Corporate taxes....

[idrankwhat 0]

.....aren't being paid.

My first instinct is to use this to point out once again that the tax code is written to favor the well connected. My second is to ask the apologists here in SC, how can taxes be blamed for driving business overseas if we're not requiring payment?

[TheBachelor 5]

What this article doesn't say is that most of the corporations that didn't pay taxes are small "Subchapter 'S'" corporations, or LLCs whose income passes through to the owner(s) of those companies.

From http://www.oanow.com/oan/news/local_govtpolitics/article/most_companies_in_us_avoid_federal_income_taxes/31494/:

An outside tax expert, Chris Edwards of the libertarian Cato Institute in Washington, said increasing numbers of limited liability corporations and so-called “S” corporations pay taxes under individual tax codes.

“Half of all business income in the United States now ends up going through the individual tax code,” Edwards said.

I have a corporation that has paid virtually no taxes for years because of being Subchapter "S". On the other hand, in the past 10 years, I've personally paid about $1.25 million (give or take a few hundred grand) in PERSONAL income taxes.

There are battered women? I've been eating 'em plain all of these years...

[TheAnvil 0]

"The GAO did not analyze whether the firms had profits that should have been taxed"

The above from the article. It's nothing more than Mr. Cho ranting about corporate greed during an election year.

Vinny the Anvil
Post Traumatic Didn't Make The Lakers Syndrome is REAL
JACKASS POWER!!!!!!

[jcd11235 0]

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"The GAO did not analyze whether the firms had profits that should have been taxed"

The above from the article. It's nothing more than Mr. Cho ranting about corporate greed during an election year.

The point of the article was not to show that corporations were cheating on their taxes. It was to show how few corporation paid taxes.

Math tutoring available. Only $6! per hour! First lesson: Factorials!

[mnealtx 0]

Quote

Quote

"The GAO did not analyze whether the firms had profits that should have been taxed"

The above from the article. It's nothing more than Mr. Cho ranting about corporate greed during an election year.

The point of the article was not to show that corporations were cheating on their taxes. It was to show how few corporation paid taxes.

I don't see where Vinny mentioned cheating - can you point it out?

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[billvon 2,991]

>I don't see where Vinny mentioned cheating - can you point it out?

You are correct. Nor did anyone say that it was a bad thing, as Vinnie implied. It is merely a fact that 2/3 of the corporations in the US do not pay any taxes.

[mnealtx 0]

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>I don't see where Vinny mentioned cheating - can you point it out?

You are correct. Nor did anyone say that it was a bad thing, as Vinnie implied. It is merely a fact that 2/3 of the corporations in the US do not pay any taxes.

Agreed - but the implied point is that they all OWE taxes whether they do or not, which was Vinnie's point. I believe TheBachelor pointed out that many smaller businesses pay taxes under individual taxes, which is also not pointed out in the OP.

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[TheAnvil 0]

Perhaps you read a different article. Let's summarize:

- Mr. Cho opens with a nice snazzy title 'Many Firms Pay No Taxes'
- He then shows he hasn't a clue about the difference between taxable revenues and sales. He mentions the sales total and NOT the taxable revenue to let his readers know those mean ole corporations took in a lot in sales...then they had the GALL to claim that their production costs, operating expenses, and debt precluded them from counting that entire sales amount as taxable revenue...the mean ole bad ole meany meany meany corporations...
- After getting his readers worked up, he puts in a one liner about the GAO not stating that they didn't analyze any of the corporations to see if they had any income that should have been taxed. Golly gee, gosh darn - after all that ruckus in the preceding paragraph to get the reader (especially the ignorant dumbfucks) riled up about the mean ole corporations. One line. Oh darn.
- After this one liner, we have Senator Dorgan going off about corporate profits. Now the dumbfucks among the readers will see profits and go to the trillion $$ figure Mr. Cho mentions in para 2 upon reading this. Mr. Cho is fully aware of that, no doubt.
- Mr. Cho quotes Mr. Toder, who apparently hadn't seen the GAO Article that is available on GAO's website.
- We next see that about 279 of 998 large corporations - 998 out of 1.3 million nationwide being categorized as large - paid no taxes. Only it's called 28% of all large corporations and not 279 out of 998. More ominous to use 28% I suppose.
- Mr. Cho closes with comments regarding Sen. Dorgan and Sen Levin's purpose in requesting the study, some stats about foreign corporations paying no taxes, and a little line from Sen. Levin so we all know he cares.

Sounds to me like a 'let's incite corporate greed' piece without factual data to back it up. But that's just me. Given the fact that you believe Senators and Representatives can accomplish nothing under the auspices of their elected offices, I can see why you might not want to see it that way.

Vinny the Anvil
Post Traumatic Didn't Make The Lakers Syndrome is REAL
JACKASS POWER!!!!!!

[lawrocket 3]

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$2.5 trillion in sales, corporations gave a variety of reasons on their tax returns to account for the absence of taxable revenue. The most frequently listed included the cost of producing their goods, salary expenses and interest payments on their debt, the report said

I can see part of that. $2.5 trillion in sales may result in a couple hundred billion in profits.

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The GAO did not analyze whether the firms had profits that should have been taxed.

So it's possible.

Quote

Sen. Byron L. Dorgan (D-N.D.) called the findings "a shocking indictment of the current tax system."

Why?

Quote

"It's shameful that so many corporations make big profits and pay nothing to support our country,"

Oh! The study didn't mention profits. It just said so. So twist the stuff some more, why dontcha?

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Dorgan and Sen. Carl M. Levin (D-Mich.) requested the report out of concern that some corporations were using "transfer pricing" to reduce their tax bills.

Ha! My best friend is a specialist in that field! I'll have to ask him about it. It's what he does for the IRS.

Incidentally, the IRS advises companies with regard to tax treatments.

My wife is hotter than your wife.

[jcd11235 0]

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Perhaps you read a different article. Let's summarize: …

You didn't show how the article implied that corporations were cheating on their taxes.

Quote

Given the fact that you believe Senators and Representatives can accomplish nothing under the auspices of their elected offices, I can see why you might not want to see it that way.

No Vinny, they can accomplish lots of things. They just accomplish it as a team.

Math tutoring available. Only $6! per hour! First lesson: Factorials!

[TheAnvil 0]

I didn't state that the article talked about corporations cheating on their taxes. I stated it was a rant about corporate greed.

Read.

Your mechanism for dealing with Senator Obama's inexperience continues to give me a chuckle.

Vinny the Anvil
Post Traumatic Didn't Make The Lakers Syndrome is REAL
JACKASS POWER!!!!!!