If you don't make a profit then you should not pay taxes, that is not the case with EXXON.

So if you made $500,000 last year but your account found a way that would allow you to not pay federal income tax you would tell him to get bent your paying it anyway?

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.

 

Using your own article, that might be the same thing that is going on with Exxon.

 

BTW, it is interesting that you call out Exxon but don't mention GE, which is mentioned first in the article, but owns NBC which gets tinglingly when Obama speaks.

 

Last week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:

 

If I am not mistaken, corporations, unlike individuals pay their taxes on a quarterly basis. So maybe they do as you mentioned, they paid enough taxes throughout the year that they owed nothing in April.

 

Couldn't it be with corporations as you have said it could be with individuals???

Ace do you make deductions on your personal income taxes? Like home mortgage, car taxes, children deductions, etc, etc.

 

If you do, then you are doing the same thing that Exxon and I do.

 

Problem is they have a whole lot more money to pay accountants to make sure that they do what they need to do to pay the lowest amount of taxes that they can.

 

I am sure that neither of us can do that.

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?

My guess is that you won't get an answer on this.

No surprise.

 

IMVHO people that are of the mindset that taxes need to be increased have a moral obligation to pay every penny that can, to claim no deductions, tax credits or do anything that reduces their tax burden. There was an earlier thread talking about how hypocritical many of the left leaning folks on here thought it was for an legislator that voted to eliminate all ear marks would accept any funding from that source as well as a thread discussing the political blackmail being perpetrated by Speaker Stumbo by not funding school projects in districts represented by reps. that voted against his budget. If you think there needs to be more tax money collected then by all means start paying more and definitely don't be so hypocritical as to take any deductions or credits that you may be legally entitled to take.

Okay then, we will play by those rules.

 

The system is set up the way it is, so every ne needing assistance should do everything they can to get every penny. And since they can't hire someone to help them find the way, I should strive to get them every federal tax dollar that is coming to them. I will continue to work and elect candidates who think tax dollars should be used to help the poor. That is how the system is set up, so they should take complete advantage of it.

 

Let us push for no more reform.

 

The system is set up so that corporation can hide their profits in offshore companies and it is set up so that the poor can get help. That is the argument that is made throughout the entire thread. I am good with that.

As usual Ace, you won't answer any of the questions asked to you....

I easily answered all of the questions in one. If the system is set up the way it is, lets all play by the same rules. If you have no problem with Corporations finding ways not to pay taxes on billions of dollars in profits, then you can't with any intellectual honesty have a problem with a single poor person getting government subsidies. Corporations get subsidies as well.

 

we will all, including me, play by these rules.

I easily answered all of the questions in one. If the system is set up the way it is, lets all play by the same rules. If you have no problem with Corporations finding ways not to pay taxes on billions of dollars in profits, then you can't with any intellectual honesty have a problem with a single poor person getting government subsidies. Corporations get subsidies as well.

 

we will all, including me, play by these rules.

 

They are paying taxes, and lots of them. What about that are you not getting?

They are paying taxes, and lots of them. What about that are you not getting?

 

They are putting their money in off shore holding companies to keep from paying AMERICAN taxes. They paid NO AMERICAN INCOME TAX. What are you not getting from that?

Why won't that link paste for me? Odd.....

They are putting their money in off shore holding companies to keep from paying AMERICAN taxes. They paid NO AMERICAN INCOME TAX. What are you not getting from that?

 

Be upset at the idiots running the American government then, not at the corporation.

 

Like someone else stated, if your accountant told you, you didn't owe the government any taxes this year on your return, would you willing send in thousands of dollars anyways? I think not.

I easily answered all of the questions in one. If the system is set up the way it is, lets all play by the same rules. If you have no problem with Corporations finding ways not to pay taxes on billions of dollars in profits, then you can't with any intellectual honesty have a problem with a single poor person getting government subsidies. Corporations get subsidies as well.

 

we will all, including me, play by these rules.

Of course we will play by these rules. You don't have a choice. What we can do is push for a change. It's not right that Exxon didn't have to pay any tax to the US just like it isn't right that 41% of the US population didn't pay any. The difference is Exxon contributed to the economy and to the country in other ways. They employed Americans and the federal, state, and local governments received revenue from the products that Exxon sells.

Okay then, we will play by those rules.

 

The system is set up the way it is, so every ne needing assistance should do everything they can to get every penny. And since they can't hire someone to help them find the way, I should strive to get them every federal tax dollar that is coming to them. I will continue to work and elect candidates who think tax dollars should be used to help the poor. That is how the system is set up, so they should take complete advantage of it.

 

Let us push for no more reform.

 

The system is set up so that corporation can hide their profits in offshore companies and it is set up so that the poor can get help. That is the argument that is made throughout the entire thread. I am good with that.

 

Answer this question. Do you take legal tax deductions and credits? If so then you are no better then that greedy corperation. Just think of all of the poor that could be helped if greedy people didn't take the deductions and credits the law says they can take.

Sometimes I'm just speechless. :ohbrother: