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Corporate America Pays a Lot Less in Taxes Than You Think!
http://finance.yahoo.com/blogs/daily-ticker/ Corporate America Pays a Lot Less in Taxes Than You Think! By Stacy Curtin | Daily Ticker The day has arrived. Today is the deadline for the U.S. to fully approve an increase to the country's $14.3 trillion debt-ceiling. The U.S. House of Representatives passed a bi-partisan deal Monday to increase the country's spending limit through the end of 2012, and the Senate is set to take up the legislation today. The compromise, which includes $2.4 trillion in spending cuts over the next decade, came together in the final moments Sunday evening at the White House after weeks of bitter debate. But for all congressional haranguing and behaving like children (See: AMERICA HELD HOSTAGE: U.S. Debt Talks Hijacked By Gang Of Angry Children), it might do some good to take a step back and ask how we got here in the first place. In The Real State of America Atlas: Mapping the Myths and Truths of the United States, authors Cynthia Enloe and Joni Seager, did just that. In the section "Money Comes, Money Goes" they provide a detailed picture of where the U.S. government collects money and spends money using a series of charts and graphics. 2010 U.S. Government Revenues For the fiscal year 2010, the U.S. government collected $2.2 trillion: 40% of revenues came from social insurances taxes, 43% from individual taxes, 7% in corporate and other taxes, and a tiny 3% in excise taxes. 2010 U.S. Government Spending For the same fiscal year, the U.S. spent $3.6 trillion: 21% went to Medicare and Medicaid benefits; 20% to Social Security benefits; 20% to defense and security-related activities (like the operations in Iraq and Afghanistan); another 20% to program areas such as education, transportation and the environment; 16% to social safety-net spending like food stamps, home heating insurance and supplemental social security insurance; and finally 6% went to pay all the interest on the U.S. national debt. When Enloe and Seager looked at these numbers in context of the current debt and budget debate, two things jump out at them: 1) How yearly budget deficits have ballooned in such a short amount of time. In 1995, the U.S. had a deficit of $164 billion. In 2000, under President Bill Clinton, the U.S. budget deficit was actually in the green at $236 billion. And today, the country is project to have a deficit of $1.6 trillion by year-end. 2) Where the money is coming from and that corporate America pays a lot less in taxes than one might imagine. According to the Government Accountability Office, 57% of U.S. companies doing business in the U.S. paid no federal income taxes for at least one year from 1998 to 2005. For example, in 2009 GE, Bank of America, Citigroup and Valero did not pay any taxes on income. (See: GE Paid Less in Taxes Than You Last Year, Says The New York Times) On top of that the authors found it "quite astonishing" to learn that 83 of the largest 100 U.S. companies have overseas tax havens. In 2007, Citigroup had 427 subsidiaries in foreign tax havens, Morgan Stanley had 273, New Corps had 152, Bank of America had 115, and Procter & Gamble 83. And get this, there is one single address in the Cayman Islands that is home to 19,000 corporations as their home address -- tiny P.O. boxes! Big Payday for CEOs While corporate profits remain high, the good times continue to roll in for some of the wealthiest people in corporate America. In the book, the authors also focus on the incredible disparity between workers' pay and the big paydays awarded to some of the country's top CEOs. Check out this comparison! In 2009, the Oracle CEO Larry Ellison received total compensation of $57 billion dollars. The equivalent of the combined salary of 1,772 average workers or 3,767 minimum-wage earners! |
Corporate America Pays a Lot Less in Taxes Than You Think!
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Corporate America Pays a Lot Less in Taxes Than You Think!
On Wed, 3 Aug 2011 22:13:31 -0400, BAR wrote:
In article , says... http://finance.yahoo.com/blogs/daily-ticker/ Corporate America Pays a Lot Less in Taxes Than You Think! Corporate America employs lots of Americans. Yes they do. However, if they had their way, they would employ fewer. Corp. American (specifically big business) don't care about employees. They care about CEO pay and shareholder profit. |
Corporate America Pays a Lot Less in Taxes Than You Think!
