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Thread: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

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    U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Profitable companies with more than $10 million in assets paid an average rate of 12.6 percent of their global profits in 2010, the latest data available, according to a new study by the Government Accountability Office, a nonpartisan congressional watchdog. That compares to the statutory corporate tax rate of 35 percent.
    Direct link to the report.

    http://www.gao.gov/assets/660/654957.pdf



    Wonder how the US conservatives are going to explain this one away..... I am guessing they are going to target the GOA as partisan or something similar.
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    Re: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Quote Originally Posted by PeteEU View Post
    U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study



    Direct link to the report.

    http://www.gao.gov/assets/660/654957.pdf



    Wonder how the US conservatives are going to explain this one away..... I am guessing they are going to target the GOA as partisan or something similar.
    We have one of the highest corporate tax rates in the world, it's bad for business. The real joke is someone bitching who is totally unaffected one way or the other by this.
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    U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Long division and averages are an impressive study tool. As long as there are deductions, the average effective tax rate will always be lower than the actual tax rate.

    Or did you have a different point to make?
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    Re: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Quote Originally Posted by American View Post
    We have one of the highest corporate tax rates in the world, it's bad for business. The real joke is someone bitching who is totally unaffected one way or the other by this.
    Okay I got it wrong... they would not attack the GOA, but the messenger ... and ignore the whole article.
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    Re: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Quote Originally Posted by PeteEU View Post
    Okay I got it wrong... they would not attack the GOA, but the messenger ... and ignore the whole article.
    "I hate America, I hate America, blah blah blah."
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    Re: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Quote Originally Posted by PeteEU View Post
    Okay I got it wrong... they would not attack the GOA, but the messenger ... and ignore the whole article.
    He did not ignore the article, he pointed out a potential flaw with the study, which is that it does not compare effective rates with other countries. That would be revealing. Saying effective rate is below statutory rate is one of those "well duh" kinda things.
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    Re: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    We should drop the rate below Europe's and collect it from every business. The corporate tax system needs a lot of work.

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    Re: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Quote Originally Posted by Redress View Post
    He did not ignore the article, he pointed out a potential flaw with the study, which is that it does not compare effective rates with other countries. That would be revealing. Saying effective rate is below statutory rate is one of those "well duh" kinda things.
    And that is a flaw with the study that it shows that the effective rate is below the statutory rate? It is the statutory rate that is being used as an excuse by the right to lower the tax rate, and yet as the study shows companies with larger than 10 million dollar revenue play 1/3 of that rate.

    You dont need to be comparative with other countries to see that this is wrong and unfair to not only the smaller and medium businesses (under 10 million in revenue), but to the consumer who do not have the ability to cut their effective tax rate by 2/3s and make up fictive losses to get money back from the government.

    The point of this study, is that there is now a study that pretty much validates all the claims that non conservative right wing tax people have been saying, and totally debunk the rights mantra about "having the highest corporate tax rate in the world". Most companies dont pay any where near that rate... in fact the 12-18ish% that the study shows that they actually pay... is way under the average corporate tax rate.. hell it is almost lower than that of low tax countries like Ireland.
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    Re: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Quote Originally Posted by PeteEU View Post
    And that is a flaw with the study that it shows that the effective rate is below the statutory rate? It is the statutory rate that is being used as an excuse by the right to lower the tax rate, and yet as the study shows companies with larger than 10 million dollar revenue play 1/3 of that rate.

    You dont need to be comparative with other countries to see that this is wrong and unfair to not only the smaller and medium businesses (under 10 million in revenue), but to the consumer who do not have the ability to cut their effective tax rate by 2/3s and make up fictive losses to get money back from the government.

    The point of this study, is that there is now a study that pretty much validates all the claims that non conservative right wing tax people have been saying, and totally debunk the rights mantra about "having the highest corporate tax rate in the world". Most companies dont pay any where near that rate... in fact the 12-18ish% that the study shows that they actually pay... is way under the average corporate tax rate.. hell it is almost lower than that of low tax countries like Ireland.
    Statutory rate compared to other countries is what is being used as a reason. Because that is what data is available. No one is making the claim that companies pay statutory rate. So saying they do not is not debunking anything.

    That you do not understand tax policy nor the arguments being made, while unsurprising, is still amusing.
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    Quote Originally Posted by Fiddytree View Post
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    Re: U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study

    Quote Originally Posted by Helix View Post
    We should drop the rate below Europe's and collect it from every business. The corporate tax system needs a lot of work.
    We need to be competitive with the global economy, so that we draw businesses back into the US. I think one of the drivers in businesses moving OCONUS is that the govt tax system makes it unattractive to stay here (obviously for those businesses that can afford to move). Levi Strauss is a good example of a company that tried to maintain some manufacturing in the US, and finally not to many years ago moved their last operation overseas. I think eventually the wage gap will close, and the US will become more attractive from that standpoint as well. But the tax structure in the US is complex and ridiculous.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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