Hey folks, “It’s tax time once again.”
That is, unless you're a large, extremely profitable corporation like General Electric, Verizon, Boeing, Dow, DuPont or Bank of America. Then April 15th is officially “Free Skate Day.”
In fact you might call it a “paid holiday” for some mega-corporations, like G.E., that actually pocketed some $5 billion in refunds from U.S. taxpayers! Imagine that? Yet the majority of any “new job creation” has been in China and India. What a great deal for America, right?
Every politician from Obama to Romney is promising to cut corporate tax rates that are already the lowest overall average (12.1 percent) since 1972, according to Citizens for Tax Justice and the Institute on Taxation and Economic Policy.
Twenty-six of the 30 Fortune 500 companies they examined paid a negative tax rate while getting $6.5 billion in refunds between 2008-2011. Had they paid the actual 35 percent corporate rate, they would have reduced our federal deficit by some $78.3 billion.
You might consider looking back a decade or so and reflect upon how well these same corporations have treated the majority of their employees.
Rod Livdahl
Mesa
Leon Ceniceros posted at 8:31 am on Fri, Apr 13, 2012.
More "anti-Capitalism"......more "anti-Americanism" from the Democrats.
Who do the Democrats think create jobs = Disney, CNN News..MSNBC ???
The answer is ....C.A.P.I.T.A.L.I.S.T.S.......create the jobs. They are the ones who start the business from scratch. The ones who came up with the ideas...the start-up costs...the buildings...the machines...the desks..the phones............NOT THE EMPLOYEES...........and diffinitly..............NOT THE GOVERNMENT.
WHO WOULD WANT TO BE AN ENTREPRENUR IN THIS......OBAMA ADMINISTRATION........ANTI-WALL STREET...ANTI-CAPITALIST ENVIRONMENT ???
THE REASON THAT BUSINESS OWNERS ARE SITTING ON THEIR MONEY IS BECAUSE THEY DON'T KNOW WHAT'S GOING TO HAPPEN NEXT WEEK, NEXT MONTH, NEXT YEAR..........MORE POLLUTION LAWS....MORE GENDER OR ETHNIC OR RACIAL BIASED LAWS...MORE HEALTH CARE LAWS...MORE AND MORE AND MORE RESTRICTIONS COMING FROM THE ....WHITE HOUSE.
IF YOU WANT TO TURN THIS COUNTRY AROUND....THEN THIS NOVEMBER...TURN THE DEMOCRATS ...........O.U.T.
STARTING FROM THE TOP.
chatmandu002 posted at 10:06 am on Fri, Apr 13, 2012.
Rod,
You are complaining about a situation that you participate in. I'm sure you take your legal deductions while filing you taxes with the IRS. So do these companies. Our tax code is a joke. Almost 50% don't pay taxes and those that do pay get all kinds of deductions including the businesses.
So many seem to believe the purpose of business is to make jobs and pay taxes. Wrong!! The purpose of business is to make a profit. Our tax code has allowed business to keep profits overseas and pay the least amount of taxes possible. The government can't keep punishing the production of wealth and expect a greater return in taxes.
You complain that businesses treated their employees badly in the last decade. Well don't forget to look at how the employees, through their unions, along with how the government has treated business over the last several decades through government rules and regulations.
When the government steps in and says to business, you have to hire this employee because of this reason or that reason. Or you can't fire that employee because of this or that and you have to pay this employee so much to support them down the road and pay for their healthcare. And Oh bye the way, the government wants a 35% cut of the profit. And I haven't even started with the other government rules and regulations. Do you still wonder why business goes somewhere else? Do you wonder why businesses that are still here are worried about the future?
VofReason posted at 12:24 pm on Fri, Apr 13, 2012.
Maybe Rod is on to something here. Maybe there is something inherently wrong with having a 70,000 page tax code that allows politicians to decide who and when people and Corporations get to skate on taxes. Maybe they should make the tax equation very simple: you earned X multiply by Y and that is your tax.
Accuracy posted at 4:32 pm on Fri, Apr 13, 2012.
General Electric was able to manipulate the 70,000 page tax code so that the company did not pay any Federal income taxes in 2010. Over the past five years, while General Electric made $26 billion in profits in the United States, and it received a $4.1 billion refund from the IRS.
President Obama’s campaign for re-election is on a platform of higher taxes. Currently, capital gains and dividends are taxed at a top rate of 15 percent, while wages are taxed at as much as 35 percent. The so-called "Buffett Rule" by the Obama Administration, if passed by Congress, would raise the tax rate for millionaires to a minimum of 30 percent.
Obama’s push of the "Buffett Rule" is to raise taxes on millionaires. But not pushing for GE or other big corporations to pay more of a fair "share."
Dale Whiting posted at 6:51 am on Sat, Apr 14, 2012.
Rod, ough! Using facts you've upset Leon once again!
