CNN: Study finds Many Companies pay NO corporate income tax.

Brigid

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Thu Nov-03-11 07:52 PM
Original message

CNN: Study finds Many Companies pay NO corporate income tax.

Edited on Thu Nov-03-11 08:28 PM by Brigid

Is this a surprise? :eyes:

http://money.cnn.com/2011/11/03/news/economy/corporate_taxes/index.htm

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valerief

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Thu Nov-03-11 07:54 PM
Response to Original message

1. Instead of paying a lot to the IRS, they pay less to Congress. nt

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Octafish

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Thu Nov-03-11 07:58 PM
Response to Reply #1

3. And what they save, they send to Switzerland.

It's all legal-like. Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

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valerief

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Thu Nov-03-11 08:01 PM
Response to Reply #3

5. Yes! It's legal cuz they pay Congress to make it legal. nt

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dkf

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Thu Nov-03-11 07:56 PM
Response to Original message

2. Over $1 trillion in loopholes a year. That is where the money is, not in tax rates.

George Bush's tax cuts are worth $3.7 trillion over 10 years. Getting rid of loopholes can raise $10 trillion over the same time.

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DURHAM D

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Thu Nov-03-11 08:00 PM
Response to Original message

4. I own a small corporation.

At the end of the year I empty the bank account.

How long have I been doing this? For 26 years.

Why do I do this? To avoid taxes.

How do I do it? By giving bonuses to all employees.

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valerief

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Thu Nov-03-11 08:04 PM
Response to Reply #4

6. What country are all your employees in? In other words, where do they spend their money? nt

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DURHAM D

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Thu Nov-03-11 08:09 PM
Response to Reply #6

7. Estonia ?

:sarcasm:

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valerief

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Fri Nov-04-11 11:02 AM
Response to Reply #7

8. See! I knew it wasn't the US. We only get pink slips here. nt

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Gamow

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Fri Nov-04-11 11:05 AM
Response to Original message

9. They are people. Throw them in jail for tax evasion. nt

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Nye Bevan

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Fri Nov-04-11 11:17 AM
Response to Original message

10. If they are not breaking the law, I don't blame them.

Their duty to their shareholders is to figure out how to pay as little corporate tax as possible (staying within the law). Of course, if laws are being broken, then people should go to jail.

Given that the corporate tax is passed onto customers anyway, I would be fine with simply abolishing corporate tax and making up for the lost revenue by increasing the top individual income tax rate. Why should the customers of the corporation pay this tax when the top highly-paid individuals could be?

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