"40 percent of the people in this country doesn't even pay taxes!!!!"
We here that quite a bit from people that regularly go into anaphylactic shock regarding taxes. I wonder if they know about this..
How Our Largest Corporations Made $170 Billion During Great Recession And Paid No Taxes
Twelve of the nations largest Fortune 500 companies, while making $170 billion in profits during the period of The Great Recession, paid an effective tax rate of negative 1.5%.
Yes, you read that correctly.
Not only have these twelve companies paid zero in taxes for the years 2008-2010, they actually received tax subsidies that added $62.4 billion to their bottom lines.
Perhaps I need to revise my view on corporate taxes.
The fact that our economy isn't really recovering make more sense now. It's not just the banks that are hoarding money and lending out very little. It's corporations like Exxon, Verizon, and Honeywell. And we wonder why our debt and deficit are so high. Anyone who has any significant amount of money isn't paying taxes.
Moreover, these numbers prove that the idea that companies will just "go offshore if we raise taxes" is sub moronic. They are paying no taxes and still going off shore.
I take comfort in the fact that Ungar is a kindred spirit.
Seriously, people, do we need an anvil to fall on our heads before we get it?
Even that won't work, Rick.
12 comments:
So taxes paid to the government drive the economy?
while making $170 billion in profits
What became of this $170 billion? CEOs get paid alot, but I don't believe they got paid quite that much. To keep the math simple, if 20% of that profit was taken by the .gov then what would be the impact of the $34 billion no longer being used for its original purpose?
Is your post complaining that the US government isn't working to your satisfaction?
And the government needs to take more money in order to meet your expectations?
What percentage of my income would satisfy you?
Except corporations don't pay taxes, they only collect and pass on taxes to their customers.
Except corporations don't pay taxes, they only collect and pass on taxes to their customers.
Nice, now you are going to make his head explode with that!
Am to assume that both of you think that the burden of tax rests solely on buyers and not suppliers? That would be entirely inaccurate.
And who are the suppliers Mark?
Hint, they are the customers too.
All corporate taxes are borne by the individual, not by the corporation.
You really shouldn't be so surprised M - bipartisan tax engineering is nothing new. I mean, if you're going to play "shocked" you really need to work on your Claude Rains imitation.
If you mean that the individuals that work for corporations will bear the burden of the tax on the supply side, then that's fine.
I was simply pointing out that when it comes to tax burdens, it all depends on elasticity. Whichever side is less elastic, bears the burden. There is also less deadweight loss if there less elasticity as well so...
I assume you mean elasticity between ownership of businesses and consumers. There is no other place for the burden to land - and it is people in both cases.
Yeah, whether the elasticity is on the supply side or the demand side. If there is a tax placed on gas, for example, demand is inelastic in the short run so the burden will on the buyers. If there is a tax on luxury yachts, the burden will be on the suppliers as the demand is more elastic. The employees of that supplier will bear more of the burden so it is still people.
Yet, inelastic demand or supply also means minimal deadweight loss so the take away from surplus won't be as bad. My point in mentioning all of this is the statement "The burden always falls on the consumer/buyer" is inaccurate.
Yawn.....
Elastic who? Inelastic whatszitnow?
Dumb it down for the common Republican't.
What are you saying?
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