Leon, Nothing Rod says is anti-capitalist. I know you did not get much post high school education. Perhaps you should take a course or two. Or are all of our campuses infiltrated by communist teachers?
chatmandu022,
We all participated. We all lost. We all have a right to complain. But there is sufficient blame to go round to us all. The question is "Will we appoint as president a Democrat who seems to be more in tune with the average citizen or a Republican who seems more in tune with the 1%?
VofReason, both you and Rod are onto something. Just don't expect either party to be doing much about it. Money talk$.
Accuracy,
I share your observations. Not sure what conclusions you would make other than to vote to keep the President in office for a second term. Let's see who Romney picks for a Veep. If it was someone like Huntsman, I might vote for him. But I doubt seriously if Huntsman would joint a Romney/Huntsman ticket. But clearly a focus on the international economy is needed.
And Romney focuses more on his base [or the one he needs at any particular time] than on the future and the real issues impacting the future. It's as if he wants to take over the government and sell it off in pieces. Too much experience at Bain Captial is not an especially good thing!
Arizona Willie posted at 7:19 am on Sat, Apr 14, 2012.
chatmanduu002 --- you say this " Our tax code has allowed business to keep profits overseas and pay the least amount of taxes possible. The government can't keep punishing the production of wealth and expect a greater return in taxes. "
Make up your mind!!
In one sentence you say the government allows business to keep profits overseas and avoid paying taxes and in the next you claim government is punishing the production of wealth.
We have lowered taxes on business ever since Reagan was President. The effective tax rate on business now is down to 12% ( which is what they pay on average after all the tax deductions they have written for them ).
Many corporations pay ZERO tax and some even get government subsidies even though they are making billions of dollars.
It amazes me how right wingers lambast individuals who get government subsidies such as welfare or payments because their income is so low but think it is perfectly fine for businesses to get government subsidies and tax breaks etc. etc. even though the business is filthy rich and sitting on a bazillion dollars.
If people should pay their fair share of operating society ... why shouldn't corporations?
Rodini posted at 1:01 pm on Sat, Apr 14, 2012.
Thank-you again Dale and AZ Willie for supporting the facts and pointing out how clueless Old Leon is.... as always!
I sure hope he's not "married with children"...because I fear for his families safety when he gets so riled up!
And AZ Willie...you hit the nail squarely on the head with your final comments...welfare for the rich and corporations is quite alright....but God Forbid...., we give a helping hand to those struggling at the bottom, trying to "exist" on the pathetic minimum wage jobs offered by most corporations.
If they continue to get their way....we'll see the minmum wage drop back to $3 or $4/ hr. [sad]
Leon Ceniceros posted at 9:20 pm on Sat, Apr 14, 2012.
If some of our Commenter's Families had raised their Little Boys to follow the Golden Rule and not the "Little Red Book"....we wouldn't be in the $15,000,000,000,000.00 ($15 Trillion for our Liberal/Progressive/Democrat/Socialist/Anarchist/Marxist-Lenists, Commie Wanna-Be's)...............DEFICIT DEBACLE....that the Obama Administration has put America into.
Arizona Willie posted at 7:20 am on Sun, Apr 15, 2012.
Leon, you are mentally ill, please see a professional at the earliest opportunity.
You are now blaming the National Debt on the families of the commenters on this forum, claiming they are some vague " Liberal/Progressive/Democrat/Socialist/Anarchist/Marxist-Lenists, Commie Wanna-Be's ".
And you are blaming the ENTIRE National Debt on the Obama Administration, conveniently forgetting ( or ignoring ) the inconvenient FACT that it was the administration of Bush the Lessor who started TWO unfunded wars and ( for political reasons ) gave us also the unfunded Medicare Prescription bill --- NOT OBAMA.
Yes, Obama has had some spending projects trying to bring the country out of the Depression caused by the Republicans.
It is a PROVEN concept.
That's how we got out of the original Depression back in the 30's by spending on government projects.
And, despite the objections and interference of the Republicans at every step --- IT IS WORKING.
Slowly -- but it IS working.
And, much to my enjoyment next year and your distress, Obama WILL BE re-elected because the people are smart enough to see through the blather that has been spewed by the Republicans.
Arizona Willie posted at 7:24 am on Sun, Apr 15, 2012.
Right wingers are constantly complaining about individuals who get any form of government assistance whether it be unemployment or welfare or some form of aid raising their kids.
They call them leeches and other unprintable things.
Yet, these same people, would be calling for the head of any CEO of a corporation they held stock in that declined a government subsidy. He could say they didn't need the subsidy ( which many corporations such as the oil companies don't ) but it would make no difference.
They would be wanting to fire and tar and feather any company official who declined to take government money.
Funny that, eh wat?
Rodini posted at 9:42 am on Sun, Apr 15, 2012.
