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Author: Subject: Tax dodging - and why your taxes are so high
marymary100
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[*] Post 474227 posted on 1-7-2013 at 21:38 Reply With Quote
Tax dodging - and why your taxes are so high



corporations

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1. We’re told we can’t “afford” full Social Security benefits, even though closing corporate tax-haven loopholes would pay for Obama’s “chained CPI” benefit cut more than ten times over!



2. Corporate tax rates are near their 60-year low, even though profits are at a 60-year high!


3. Wells Fargo got $8 billion in tax breaks, even as executives at its subsidiary Wachovia avoided indictment for laundering money for the Mexican drug cartels!


4. Some other huge corporations paid less than nothing, too.

Pepco Holdings (-57.6 percent tax rate)
General Electric (-45.3 percent)
DuPont (-3.4 percent)
Verizon (-2.9 percent)
Boeing (-1.8 percent)
Honeywell (-0.7 percent)

5. The amount of money US corporations are holding offshore is an estimated one trillion dollars!



6. One building in the Cayman Islands is the official location of 18,857 corporations!



7. Conservatives complain about the “official” corporate tax rate in this country, but corporations actually pay roughly one-third of the official rate in actual taxes.





8. Corporations used to pay 30 percent of Federal taxes, and now they pay less than 7 percent!



9. Big corporations paid $216 million to Congress and got $223 billion in tax breaks!



10. We don’t even know who owns some corporations, even though that makes it easier to evade taxes, dodge creditors, avoid paying alimony or child support, and even fund terrorism!



11. Bank of America committed foreclosure fraud, was bailed out by the government, and then paid no taxes on $4.4 billion in profit!





12. What they call “tax reform” would actually prevent our elected representatives from giving businesses financial incentives to improve our lives!





13. Despite their greed, mismanagement, and freeloading, tax-dodging corporations are using shell organizations like “Fix the Debt” and “the Committee for a Responsible Federal Budget” to tell ordinary Americans they have to sacrifice even more to preserve corporate wealth!



At least at the Boston Tea Party you thought you knew who was ripping you off.
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[*] Post 474254 posted on 3-7-2013 at 01:56 Reply With Quote


I can see some bias in the way the writer describes things.

For example, the proposed change in the CPI calculation refers to INCREASES in Social Security payments. The Social Security payments would continue to INCREASE, but not as much as in the old formula. What does a liberal call it, when the plan calls for continued increases, but with a revised formula that does not result in such high increases? He calls it a CUT.

The writer complains that the tax RATE for corporations is near a 60-year low, while profits are at a 60-year high. That is exactly the idea of a small tax rate--if you don't tax the life out of the economy, it has a chance to grow, with the result that a smaller percentage can bring in more money than a larger percentage of a choked-by-taxes economy. Corporations pay their employees money which is then subject to the laws and regulations of personal income tax. All those incomes are saved or spent, and the people who are employed producing products or services for those people are also subject to tax. The government takes, and takes, and takes, with each personal income involved.

The "tax breaks" of which the writer complains need to be examined on their individual merits. The "tax breaks" commonly mentioned for oil companies simply allow them to deduct the cost of their equipment, instead of depreciating it over its entire expected years of use. It makes sense to allow the oil companies to deduct the expense this year, for equipment it must pay for this year. Otherwise, the tax deduction delay gives another reason NOT to drill for more oil and gas--and, it is better for domestic and world-wide supply to encourage more resources to be developed.

Some other tax breaks are stupid, such as rewarding companies for following the liberal agenda of using expensive electric cars instead of more economical fuel-driven cars.

The writer and I can probably find common ground in opposing tax breaks which are "crony capitalism," giving preferential treatment to some businesses over others instead of "letting the best man win."
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[*] Post 474256 posted on 3-7-2013 at 08:00 Reply With Quote


Not quite as much bias as the corporations who are grinding ordinary Americans into the ground while avoiding taxation as if they have the right to do so. I wonder how many of those tax avoiding companies have put money into the coffers of politicians of either persuasion.
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