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Thread: Major profitable corporations are paying negative income taxes.

  1. #11
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    Re: Major profitable corporations are paying negative income taxes.

    Quote Originally Posted by danarhea View Post
    Which means that, instead of paying money to the government, the government gives THEM money, despite the fact that they are more profitable than ever. This is Robin Hood in reverse - Steal from the poor and give to the rich.

    There are welfare queens in America, and they are the super rich, who receive the lion's share of welfare payments. Dare to take the red pill, and read this report on Verizon. Whether you are Liberal, Conservative, or Libertarian, this report should make your blood boil. No, we are not being turned into batteries..... yet, but we are nevertheless beset by parasites, who are sucking our blood, with the help of Democrats and Republicans who don't give two ****s for We the People. It is time for a third party.

    Article is here.
    Actually, they're paying estimated taxes every quarter that are written off at the end of the year and recorded as a loss vice their tax bill.

    But, hey! Don't let the facts confuse things.
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    Re: Major profitable corporations are paying negative income taxes.

    Quote Originally Posted by MaggieD View Post
    I would probably agree with you in the majority of cases. But who is at fault when they do? Not the corporations, that's for sure.
    Yes, that it's the politicians allowing this is 100% correct. Indeed simply blaming corporations epecially while still supporting them (I wonder how many Verizon phones OWSers hold?) and not blaming politicians will accomplish nothing.

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    Re: Major profitable corporations are paying negative income taxes.

    Quote Originally Posted by 1Perry View Post
    Yes, that it's the politicians allowing this is 100% correct. Indeed simply blaming corporations epecially while still supporting them (I wonder how many Verizon phones OWSers hold?) and not blaming politicians will accomplish nothing.
    If we ever get that through our thick skulls, we'll get somewhere. Congress loves to see us blaming:

    The Rich
    Corporations
    Big Banks
    Next Popular Target, whatever that may be

    It's all on them. They are the jakes that let it alllllll happen.
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    Re: Major profitable corporations are paying negative income taxes.

    Quote Originally Posted by Mach View Post
    It's about GOVERNMENT, not verizon.
    Actually, this situation is very much about BOTH. I realize that the "I hate government " crowd refuses to take a careful look at examples such as Verizon but would rather use it to indict government as an institution instead. But what need to happen here is to use this very real example as a template to fix a system gone wrong. A company making these sort of billion dollar profits should indeed pay its taxes. Our government badly needs to look at tax breaks and loophole and incentives and get rid of them when they produce such a ridiculous situation as this.

    And we as the People badly need to look at those in government who are more than willing to provide this sort of preferential treatment to government in return for whatever they are getting in return.
    Last edited by haymarket; 11-17-11 at 07:19 PM.
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    Re: Major profitable corporations are paying negative income taxes.

    Quote Originally Posted by haymarket View Post
    Actually, this situation is very much about BOTH. I realize that the "I hate government " crowd refuses to take a careful look at examples such as Verizon but would rather use it to indict government as an institution instead. But what need to happen here is to use this very real example as a template to fix a system gone wrong.
    And that fix needs to come from where?

    A company making these sort of billion dollar profits should indeed pay its taxes. Our government badly needs to look at tax breaks and loophole and incentives and get rid of them when they produce such a ridiculous situation as this.

    And we as the People badly need to look at those in government who are more than willing to provide this sort of preferential treatment to government in return for whatever they are getting in return.
    Solyndra. Nah, not relevant eh?

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    Re: Major profitable corporations are paying negative income taxes.

    Quote Originally Posted by Tigger View Post
    The first way to deal with this problem is the same for corporations and the general public.... STOP THE GOVERNMENT FROM SPENDING MONEY ON UNCONSTITUTIONAL PROGRAMS..... like Welfare (corporate or personal), Medicare, HUD, Education, Environment, etc.....
    Really Tigger, that way we only educate the rich? Sounds fair to me... That way we can have a subclass...
    Last edited by Jryan; 11-17-11 at 08:54 PM.
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    Re: Major profitable corporations are paying negative income taxes.

    According to Verizon's annual report they payed a 19.4% effective federal income tax last year, all of which is a deferred tax expense. I assume that becomes a long term liability and is paid later. This article only cites the current tax expense, but not the whole story. So basically I think this article just cherry picked their numbers.

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    Re: Major profitable corporations are paying negative income taxes.

    Quote Originally Posted by Mach View Post
    So let me get this straight. Verizon seeks to do what the 99% also do:

    1. Pay as little tax, legally, as they can

    Who exactly can give *all of us* any sort of tax break? Government. So what you have is an argument against government power....not verizon, not a corporations, not a profitable company, etc. Can be fixed with a flat(ter) tax by the way!

    And it's interesting, listening to NPR this morning you have Obama and liberals proclaiming that government should subsidize the renewable energy industry (competing with private..thanks guys for cheating!). But that's exactly what state/local government do with verizon, they suibsidize them via tax breaks, because they want what verizon brings. Jobs and money. Why the title that piece "jobs first" or whatever, that's a crock of ****. They are subsidzed because those states want those jobs there, lol. Jobs first indeed!

    Some liberals want the fantasy of competitive renewables. But even more people want jobs and income. If you're going give government that much power, you can't then pick and choose personally where you think it's best spent, because the PEOPLE are choosing. Those state/locals are elected representatives or appointed as such. You reap what you sow. Give government all that tax and spend power, give them the ability to pick and choose winners and losers, and don't come crying to me when you lose.

    Limit government power like the libertarians suggest, and you'll go a long way to fixing that. It's about GOVERNMENT, not verizon.
    What the hell, you seriously don't realize that many of these companies have bought and paid for a tax code that benefits them most?

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    Re: Major profitable corporations are paying negative income taxes.

    Quote Originally Posted by SheWolf View Post
    What the hell, you seriously don't realize that many of these companies have bought and paid for a tax code that benefits them most?
    What the hell? That's not what he's saying. These corporations are acting legally. If they weren't, they'd be audited, assessed and fined for their failure to follow the rules. Blame Congress.
    \
    I know it isn't half as much fun as blaming everyone else...hell, we'd be pretty much speechless...but it's Congress who's to blame. No.one.else.
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  10. #20
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    Re: Major profitable corporations are paying negative income taxes.

    Heres a quote from the OP's article:

    On top of these aggressive tax avoidance maneuvers, Verizon and its subsidiary VerizonWireless have
    frequently received economic development subsidies from state and local governments when opening
    new facilities. The companies also often challenge the assessed value of their facilities in order to lower
    property tax payments.
    It seems we may have a wolf in sheeps clothing among the flock. (Or perhaps a donkey in elephant's clothing). I will reserve judgement because I couldn't stomach to read the whole article. Maybe toward the end the writer evened things out by being honest about the way the tax system works. But I doubt it. To keep from ranting too much, I'll just make a couple of quick factual points:

    1) Property tax assessments are based on the Fair Market Value of the property. If the value changes, the taxable amount changes. If you believe the FMV on your property tax statement is inaccurate, you dispute it. Whether you are homeowner making 20k a year- or a big company like Verizon. Anyone who would fault Verizon for disputing their property tax values is not worth debating with.

    2) It has become customary for the tax code to be a means to encourage people and businesses to to things that the government thinks are good things: like purchasing a home for the first time, or investing in low energy appliances. Or hiring unemployed people. You can't fault businesses who make full use of the tax system for the betterment of their company, as long as they stay within the law. If you don't like it, support a consumption tax insteand of this complicated system.

    As far as stealing from the poor and giving to the rich? How, exactly?

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