Right on AZ Willie for calling out Leon....he truly is in serious need of long-term counseling! It's the old "box of rocks" syndrome...trying to talk "facts" only enrages him further and sets him off, ready to jump off the deep end.
His ridiculous comment about remebering the "Golden Rule" was a prime example.
"Do unto others as you would have them do unto you"
So if that's the motto Leon wants to live by, let's ask him how well he'd like to have been born deformed or crippled and told "SO WHAT" by his Republican Tea Party types who want to cut every penny used to help the less fortunate.
He obviously could care less if millions of Americans like myself, with pre-existing conditions can not buy health insurance at any cost, die from the prostate cancer I have and can not see a Dr. for treatment because I don't have the $50,000 in savings to pay for surgery!
Oil well, as they say in Texas,would be his totally Un -Christian response I'm quite sure! So much for the Golden Rule he proclaims to follow, right?
Leon Ceniceros posted at 11:31 am on Sun, Apr 15, 2012.
"He obviously could care less if millions of Americans like myself, with pre-existing conditions can not buy health insurance at any cost, die from prostate cancer I have and can not see a Dr. for treatment because I don't have the $50,000 in savings to pay for surgery!"
BOO....HOO....HOO.
BY THE RATIONAL OF THE COMMENTER...SERIAL CHILD ABUSERS SHOULD BE ALLOWED TO BE HIRED IN GRAMMER SCHOOLS......SERIAL ARSONISTS SHOULD BE ALLOWED TO BE HIRED AS FIREMEN....SERIAL DRUNKS WITH 15 D.U.I.'s SHOULD BE ALLOWED TO PURCHASE CAR INSURANCE AFTER EVERY CRASH OVER AND OVER AND OVER AGAIN.
WHY SHOULD THE INSURANCE RATES AND COVERAGE AMOUNTS OF MILLIONS OF STRANGERS GO UP BECAUSE YOU AND OTHER's HAVE A PRE-EXISTING DISEASE. BY YOUR OWN ADMISSIONS YOU SPENT YOUR MONEY INSTEAD OF SAVING IT TO COVER ..........YOUR "O.W.N." EXPENSES.
AMERICA IS NOT CUBA, NOT A SOCIALIST OR COMMUNIST NATION....THE INDIVIDUAL IS EXPECTED TO TAKE CARE OF THEMSELVES.......NOT THE VILLAGE. WELFARE WAS NOT DESIGNED TO BE A ......"LIFESTYLE"....IT WAS TO BE USED FOR AN .........E.M.E.R.G.E.N.C.Y.
UN-EMPLOYMENT WAS NOT DESIGNED TO BE A ..........."LIFESTYLE".
THERE ARE PEOPLE ALL ACROSS AMERICA WHO HAVE NEEDS.........IS EVERYONE EXPECTED TO CHIP-IN AND PAY FOR THESE......"NEEDS".
IF THE AMERICAN PEOPLE WANT TO TAKE CARE OF EVERY CITIZEN FROM CRADLE TO DEATH THEN.......EVERYONE NEEDS TO PETITION OUR GOVERNMENT TO TAX THEM AT .....99%.......TO PAY FOR ALL OF THESE NEEDS.
Rodini posted at 7:37 am on Mon, Apr 16, 2012.
So nice to see you bite on that one Leon....just as I knew you would...LOL!![smile]
Proved beyond a shadow of a doubt however, that your pontification about the Golden Rule was as far from your heart as Texas is from Canada. How sad but typical for raving conservative fanatics, huh?
Keep tryng Leon...we all have faith that one of these days you'll actually be able to string together two sentences that make sense to anyone besides yourself, ok?
Best!
Accuracy posted at 11:49 am on Mon, Apr 16, 2012.
President Obama's proposal in the U.S. Senate is to impose and promote a "Buffett rule" tax on the ($1 Million annually) rich. Framing the issue as one of fairness . . . but, NOT promoting a serious tax policy on General Electric (GE) and any other big corporations.
He's just playing tax politics with the deficit.
The top 1 percent, of the big corporations (General Electric & others) paid 0 percent of income taxes in 2009. While, the top 1 percent of earners paid 37.7 percent of income taxes, and the top 5 percent paid almost 58.6 percent.
fae4now posted at 1:31 am on Thu, Apr 19, 2012.
Acc,
It's true that the Pres has tiptoed on the tax rates of the " job creators" perhaps until we get some decent jobs back in the U.S. If you had to choose between pi**ing them off by making them pay their fair share or walking softly while trying to get people back to work, what would you do? Is it playing politics or just doing what's right "for the people"? Just asking....
Credit for one thing - Obama has gone after eliminating oil company subsidies.
Abstract01 posted at 10:04 pm on Fri, Apr 20, 2012.
I stopped reading at "every politician . . ." he lumps dummycrats and repugnants into one group. Like that would ever happen!