Here are your choices:
1. Pay 35%+ of net profits in taxes
2. Pay 20-35% of net profit in taxes
3. Pay <20% of net profit in taxes
4. Pay no income tax
Ahhhh you are a brain. They, like 57% of ALL corporations pay NO INCOME TAX. So when Boehner and his lemmings howl about our corporate tax rates please remind them that this is like the circus coming to town with a $50 ticket for admission but everyone with a last name starting with the letters A-Z is admitted free.
And while you slip on your Progressive cap, please tell me what YOUR tax code would look like.
ReplyDeleteI have all day.
Wow, and when corporations leave the nation to avoid your punitive taxes, or when they pass on the costs to consumers in higher prices, then you Demunist Commiecrats get upset.
ReplyDeleteEven the Europeans, who tax individuals up the wazoo, understand this and have low or nonexistent corporate taxes.
It's been 26 hours and no response.
ReplyDeleteOk, maybe this will help.
http://howisthatobamavoteworkingoutforyou.blogspot.com/2010/11/econ-101-businessman-obama.html
The tax code would be that corporations pay taxes. Why do you, as a private citizen, foot the bill for the corporations and pay more than you should so they can pay nothing...
ReplyDeleteohhhh you are a republican. i forgot.
PFFFFT!
ReplyDeleteI left the Republican Party 6 years ago. Shows you how much you know or think you know.
"The tax code would be that corporations pay taxes."
What kind of a simpleton statement is that?
In you world corporations don't pay taxes? Really?
Boy, you really crack me up!
don't let the facts trip you up.
ReplyDeleteCorporations do not pay taxes because they "zero out" their profits before the end of the year. How do they do that? They give massive bonuses to the CEO and other top executives and they, in turn, pay taxes usually at the top tax rate- you guessed it- the 35% tax rate which is the same as the corpporate tax rate. If they do not, then the money gets double taxed- that is: taxed at the corporate rate AND when they give bonuses they following year the executives pay another 35% personal income tax on the same money. The answer to this is simple. Eliminate or lower the corporate tax so they do not have to zero the profits at the end of the year which means the corporations hold onto the money which means they expand the corporation thereby creating jobs? Got it?
ReplyDeleteThe corporate tax rate stifles growth. This is what Reps have been railing about for years and which Dems never get it because they have never run a business before. This is why CEOs look evil taking these huge bonuses. The government makes them do it.
Go to EDGAR, provided by the SEC, and look up any of these companies to see what they actually paid.
ReplyDeleteSince 2005, B of A has paid about $22.4 Billion in taxes.
Note that 22,400,000,000 is not equal to 0.
To say nothing of the double taxation of corporate profits, or sales taxes paid on items purchased, or payroll taxes, or of the really fun part where you figure out who actually bears the economic incidence of the tax.
Or did you actually have a worthy argument that took all of those factors into account? If so, I would love to hear it. If not, do some research or acquire some sort of thought process before making stuff like this up.
In the taxation year 2008 and/or 2009 zero taxes holds true. That you had to go back to 2005 to start counting proves the point.
ReplyDeleteIn reality, going to EDGAR is ridiculous, as the 10-K and the 1120 are two different things, governed by two different set of accounting rules. There is no way to know how much a corporation pays in U.S. Federal Income Tax, unless you are the corporation, or the IRS. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=419741 .
ReplyDelete