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Thread: Study: 30 top firms paid no federal income taxes

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    Re: Study: 30 top firms paid no federal income taxes

    Quote Originally Posted by Helix View Post
    financial times says average is up 36 percent, but a few banks are lower.

    Interactive: 2010 bank CEO pay - FT.com

    another source; different pool for average; 26 percent increase : Bank CEOs Give Themselves a Big Pay Raise in 2010 - Business - GOOD
    In other words, they make quite a bit less than they used to. They were down 66 percent and up about 30 percent since then.

    That's quite a big pay cut they took. I personally don't think it's necessary that htey took the pay cut, but thank you for confirming that they did.

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    Re: Study: 30 top firms paid no federal income taxes

    McDonald's, Walmart execs see no savings in new bank-fee limits | Finance | Crain's Chicago Business

    Oops...

    Executives of Wal-Mart Stores Inc. and McDonald's Corp. say new U.S. rules limiting debit card processing fees will not cut their costs as much as they hoped and could actually boost their expenses.
    Those costs, he said, will likely lead to price increases for consumers.

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    Re: Study: 30 top firms paid no federal income taxes

    Quote Originally Posted by buck View Post
    In other words, they make quite a bit less than they used to. They were down 66 percent and up about 30 percent since then.

    That's quite a big pay cut they took. I personally don't think it's necessary that htey took the pay cut, but thank you for confirming that they did.
    It's misleading to present the cuts of 2008 - 2009 as some kind of trend. According to your source, they took a one time cut during the height of the crisis. According to mine, compensation has been skyrocketing back up ever since.

    So it looks like there's still quite a bit of cost cutting to be done from executive salaries for these poor banks.

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    Re: Study: 30 top firms paid no federal income taxes

    Quote Originally Posted by Helix View Post
    It's misleading to present the cuts of 2008 - 2009 as some kind of trend. According to your source, they took a one time cut during the height of the crisis. According to mine, compensation has been skyrocketing back up ever since.

    So it looks like there's still quite a bit of cost cutting to be done from executive salaries for these poor banks.
    Ever since? It's only been one year between my source and yours. They are still lower then when they started. In other words they have cut executive salary costs. Again, I don' think they even should cut the salaries, but they did none the less.

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    Re: Study: 30 top firms paid no federal income taxes

    Quote Originally Posted by apdst View Post
    So, you're admitting that those companie do pay taxes? Not only do they pay income taxes, but they cough up billions in social security, medicare, property taxes, sales taxes, etc.

    The notion that coporations pay no taxes is anti-buisness propaganda.
    What in the world are you going on about? I gave you two authoritative recent links which show that some companies pay no tax while others pay far less than the actual category they would be in for payment.

    What is it about that which you seem not to understand?

    lpast said it very well in his post which came a few after yours

    The point to be gleened from this...is that the whiney rich dont pay anything near what they whine they do...and corporations pay even less...thats why they have gotten fabulously wealthier while everyone else gets poorer...but the same cheerleaders keep right on cheering..
    Both links I provided show this in spades.

    http://money.cnn.com/2011/11/03/news...rporate_taxes/






    http://www.nytimes.com/2011/11/03/bu...udy-finds.html

    The study looked at 280 companies in the Fortune 500 that were profitable for all three years between 2008 and 2010.
    The results: 111 companies paid effective tax rates of less than 17.5% over the three-year period; 98 paid a rate between 17.5% and 30%; and 71 paid more than 30%.
    The average rate? 18.5%.
    Some companies paid zero. And 30 actually owed less than nothing in income taxes over the three years.
    The corporate tax rate is 35%.
    Last edited by haymarket; 11-04-11 at 07:30 PM.
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    Re: Study: 30 top firms paid no federal income taxes

    Quote Originally Posted by haymarket View Post
    What in the world are you going on about? I gave you two authoritative recent links which show that some companies pay no tax while others pay far less than the actual category they would be in for payment.

    What is it about that which you seem not to understand?

    lpast said it very well in his post which came a few after yours



    Both links I provided show this in spades.

    Study: Many corporations pay no income taxes - Nov. 3, 2011






    http://www.nytimes.com/2011/11/03/bu...udy-finds.html



    The corporate tax rate is 35%.
    It 35% if the corporation reports enough income to be in the 35% tax bracket.
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    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Study: 30 top firms paid no federal income taxes

    Quote Originally Posted by Lachean View Post
    Taxing corporations doesn't work, they just pass the increase in costs down to the consumers of their goods/services. All corporate taxes do is inefficiently generate revenue by increasing prices.
    Assuming a non-competitive market where costs can be passed on to consumers without a sizable loss of market share and profit, yes. But that is somewhat hard to find these days (outside of luxury goods). Especially as firms fight more over market share then profits.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Study: 30 top firms paid no federal income taxes

    Quote Originally Posted by conservativeguy View Post
    Like I said, even if you read the methodology section you wouldn't understand it. This moronic study reached its conclusion by:

    1) using audited financial statements they ignored legitimate business expenses to recast each company's earnings into positive territory

    2) they made pedestrian assumptions regarding each company's domestic versus foreign earnings

    3) then they compared the each company's tax expense to a fictitious earnings calculation

    4) then they claimed these companies didn't pay much in taxes.

    5) they also excluded from the analyses the actual results of thousands of publicly traded companies. Gee I wonder why they did that?

    Reading the liberal drivel in the text of the report highlights the authors' lack of objectivity.
    I can't open the file for some reason. PDF damaged.

    What kind of legitimate business expenses? Some GAAP/IFRS items are not deductible for various reasons. Just because you may think they are legitimate does not make them so. Warranty reserve expenses for one.

    The audit report should have federal tax expense. While that is not actually their federal taxes paid, that number shouldn't go from a high number to zero without extraordinary circumstances.

    That said, 2008-2010 wasn't the best year for many firms. So it wouldn't be that surprising if firms weren't paying taxes after applying net operating loss carryfowards to eliminate what tax liability they had bringing them to zero tax liability.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Study: 30 top firms paid no federal income taxes

    Quote Originally Posted by buck View Post
    It's expected by pretty much all of the analysts, that the banks will still pass the costs of hte legislation on to consumers. They'll just do it in less obvious ways. You can't truly expect the banking industry to just eat billions of dollars in lost revenue, can you?
    this is why we need to be able to audit the fed and all it's banks.

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    Re: Study: 30 top firms paid no federal income taxes

    Keeping making it more complex yahoos, you can never outsmart the millions that are trying to minimize their tax burden. So many parallels in other aspects of life, you really should put 2 and 2 together soon. Look at software security. Put your best and brightest making a "perfectly secure network", and the next day college kids hack it. Think mfcfly(s).

    And worse, most every individual here takes what deductions they can to reduce their tax burden, it would be foolish to do otherwise. Decrying a corporation for doing the same just illustrates the lack of ethics some bring to the table when they talk politics.

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