April 6, 201016 yr One other thing, obviously the site has their left viewpoint that want to sling. They say 2 out of 3 corporations do not pay any taxes each year and hold it up high on businesses not doing their part. Wonder why those businesses don't? Well a very quick websearch indicates that most businesses are not even making a profit the first year and a good percentage fail completely in two years. As well as over 50% of new businesses started in one year are out of business by year 6. So there are a good % of businesses who are not paying federal income taxes because they are not making any profits at all. As to the bolded, seems someone is drinking the blue flavored version of the koolaid.
April 6, 201016 yr One other thing, obviously the site has their left viewpoint that want to sling. They say 2 out of 3 corporations do not pay any taxes each year and hold it up high on businesses not doing their part. Wonder why those businesses don't? Well a very quick websearch indicates that most businesses are not even making a profit the first year and a good percentage fail completely in two years. As well as over 50% of new businesses started in one year are out of business by year 6. So there are a good % of businesses who are not paying federal income taxes because they are not making any profits at all. There you go bring pesky facts into the discussion.
April 6, 201016 yr Unfortunately, our system has been setup for both companies and individuals to move their money around so that their taxable income can be lessened. One of the reasons I liked Huckabee and his proposal of overhauling our tax system to stop this from happening. Also, from the way I read the article, they have legally moved their income to overseas ventures to shelter it from taxes. US has one of the highest corporate tax rates in the world which encourages the companies to move their businesses out of the country to avoid the taxes they would have to be paid. Simply holding them up as greedy individuals and screaming for them to raise taxes on the rich is a shallow, simplicity argument that indicates the person does not understand what is going on. Rather you have to redo the tax system that does not encourage businesses to do this. I agree with you that they should be paying their taxes. But a CEO that didn't make the moves that our tax system allows them to make and save his stockholders millions of dollars would not be the CEO for long. The issue is not solely with the company but rather the system that allows them to do this. That's also another reason why raising taxes is a bad idea. These big companies find a way to work around the system anyway, so the people it ultimate affects is the middle and upper middle class. It's a shame though, that we have a system in place that encourages this to happen. A flat tax apparently makes too much sense. :idunno:
April 6, 201016 yr Ace if you are so upset about 1/3 of all businesses not paying federal income taxes than I am sure this will just add to your upsetedness. (I like creating words) http://www.taxfoundation.org/research/show/1410.html During 2006, Tax Foundation economists estimate that roughly 43.4 million tax returns, representing 91 million individuals, will face a zero or negative tax liability. That's out of a total of 136 million federal tax returns that will be filed. Adding to this figure the 15 million households and individuals who file no tax return at all, roughly 121 million Americans—or 41 percent of the U.S. population—will be completely outside the federal income tax system in 2006.1 This total includes those who pay no tax, and those who pay some tax upfront and are later refunded the full amount of the tax paid or more. It seems that individuals are playing this game better than the companies are.
April 6, 201016 yr Thinking that Tax Foundation might be a right or left leaning site, I quickly found an article by CNN that we all know. http://money.cnn.com/2009/09/30/pf/taxes/who_pays_taxes/index.htm 47% will pay no federal income tax In 2009, roughly 47% of households, or 71 million, will not owe any federal income tax, according to estimates by the nonpartisan Tax Policy Center. Some in that group will even get additional money from the government because they qualify for refundable tax breaks. The ranks of those whose major federal tax burdens net out at zero -- or less -- is on the rise. The center's original 2009 estimate was 38%. That was before enactment in February of the $787 billion economic recovery package, which included a host of new or expanded tax breaks One of Obama's proposals is to extend the 2001 and 2003 Bush tax cuts for everyone except high-income tax filers, which was the group that derived the most benefit from those cuts. As a result, under Obama's budget, he would keep the ranks of the non-payers higher than they would otherwise be.
April 6, 201016 yr I know that we hear all the time about the 1% holding x% of the wealth in this country and how that is so horrible. So, here is a stat to go along with it. I do understand that it is a stat from 2002. http://commadot.com/income-breakdown-in-us/ Gross Income Americans % of Population $1 – $50,000 92,594,960 71.185% $50,000 – $75,000 17,396,916 13.374% $75,000 – $100,000 9,247,839 7.110% $100,000 – $200,000 8,422,603 6.475% $200,000 – $500,000 1,908,466 1.467% $500,000 – $1,000,000 336,684 0.259% $1,000,000 – $1,500,000 78,121 0.060% $1,500,000 – $2,000,000 31,316 0.024% $2,000,000 – $5,000,000 44,205 0.034% $5,000,000 – $10,000,000 10,026 0.008% $10,000,000 + 5,309 0.004% So comparing this table with the cnn article, there is a group of people out there that has about 80% of the income in this country that is not paying a single dime of federal income tax. So, the ENTIRE federal income tax is coming on the backs of about 20% of Americans. And our President is calling for them to do even more. I guess 80% of Americans NOT paying a single dime of Federal income tax is not enough.
April 6, 201016 yr Author I have heard/read that many large businesses are looking to move their business to foreign countries to avoid the health care issue. If that is just blowing smoke that is one thing. If that costs thousands of US jobs, than it is a major blow to this country. They are moving to countries that have universal health care. Ironic isn't it.
April 6, 201016 yr They are moving to countries that have universal health care. Ironic isn't it. Yep, it is. But it still means Americans losing jobs which will do nothing but compound our problems.
April 6, 201016 yr Author There you go bring pesky facts into the discussion. If you don't make a profit then you should not pay taxes, that is not the case with EXXON.
April 6, 201016 yr Author As to the bolded, seems someone is drinking the blue flavored version of the koolaid. the facts are not slanted. Scream all you want about it, but EXXON paid no corporate income taxes in the US.
April 6, 201016 yr If you don't make a profit then you should not pay taxes, that is not the case with EXXON. What Exxon is doing is legal in our tax system. What needs to be done is overhaul the tax system that does not let individuals or companies do this. Problem with that is then that a lot of charitable organizations are going to be unhappy as they will see donations to them drop because companies/individuals have lost the tax incentive to do it.
April 6, 201016 yr Author Ace if you are so upset about 1/3 of all businesses not paying federal income taxes than I am sure this will just add to your upsetedness. (I like creating words) http://www.taxfoundation.org/research/show/1410.html During 2006, Tax Foundation economists estimate that roughly 43.4 million tax returns, representing 91 million individuals, will face a zero or negative tax liability. That's out of a total of 136 million federal tax returns that will be filed. Adding to this figure the 15 million households and individuals who file no tax return at all, roughly 121 million Americans—or 41 percent of the U.S. population—will be completely outside the federal income tax system in 2006.1 This total includes those who pay no tax, and those who pay some tax upfront and are later refunded the full amount of the tax paid or more. It seems that individuals are playing this game better than the companies are. Which means that they paid enough during the year that they won't need to pay in April. Not that they had no tax liability during the year, outside of those who are too poor to owe.
April 6, 201016 yr If they can legally do it more power to them. If I could legally not pay any income tax I promise you I would. Ace, do you pay more taxes then you are legally obligated to pay?
April 6, 201016 yr It seems there might be two sides of the story. Who really knows what to believe? http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last year. By the way, Exxon pays taxes at a rate of 41% on its taxable income! http://www.businessweek.com/bwdaily/dnflash/content/may2008/db2008051_596535.htm?chan=top+news_top+news+index_news+%2B+analysis On May 1, Exxon Mobil announced first-quarter 2008 earnings of $10.9 billion—a figure that marks the second-largest U.S. quarterly profit ever, even if it slightly missed Wall Street's expectations. Perhaps more surprising was this figure buried in the Exxon (XOM) report: $9.3 billion. That's how much Exxon paid in worldwide income taxes in the first quarter of 2008, representing a 49% tax rate on its gross income of $20.2 billion.
April 6, 201016 yr Which means that they paid enough during the year that they won't need to pay in April. Not that they had no tax liability during the year, outside of those who are too poor to owe. That is not what it means. It means they will have no tax liability.
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