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Thread: Ap survey: Us income gap is holding back economy

  1. #121
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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by cpwill View Post
    No they aren't, they are supposed to pay what they are legally required to pay.
    I agree.
    Which is because of our corporate tax code which was lobbied beyond belief by special interests (US chamber of commerce and various other pro business groups), now includes a ton of tax loopholes which favors these big business entities .


  2. #122
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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by TheDemSocialist View Post
    I agree.
    Which is because of our corporate tax code which was lobbied beyond belief by special interests (US chamber of commerce and various other pro business groups), now includes a ton of tax loopholes which favors these big business entities .
    Once you begin legislating buying and selling, the first things bought and sold will be legislators.

    As for "big business"... not always. Wal-Mart, for example, pays pretty damn close to the nominal tax rate. For some reason, people forget that when they excoriate her for daring to offer jobs to those in our populace who most need them.

  3. #123
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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by TurtleDude View Post
    if they are supposed to pay 35% why should stockholders pay 15% or more on dividends
    Why? Because in its current form a corporation is a legal entity. Saying that a corporation in its current form is separate from its owners, and being separate from its owners it has the right to use public good like me and you, AKA an individual. And because a public good is provided by the rest of us it has a marginal cost of zero to the corporation at the expense of us all. The corporation can use the public good while not providing anything to the public good if this dividend was 0%. Therefore if it was 0% it would create a free loader problem. . The tax code is based on the concept that individual economic units pay taxes based on their income. Corporations are individual economic units and, like individuals, have income.


    the 35% is set by law and if by that law they can pay less there is no issue
    I see there is a big issue especially if they can afford to pay that, and they are also getting massive tax breaks, and even sometimes subsidies by the government.


  4. #124
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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by cpwill View Post
    How in the world does state sovereignty mean that you should be paid more for working just as hard because you are wonderful,
    Law of the land.

    special, you?
    Am i special? No.


  5. #125
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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by cpwill View Post
    Thank you . Can I assume that your non-answer is an implicit admission that you were incorrect to suggest that the minimum wage can be used as an indicator for broad income quintiles?
    Can you tell me how that was a "non-answer"? Because im 10% positive i answered to your rebuttal.


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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by TheDemSocialist View Post
    Can you tell me how that was a "non-answer"? Because im 10% positive i answered to your rebuttal.
    ah, no. what you cited was a copy paste that in no way addressed anything I had said, whatsoever. I pointed out that the metric you were using (the minimum wage) did not demonstrate the point you were trying to make, and your response was to define inflation.

  7. #127
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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by cpwill View Post
    Once you begin legislating buying and selling, the first things bought and sold will be legislators.

    As for "big business"... not always. Wal-Mart, for example, pays pretty damn close to the nominal tax rate. For some reason, people forget that when they excoriate her for daring to offer jobs to those in our populace who most need them.
    Remember a lot of corporations bay little to none US taxes.
    Large companies find ways to a zero tax rate
    "A surprising number of companies in the Standard & Poor's 500, 57, have found ways to pay effective tax rates of zero, according to a USA TODAY analysis of data from S&P Capital IQ.
    The news comes months after after the Government Accountability Office released a report showing that companies in 2010 reported an average effective tax rate of 12.6%, well below the 35% federal corporate tax rate.
    Corporate giants such as telecom firm Verizon, drugmaker Bristol-Myers Squibb and power management firm Eaton, all reported effective tax rates of 0% during the past 12 months. The findings underscore that while many companies bellyache about the top federal income tax rate of 35%, in reality, many pay much less than that, says Nick Yee of Gradient Analytics. "Investors hope company management is doing everything they can to generate profit, legally," he says. "But the tax code is gray, and there's often no set guidance."

