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Study: 30 top firms paid no federal income taxes

lpast

lpast

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Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes.
In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government.

Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative 57.6 percent and 78 of the 280 Fortune 500 corporations studied enjoyed at least one year in which they paid an effective tax rate of zero or less.
In addition, the average effective tax rate for the entire group of corporations studied over three years was only 18.5 percent, compared to the statutory rate of 35 percent.

​


Its all a big lie and always has been...when these corps pay no taxs the rich pay no taxs and make MORE off of all the rest of us...
Dont fall for the teapartys lieing crap people...the evidence they are lieing is all around you...


Study: 30 top firms paid no federal income taxes - Tim Mak - POLITICO.com
​
 
So you're for the tea party idea of a flat (or flatter) tax that eliminates the things you apparently believe are problems?
Or perhaps you think government is the answer? *looks at greece, looks at the housing bubble, snicker*

Really, what are you proposing?
 
lpast said:
Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes.
In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government.

Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative 57.6 percent and 78 of the 280 Fortune 500 corporations studied enjoyed at least one year in which they paid an effective tax rate of zero or less.
In addition, the average effective tax rate for the entire group of corporations studied over three years was only 18.5 percent, compared to the statutory rate of 35 percent.

​



Its all a big lie and always has been...when these corps pay no taxs the rich pay no taxs and make MORE off of all the rest of us...
Dont fall for the teapartys lieing crap people...the evidence they are lieing is all around you...


Study: 30 top firms paid no federal income taxes - Tim Mak - POLITICO.com
​
Click to expand...


oops put that in the wrong post sorry
 
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Mach said:
So you're for the tea party idea of a flat (or flatter) tax that eliminates the things you apparently believe are problems?
Or perhaps you think government is the answer? *looks at greece, looks at the housing bubble, snicker*

Really, what are you proposing?
Click to expand...

No I think GOVT should force corporations to pay their fair share...if they had been doing that we wouldnt have a deficit or it woiuld be far less...
 
lpast said:
No I think GOVT should force corporations to pay their fair share...if they had been doing that we wouldnt have a deficit or it woiuld be far less...
Click to expand...

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.
 
lpast said:
Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes.
In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government.

Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative 57.6 percent and 78 of the 280 Fortune 500 corporations studied enjoyed at least one year in which they paid an effective tax rate of zero or less.
In addition, the average effective tax rate for the entire group of corporations studied over three years was only 18.5 percent, compared to the statutory rate of 35 percent.

​


Its all a big lie and always has been...when these corps pay no taxs the rich pay no taxs and make MORE off of all the rest of us...
Dont fall for the teapartys lieing crap people...the evidence they are lieing is all around you...


Study: 30 top firms paid no federal income taxes - Tim Mak - POLITICO.com
​
Click to expand...

The evil is always in the details. The study you are prancing around waving is total BS. The libtards that wrote it admit they fudged the data. They decided to ignore the asset write downs and good will impairments most of these companies booked. This adjustment caused many of the companies earnings to swing from a negative to a positive number. The BS authors went even further and decided to make a bunch of allocations, adjustments and data manipulations to create the data they relied upon to form their self serving opinions. That study supports one very old adage.........garbage in, garbage out. It's a shame you didn't read the crap before you posted it as legit.
 
lpast said:
Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes.
In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government.

Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative 57.6 percent and 78 of the 280 Fortune 500 corporations studied enjoyed at least one year in which they paid an effective tax rate of zero or less.
In addition, the average effective tax rate for the entire group of corporations studied over three years was only 18.5 percent, compared to the statutory rate of 35 percent.

​


Its all a big lie and always has been...when these corps pay no taxs the rich pay no taxs and make MORE off of all the rest of us...
Dont fall for the teapartys lieing crap people...the evidence they are lieing is all around you...


Study: 30 top firms paid no federal income taxes - Tim Mak - POLITICO.com
​
Click to expand...


