General Electric pays no tax on over $6 billion in earnings for 2010. Don't be surprised, it's been that way for a long, long time. So, who pays most the taxes to support our government functions?
Let's skip to the next rhetorical question. When the corporate rich squeeze the last nickel out of the waning middle class, who will be left to support our government functions?
Who will be able to afford the products offered by our corporate elite? Folks, the golden goose IS the middle class, and because greed blinds, this goose is an endangered species. Will capitalism self-destruct? Just ask Karl Marx. His communist manifesto details the process, written in the mid 1800's.
The lesson? We'd better reel in our corporations, our fat-cat politicians and move back to "We the people...". Let's start with outlawing lobbying, the process of legalized bribery and the embodiment of the term "conflict of interest."
One more rhetorical question: Has trickle down worked for you? I didn't think so. Call your senators and congressmen, and please, do it now.
D.J. Diebold, Scottsdale/Mesa
Accuracy posted at 10:59 am on Sat, Jun 4, 2011.
America's top corporate tax rate of 35 percent is one of the highest in the world. But because of the system riddled with tax breaks, most (corporate rich) companies pay a much lower tax rate.
Chevron paid no federal income taxes last year while posting record profits, and Exxon paid a grand total of $39 million in net taxes on total earnings of $9.9 billion. These companies, GE and other corporate rich are just the tip of an iceberg of widespread corporate tax avoidance.
Get rid of the tax loopholes and level the playing field with a reduction in corporate tax subsidies . . . Even though any plan to end corporate tax breaks and steer the revenues to the US Treasury would be considered a tax increase if signed by President Obama.
chatmandu002 posted at 10:03 am on Sat, Jun 4, 2011.
I have to disagree with you D. J. on a couple of points. First corporation don't pay taxes, the customer pays the taxes. Second, the golden goose is our capitalist system which isn't perfect, but better than anything else that's around. Don't blame corporations for our situation. Blame the government rules, regulations and controls that stifle competition and the free exercise of commerce. "We the People" have allowed our government to exercise such control over our economic system that is in far excess of what the constitution should allow. After 70+ years of letting our government grab more control we are finally reaping the results of this complacence. So do "We the People" demand our government give us back our capitalist system or should the government take control of everything? We are at the critical point of choosing one or the other.
Leon Ceniceros posted at 9:42 am on Sat, Jun 4, 2011.
Hmmmmmmmmmm.....QUOTING KARL MARX (the Father of Communism)...NOW....ARE WE ????................[sad]