    10 U.S. companies paying the least

    26 Major Corporations Paid No Taxes For The Last Four Years
    " 26 of the 30 companies continued to enjoy negative federal income tax rates. That means they still made more money after tax than before tax over the four years!
    – Of the remaining four companies, three paid four year effective tax rates of less than 4 percent
    (specifically, 0.2%, 2.0% and 3.8%). One company paid a 2008-11 tax rate of 10.9 percent.
    – In total, 2008-11 federal income taxes for the 30 companies remained negative, despite $205 billion in pretax U.S. profits. Overall, they enjoyed an average effective federal income tax rate of –3.1 percent over the four years.
    Amongst the 30 are corporate titans such as General Electric, Boeing, Verizon, and Mattel. The only four companies that slipped into positive tax territory were DTE Energy, Honeywell, Wells Fargo, and DuPont, with DuPont the only one that paid more than 4 percent over the four years.

    Bernie Sanders Is Right and the Tax Foundation Is Wrong: The U.S. Has Very Low Corporate Income Taxes | CTJReports
    "ata from the Organizations for Economic Cooperation and Development (OECD) show that the OECD countries other than the U.S. collected corporate tax revenue equal to 2.8 percent of their combined GDPs in 2010. This is another way of saying that the weighted average of corporate tax collected as a percentage of GDP for the countries that are the U.S.’s main trading partners and competitors was 2.8 percent in 2010. (2010 is the most recent year for which the OECD has complete data."

    18 Of America's Biggest Companies Using Tax Havens To Skirt $92 Billion In U.S. Taxes: CTJ
    "At least 18 companies, including Nike, Microsoft and Apple, are stashing profits in offshore tax havens likely in a bid to avoid paying taxes, according to a new report from the Citizens for Tax Justice, a left-leaning research group. If the companies brought that money home, they would pay combined more than $92 billion in U.S. taxes, the report found."

    10 Big Companies That Pay No Taxes (and Their Favorite Politicians) | Mother Jones
    "Verizon Communications
    Profits: $19.8 billion Effective tax rate: -3.8%
    Top recipients, 2011-2012
    President Barack Obama: $51,493
    Sen. Robert Menendez (D-N.J.): $24,450
    Sen. Mitch McConnell (R-Ky.): $23,700
    Rep. John Boehner (R-Ohio): $22,500
    Sen. Kirsten Gillibrand (D-N.Y.): $15,000

    General Electric
    Profits: $19.6 billion Effective tax rate: -18.9%
    Top recipients, 2011-2012
    Mitt Romney: $53,750
    President Barack Obama (D): $30,493
    Sen. Scott Brown (R-Mass.): $23,900
    Rep. Howard Berman (D-Calif.): $21,860
    Rep. Chris Murphy (D-Conn.): $19,750

    Boeing
    Profits: $14.8 billion Effective tax rate: -5.5%
    Top recipients, 2011-2012
    Rep. Buck McKeon (R-Calif.): $31,750
    Rep. Adam Smith (D-Wash.): $25,000
    Former Sen. George Allen (R-Va.): $23,500
    Sen. Maria Cantwell (D-Wash.): $23,125
    Rep. Ron Paul (R-Texas): $20,986

    NextEra Energy: North America's largest solar and wind power operator, based in Florida
    Profits: $8.8 billion Effective tax rate: -2%
    Top recipients, 2011-2012
    George LeMieux (R-Fla.): $9,500
    Mike Haridopolos (R-Fla.): $4,800
    Sen. Maria Cantwell (D-Wash.): $2,000
    Rep. Ron Paul (R-Texas): $2,000
    Rep. Tom Rooney (R-Fla.): $2,000

    American Electric Power: Electric utility based in Columbus, Ohio
    Profits: $8.2 billion Effective tax rate: -6.4%
    Top recipients, 2011-2012
    Rep. John Boehner (R-Ohio): $34,750
    Rep. Steve Stivers (R-Ohio): $34,050
    Rep. Bob Gibbs (R-Ohio): $21,700
    Sen. Joe Manchin (D-W. Va.): $19,750
    Sen. Sherrod Brown (D-Ohio): $18,450