I don't know how accurate the details of the study are, but this is Corporatism, not Capitalism. These behemoths have a great deal more power than a "citizen" and that is wrong. Most of the time you will find that thses huge Corporate profiteers are in the Military/Industrial complex where profit is a "gift", not something developed by hard work, discipline, and creativity. Think $300 dollar hammers and toilet seats as the tip of an iceberg.
 
lpast said:
Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes.
In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government.

Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative 57.6 percent and 78 of the 280 Fortune 500 corporations studied enjoyed at least one year in which they paid an effective tax rate of zero or less.
In addition, the average effective tax rate for the entire group of corporations studied over three years was only 18.5 percent, compared to the statutory rate of 35 percent.

​


Its all a big lie and always has been...when these corps pay no taxs the rich pay no taxs and make MORE off of all the rest of us...
Dont fall for the teapartys lieing crap people...the evidence they are lieing is all around you...


Study: 30 top firms paid no federal income taxes - Tim Mak - POLITICO.com
​
Click to expand...

This propaganda, again? :rofl
 
apdst said:
This propaganda, again? :rofl
Click to expand...

Another insightful, fact based, step by step, point by point intellectual refutation of the information. :roll:
 
lpast said:
Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes.
In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government.

Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative 57.6 percent and 78 of the 280 Fortune 500 corporations studied enjoyed at least one year in which they paid an effective tax rate of zero or less.
In addition, the average effective tax rate for the entire group of corporations studied over three years was only 18.5 percent, compared to the statutory rate of 35 percent.

​



Its all a big lie and always has been...when these corps pay no taxs the rich pay no taxs and make MORE off of all the rest of us...
Dont fall for the teapartys lieing crap people...the evidence they are lieing is all around you...


Study: 30 top firms paid no federal income taxes - Tim Mak - POLITICO.com
​
Click to expand...

I don't pay federal income tax either. I haven't for years; completely above board, btw. Democrats and the Left are ok with certain groups not paying any taxes. So what if we lump some fortune 500 companies in with all these other groups?
 
Lachean said:
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.
Click to expand...

It's some kind of cycle they like to play: Increase taxes so taxes are passed on, creating inflation, thus a 'need' to increase minimum wage.....all the while, no problem actually gets solved.
 
Lachean said:
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.
Click to expand...
tell that to BoA when they tried to raise their prices look what happened.
 
haymarket said:
Another insightful, fact based, step by step, point by point intellectual refutation of the information. :roll:
Click to expand...
Go read the methodology section of the study and get back to us. Not that reading it will help you since I sincerely doubt you will have any idea how much BS these authors went through to manipulate the facts to get them to their predetermined destination. Hell, read the crap the authors put in the text of the article. This "study" should be re-titled "Tax Lies for Taxtards".
 
majora$$hole said:
tell that to BoA when they tried to raise their prices look what happened.
Click to expand...

Am I the only one who saw that and thought "Binds to Account"? Please tell me I'm not alone lol.
 
conservativeguy said:
Go read the methodology section of the study and get back to us. Not that reading it will help you since I sincerely doubt you will have any idea how much BS these authors went through to manipulate the facts to get them to their predetermined destination. Hell, read the crap the authors put in the text of the article. This "study" should be re-titled "Tax Lies for Taxtards".
Click to expand...

Actually, the methodology only uncovers the many ways corporations can manipulate their books to pay no federal income taxes - something you obviously support.

Honestly, I could eliminate corporate income tax altogether - if capital gains were to be taxed the same as income from labor and the cap on payroll taxes was raised significantly.
 
haymarket said:
Another insightful, fact based, step by step, point by point intellectual refutation of the information. :roll:
Click to expand...

Welcome to the real world. Out here--and not in the chambers of the state senate--a company can't report a profit and pay no income taxes. That's just the way it works.

...Exxon recorded $7.7 billion in U.S. tax costs last year, and paid even more overseas.

Its grand total in global taxes for the year? A whopping $78.6 billion. The company's effective income tax rate was a hefty 47%, its highest in three years.


Tax bills for 5 corporate giants - Exxon Mobil: $15.1 billion (2) - CNNMoney.com
Click to expand...

http://money.cnn.com/galleries/2010/news/1004/gallery.top_5_tax_bills/3.html
 
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majora$$hole said:
tell that to BoA when they tried to raise their prices look what happened.
Click to expand...

