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Thread: Study finds Corporate America avoided $60B in taxes (2010)

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by cpwill View Post
    fixed that for you.

    our companies, like it or not, are in a global competition - and our tax code actively harms their position. currently foreign products sell better in the United States simply because of their tax advantage. I think on average the comparative advantage is around 17%.

    for the past couple of decades, everyone else has been streamlining and lowering their business taxes. because they want business to do well. we haven't. Canada, for example, has taken to slashing it's Corporate Tax rate, which is now around 15%. They also don't tax dividends under Corporate Income, so no double-taxation. Care to guess how well Canada's recovery is doing compared to ours?

    we are uncompetitive because our tax system is incredibly stupid. and this is one of the stupidest parts of it. we actively discourage businesses from setting up shop here.


    Mike makes a great point - these companies didn't do anything that a middle class family that deducts their mortgage interest does.
    Japan has a higher tax rate than America, and US companies pay less taxes than other industrialized countries because of all the deductions, tax shelters, and loopholes. I have been reading about this for the past 20 minutes, and I might start a post on it in a few minutes. The fact is, US corporations actually pay less taxes than most other countries but the tax rate is high. Lowering the tax rate isn't going to do anything, because more than 50 percent of corporations pay NO taxes at all.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by cpwill View Post
    much more. in 2010, America spent about $431 Billion in compliance costs - most of it trying to figure out and then minimize our exposure to the tax code. $431 Bn is roughly the entire economy of Taiwan. It is enough to fight Iraq, Afghanistan, and fund the Department of Agriculture, Department of Education, Department of Energy, and NASA.


    that's why Right, Left, and Center, everyone agrees that we need to simplify the tax code. doing so in an effective rate neutral manner would squeeze those billions back into production, where they would create massive amounts of wealth and jobs. even if we only reduced complexity by half, it's estimated that that alone would be worth half a point of GDP added each year, compounding.
    Enough to fight Iraq with.. with hell, they paid that much money to avoid paying taxes ALTOGETHER. Imagine if they actually paid that in taxes instead, and we paid of our war debts.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by SheWolf View Post
    Why would a communist, socialist get in bed with big corporations?
    Communist, socialists have needs also.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by SheWolf View Post
    Semantics... who cares. The tax codes needs to be changed
    Who cares? I've covered and covered why it's important. Politicians claim these are "loopholes" like they tried to make them pay their taxes but they found ways around it. It's simply not true. It's less the problems that corporations are doing what they can to save money, we all do that, do we not? Do you not take the deductions that apply to you when you can?

    No, the problem is the politicians have allowed this to happen.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by Ikari View Post
    If you get rid of the loopholes then they don't have to spend all that money on tax avoidance.
    that depends on the direction in which we get rid of them. if we get rid of them in a manner so as to raise effective tax rates; we are simply increasing the amount of money they will spend moving their "headquarters" and operations off-shore. and we will never see that money again - because (again, almost alone of the industrialized nations) we are stupid enough to try to tax people with they repatriate money.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by SheWolf View Post
    Enough to fight Iraq with.. with hell, they paid that much money to avoid paying taxes ALTOGETHER
    that's not a "they". that's an "us". the middle class guy who goes to H&R Block to make sure he get's all the credits and deductions that his family rates, the low-income family who gets the 20 dollar upgrade on Turbo tax to make sure they get the same, they are doing the same thing.

    know who else does this? The President.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Avoiding taxes is legal and ethical. Evading taxes is neither legal nor ethical, unless, of course, you're a politician. Different rules for them.

    I am retired now and have few deductions but if I gift money to my kids, and I usually do, I make sure to stay under the limit to avoid taxes on the "gift". Legal and ethical.

    Of course, if I bought a yacht and registered it in another state to avoid sales tax in my home state, that's apparently legal but I don't consider that ethical. That's just my opinion, though.
    Last edited by Patrickt; 07-29-11 at 07:37 PM.

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Citing the story,

    ďItís unpatriotic, itís unfair and we canít afford it,"

    It's none of those things, except being none of their business.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    óAdam Shepard

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by cpwill View Post
    that depends on the direction in which we get rid of them. if we get rid of them in a manner so as to raise effective tax rates; we are simply increasing the amount of money they will spend moving their "headquarters" and operations off-shore. and we will never see that money again - because (again, almost alone of the industrialized nations) we are stupid enough to try to tax people with they repatriate money.
    We aren't seeing any money from over 50 percent of them already...

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    Re: Study finds Corporate America avoided $60B in taxes (2010)

    Quote Originally Posted by cpwill View Post
    that's not a "they". that's an "us". the middle class guy who goes to H&R Block to make sure he get's all the credits and deductions that his family rates, the low-income family who gets the 20 dollar upgrade on Turbo tax to make sure they get the same, they are doing the same thing.

    know who else does this? The President.
    This is a horrible, pointless argument. We are talking about the debt and the war debt, paying it off, and how the government is giving people hand outs in the form of tax credits and corporate welfare. Instead of complaining about handouts and the tax code, or arguing to change the tax code, you're defending it as human nature. Well, no **** Sherlock. If you can get money back rather than pay, you will want money. Thanks Captain Obvious. What do you propose doing about the deficit, just cut spending, spending, spending, but not cut the government spending money by paying GE over 2 million or individuals billions of dollars?

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