On Wed, 3 Aug 2011 22:13:31 -0400, BAR wrote:
In article , says... http://finance.yahoo.com/blogs/daily-ticker/ Corporate America Pays a Lot Less in Taxes Than You Think! Corporate America employs lots of Americans. ============ Yes, and lots of Americans are stockholders directly or indirectly. |
Corporate America Pays a Lot Less in Taxes Than You Think!
On Wed, 03 Aug 2011 23:55:25 -0400, Wayne B
wrote: On Wed, 3 Aug 2011 22:13:31 -0400, BAR wrote: In article , says... http://finance.yahoo.com/blogs/daily-ticker/ Corporate America Pays a Lot Less in Taxes Than You Think! Corporate America employs lots of Americans. ============ Yes, and lots of Americans are stockholders directly or indirectly. Who produce mostly nothing. But, it's ok for the Republicans to throw 70K people out of work because of a few airports that have subsidies. |
Corporate America Pays a Lot Less in Taxes Than You Think!
wrote in message ...
On Wed, 03 Aug 2011 19:52:33 -0400, LilAbner wrote: http://finance.yahoo.com/blogs/daily-ticker/ Corporate America Pays a Lot Less in Taxes Than You Think! Not really, I know corporations pay zero in taxes, The taxes are all paid by their customers and corporations make profit on the tax. It is just another line item on their ledger and they price the product accordingly.. The government likes taxing at the corporate level because people do not see that tax. That is the allure of the VAT tax. Things just get more expensive but people do not realize how much of that is tax. Reply: Well said. |
Corporate America Pays a Lot Less in Taxes Than You Think!
On 8/3/2011 11:02 PM, wrote:
On Wed, 3 Aug 2011 22:13:31 -0400, wrote: In , says... http://finance.yahoo.com/blogs/daily-ticker/ Corporate America Pays a Lot Less in Taxes Than You Think! Corporate America employs lots of Americans. Yes they do. However, if they had their way, they would employ fewer. Corp. American (specifically big business) don't care about employees. They care about CEO pay and shareholder profit. CEO is employee. You is rag lady. You don't get paid to worry about big business. So don't worry be happy. |
Corporate America Pays a Lot Less in Taxes Than You Think!
On 8/4/2011 1:42 AM, wrote:
On Wed, 03 Aug 2011 23:55:25 -0400, Wayne B wrote: On Wed, 3 Aug 2011 22:13:31 -0400, wrote: In , says... http://finance.yahoo.com/blogs/daily-ticker/ Corporate America Pays a Lot Less in Taxes Than You Think! Corporate America employs lots of Americans. ============ Yes, and lots of Americans are stockholders directly or indirectly. Who produce mostly nothing. But, it's ok for the Republicans to throw 70K people out of work because of a few airports that have subsidies. Speaking of airport subsidies, Repubs aren't the only ones stealing your money. Watch and enjoy. http://www.youtube.com/watch?v=86OEkg0XeD8 |
Corporate America Pays a Lot Less in Taxes Than You Think!
On Wed, 3 Aug 2011 23:02:30 -0700, "Califbill"
wrote: wrote in message ... On Wed, 03 Aug 2011 19:52:33 -0400, LilAbner wrote: http://finance.yahoo.com/blogs/daily-ticker/ Corporate America Pays a Lot Less in Taxes Than You Think! Not really, I know corporations pay zero in taxes, The taxes are all paid by their customers and corporations make profit on the tax. It is just another line item on their ledger and they price the product accordingly.. The government likes taxing at the corporate level because people do not see that tax. That is the allure of the VAT tax. Things just get more expensive but people do not realize how much of that is tax. Reply: Well said. What a bunch of bs. Corps. pay the lowest real tax in the 1st World. The ship jobs overseas with no penalty. They get all kinds of subsidies, but throwing real people out of work is the Republican thing. VAT would make sense, except the transition to a VAT economy is not in the cards. |
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