Are you saying you support bank fees brought about by tax increases on the American consumer?

Of course some companies suffer when they try to increase prices, like Netflix, but that bank fee from BoA is a terrible analogy. Nor does the fact that customers revolt when companies have to increase prices discount the point I made. So yeah, why would I go tell BoA something they already know?

"Hey, people won't like a new fee." Gee really? What majora$$hole thought that information was warranted?
 
FilmFestGuy said:
Actually, the methodology only uncovers the many ways corporations can manipulate their books to pay no federal income taxes - something you obviously support.

Honestly, I could eliminate corporate income tax altogether - if capital gains were to be taxed the same as income from labor and the cap on payroll taxes was raised significantly.
Click to expand...
Yeah, the companies posted massive write downs of the value of their assets during the market meltdown and they did this to save some taxes. Nice try but you aren't even close to being factually accurate. Th OP study was written by flakes for flakes.
 
lpast said:
No I think GOVT should force corporations to pay their fair share...if they had been doing that we wouldnt have a deficit or it woiuld be far less...
Click to expand...

Yes, via a flat (or more flat )tax. You're agreeing with the core of flat tax, while saying you don't support it, I don't follow.

Again, no party in power can win against the fact that tax exceptions CAN be made, and therefore WILL be made. Just look at how big the article is that was poorly written and has only surface detail, that you linked, just to tell us how they claim taxes were avoided (they really were not). If it's sufficiently complex, there will be ways around it, and they will be discovered and used. You cannot get ahead of them unless you simply the entire thing, is what flat tax is about. It removes much of tax pandering from politics...which is precisely what you're asking for.

If for no other reason than lay people including all of us, and journalists that try to do hack jobs on companies, or "think tanks" that are really just political sub-groups, can't even understand it well enough to argue about it....
Give us a more simple tax code...
 
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What the heck is OWS protesting again?

Person A) I dont know therefore they dont know

Person B) Economic Equality and to get those 1%'ers that control the majority of money out of bed of politics.

Person C) mmmmmm. Yummy. McDonalds.
 
conservativeguy said:
Yeah, the companies posted massive write downs of the value of their assets during the market meltdown and they did this to save some taxes. Nice try but you aren't even close to being factually accurate. Th OP study was written by flakes for flakes.
Click to expand...

No. It was written by a decades-old research facility to pinpoint how corporations don't pay anywhere near the marginal tax rate that they claim is too high.

But go ahead and repeat what your propagandists have told you to say. I understand.
 
FilmFestGuy said:
No. It was written by a decades-old research facility to pinpoint how corporations don't pay anywhere near the marginal tax rate that they claim is too high.

But go ahead and repeat what your propagandists have told you to say. I understand.
Click to expand...

the parasitic left believes corporations only use is to provide tax dollars that liberals use to buy the votes of their minions.
 
I am no financial wizard but what does it mean when a coporation earns money? It goes a lot of places I guess but it seems most of the money would go to stock holders who would then pay taxes on their capital gains and dividends and what not. Sure their are bonuses being paid to employees but those are taxable as income tax for somebody. There is also investment in infrastructure and improvements for the company. I mean this isn't some hunk of money just sitting in the secret basement of some CEO. Somebody help me because it seems like the writers of the article are treating it like somebody's salary or am I wrong.
 
Lachean said:
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.
Click to expand...

Then perhaps we should advocate prices controls and salary caps for management. Look, corporations are citizens and therefore must pay taxes and must obey local, state and federal laws as all citizens are expected to do. If you don't want to tax corporations then you should advocate citizens not to be taxed.
 
By definition global corporations have no allegiance to nation states, they only have allegiance to their shareholders. There is a built in conflict between global corporations and the United States of America, by definition global corporations are un-American.

Capitalism would never have allowed the bailout of the banks and socializing of the losses while gains are privatized.

The corporations are the radicals and we want our country back.
 
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