    Pacific Gas & Electric: California electrical utility
    Profits: $6 billion Effective tax rate: -8.4%
    Top recipients, 2011-2012
    President Barack Obama (D): $6,250
    Rep. Jim Costa (D-Calif.): $5,000
    Rep. Kevin McCarthy (R-Calif.): $5,500
    Rep. Fred Upton (R-Mich.): $5,000
    Rep. Jeff Denham (R-Calif.): $3,500

    Apache: Houston-based oil and gas company
    Profits: $6 billion Effective tax rate: -0.3%
    Top recipients, 2011-2012
    David Dewhurst (R-Texas): $25,000
    Rep. Connie Mack (R-Fla.): $5,000
    Rep. Bill Cassidy (R-La.): $2,500
    Rep. Mike Conaway (R-Texas): $2,500
    Rep. Gene Green (D-Texas): $2,500
    Sen. Mitch McConnell (R-Ky.): $2,500
    Brendan Doherty (R-R.I.): $2,500

    Consolidated Edison: New York energy company
    Profits: $5.9 billion Effective tax rate: -1.3%
    Top recipients, 2011-2012
    Sen. Maria Cantwell (D-Wash.): $15,050
    Sen. Kirsten Gillibrand (D-N.Y.): $8,000
    Rep. Edolphus Towns (D-N.Y.): $6,650
    Then-Rep. David Wu (D-Ore.): $2,500
    Rep. Joseph Crowley (D-N.Y.): $1,500
    Sen. Harry Reid (D-Nev.): $1,500
    Rep. Jose Serrano (D-N.Y.): $1,500

    El Paso: Houston-based energy company that operates the country's largest natural gas pipeline
    Profits: $4.6 billion Effective tax rate: -0.9%
    Top recipients, 2011-2012
    David Dewhurst (R-Texas): $7,500
    Mitt Romney (R): $5,000
    Rep. John Barrow (D-Ga.): $3,000
    Rep. Diane Black (R-Tenn.): $2,750
    Sen. John Barrasso (R-Wyo.): $2,500
    Sen. Max Baucus (D-Mont.): $2,500
    Sen. Mitch McConnell (R-Ky.): $2,500
    Gov. Rick Perry (R-Texas): $2,500
    Rep. Fred Upton (R-Mich.): $2,500
    Sen. Roger Wicker (R-Miss.): $2,500

    CenterPoint Energy: Electric and gas utility company based in Houston
    Profits: $3.1 billion Effective tax rate: -11.3%
    Top recipients, 2011-2012
    David Dewhurst (R-Texas): $22,050
    Gov. Rick Perry (R-Texas): $13,458
    Sen. Mitch McConnell (R-Ky.): $10,299
    Rep. Greg Walden (R-Ore.): $7,000
    Rep. Kevin Brady (R-Texas): $4,000"

    Companies Paying the Least in Taxes - Yahoo Finance



    This is also a historical trend:
    Most Companies Pay No Federal Income Tax - CBS News
    "Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.
    The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period."


  8. #128
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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by cpwill View Post
    ah, no. what you cited was a copy paste that in no way addressed anything I had said, whatsoever. I pointed out that the metric you were using (the minimum wage) did not demonstrate the point you were trying to make, and your response was to define inflation.
    It in fact did demonstrate the the point, hence what i pasted proved that point.


  9. #129
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    Re: Ap survey: Us income gap is holding back economy

    Quote Originally Posted by cpwill View Post
    ah, no. what you cited was a copy paste that in no way addressed anything I had said, whatsoever. I pointed out that the metric you were using (the minimum wage) did not demonstrate the point you were trying to make, and your response was to define inflation.


    I have no metric to offer, but will say--going down memory lane--that when wages were $1.60 an hour, $1.00 bought a lot of stuff.....$7.50 buys practically nothing...

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    Re: Ap survey: Us income gap is holding back economy

    Free markets are not causing this disparity. Federal Reserve policy is, as is corporatism.
    "Give me your tired, your poor, your huddled masses yearning to breathe free."
    "When we live authentically we create an opportunity for others to walk out of their dark prisons of pretend into freedom."

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