason, the voice of reason...

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    He do.

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    Red Blooded American The Doctor's Avatar
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    Quote Originally Posted by RodnJen View Post
    Capitalism at its finest. It's always big bad GE isn't in gentlemen.
    Well, GE is the poster child for paying zero taxes with billions of profits from their American facilities but your special boy Obama has the CEO of GE, Immelt in his pocket and now heading up the Kenyan's jobs council. Guess what he's doing from that position? Yep, you guessed it Rod, he is moving jobs and economic infrastructure to China at a blistering pace

    GE CEO Jeffrey Immelt, The Head Of Obama’s Jobs Council, Is Moving Jobs And Economic Infrastructure To China At A Blistering Pace
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    VOTE! RodnJen's Avatar
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    Quote Originally Posted by The Doctor View Post
    Wishful thinking, why did you fail to mention that 47% of our current residents in this country pay no taxes either. Blame the rules of the game, not the players who are complying with the rules. It's just plain broken - period. Now, let's work to elect some representatives who agree this system is broken and who will implement a fair tax to all, shall we?

    Or looking at it another way Doc.

    "...The fact of the matter, though, is that those other taxes constitute a huge chunk of federal revenues. Check out the charts below. Over the 58 years preceding the Lesser Depression, the share of federal revenues that came from individual income taxes has remained fairly stable, fluctuating between 40 and 50 percent, and peaking just before George W. Bush slashed rates in 2001.

    The rest has come from corporate income taxes, payroll taxes, and various other taxes. To a surprising extent, the story of the last six decades is one of a shrinking burden on big business, and a growing burden on workers — the bulk of the “47 percent”. Since 1950, regressive payroll taxes have grown to comprise over one-third of federal revenues — they used to comprise about one-tenth. For corporate income taxes, it’s just the opposite — what used to provide the Treasury over a quarter of its revenue now provides just over 10 percent."

    So which is more damanging, the lower income people paying nothing or the massive corps evading their obligation? Third quarter earnings for the S&P 500 companies is over 18%, compared to an average rate of 3.3% since 2005. Sounds as if we need them to pay now more than ever.

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    Everything that is wrong in the country can be layed at the feet of George Bush or GE. Corporations really dont pay income tax, their prices reflect their tax burden plus a couple percent for their trouble and anyone of us would probably live real well on the percentage. If you believe they really PAY the tax you most likely believe your boss pays your income tax because it comes out before you ever see a dime. You rarely here big corps calling for an elimination of the tax because they like the couple percent handling fee built in for a couple key strokes of work. As for Barry having Imelt as an advisor, ever hear the old saying about putting the biggest jerk off in charge because he knows all the ways for an employee to screw off? Imelt and GE have used every loop hole , government program and defense spending program to pad ther wallets for a long time.

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    The last question about which is more damaging. without a doubt those citizens who pay nothing. "WE all have to have some skin in the game" Some lofty orator said that, your hero I believe. If you pay zero you have no problem with taxes being raised, if that 47% paid even a couple percent there would be rioting in the streets over a 1% tax hike. As long as you are paying I'm not I couldnt give a rats ass if the rate went up 50%. If you took time understand human nature you would see how the socialists build there base.

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    Red Blooded American The Doctor's Avatar
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    Quote Originally Posted by RodnJen View Post
    So which is more damanging, the lower income people paying nothing or the massive corps evading their obligation?
    I find the entire tax code to be an opportunistic mess leaving the middle class to bear the burden of the insane spending from Washington DC. Both are escaping their fair share of taxation due to a failed code.

    What were your thoughts on your Kenyan's buddy, Immelt?
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    Quote Originally Posted by Wishful Thinking! View Post
    "Corporations also commonly take advantage of a rule called "accelerated depreciation," which allows them to write off investments faster than they wear out,"

    Right, so we're using the code to "stimulate investment". Is that bad? Isn't that an indication that the rate is too high? Maybe we should just use the code to collect enough taxes to fund the govt., and let the company decide for itself whether to buy equipment and hire people without having to analyze the tax implications.
    Quote Originally Posted by Tom Brown View Post
    I'm still chuckling at being "poo-pooed" for straying off topic. Awesome.

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