Corporations spend more on Congress then on taxes - Miata Turbo Forum - Boost cars, acquire cats.

Welcome to Miataturbo.net   Members
 


Current Events, News, Politics Keep the politics here.

Reply
 
 
 
LinkBack Thread Tools Search this Thread
Old 12-13-2011, 06:17 PM   #1
Elite Member
Thread Starter
iTrader: (6)
 
blaen99's Avatar
 
Join Date: Sep 2010
Location: Seattle, WA
Posts: 4,112
Total Cats: 27
Default Corporations spend more on Congress then on taxes

http://www.ibtimes.com/articles/2644...paid-lobby.htm

Ayep. So.............

WUT DO, MT.NET? WUT DO?!?

Quote:
the Congressional Budget Office reports tax repatriation holidays ranks dead last among 13 policy options for creating jobs. The CBO estimates that over the 2012-2013 period, a repatriation holiday would, at best, create the equivalent of one-full time job for every $1 million in federal costs.
I find this particularly interesting.
blaen99 is offline   Reply With Quote
Old 12-13-2011, 06:28 PM   #2
Boost Czar
iTrader: (61)
 
Braineack's Avatar
 
Join Date: May 2005
Location: Chantilly, VA
Posts: 72,872
Total Cats: 1,790
Default

Let me find the chart that shows that all corporations pay more in taxes than they receive in profits.




Government Takes a Greater Share than Shareholders

by William McBride


While the corporate income tax code - like the personal income tax code - is complicated by too many credits and deductions that benefit a narrow set of taxpayers at the expense of the many, it is wrong to conclude that corporations in general pay little or no tax. Besides paying corporate income taxes to the U.S. federal government and foreign governments, corporations pay a litany of other taxes, including state and local corporate income taxes, sales, property, and payroll and social security taxes.

The graph below tells the story. It shows 15 years of IRS data, 1994 to 2008, on all corporate income tax returns. It indicates that on average, and in all but three of those years, total taxes paid by corporations exceeded after-tax profits.

After-tax profits peaked in 2006 at $780 billion, and then collapsed with the recession to $607 billion in 2008.

In blue are federal income taxes, which also peaked in 2006 at $315 billion and fell to $208 billion in 2008. That's an effective tax rate of 26 percent of taxable income (pre-tax profits), averaged over 15 years (see this report for more).

In red are foreign taxes paid on the foreign income of U.S. corporations, which continued to climb through the recession, amounting to $98 billion in 2008. (This is an underestimate of foreign taxes paid, based on the foreign tax credit, as discussed in detail here.) Including these taxes on foreign income yields an effective rate of about 33 percent of taxable income, over 15 years.

Finally, in green are all other taxes* paid by corporations that are deducted as business expenses. This number peaked at $357 billion in 2007 and fell to $331 billion in 2008. Adding this to corporate income taxes, both domestic and foreign, brings the total taxes paid by U.S. corporations to $740 billion in the peak year of 2006, and $637 billion in 2008.

That means in 2008, as in most years, taxes paid exceeded after-tax profits, or in other words, government took a greater share than shareholders.


*Details on other taxes: This includes state and local corporate income taxes, property taxes, sales taxes, social security and payroll, unemployment insurance, excise taxes, import and tariff duties, business, license, and privilege taxes, and income and profit taxes paid to foreign countries or U.S. possessions unless claimed as a credit against income tax. This does not include state and local taxes paid in connection with an acquisition or disposition of property. Additionally, not all corporations include sales taxes.
Braineack is offline   Reply With Quote
Old 12-13-2011, 06:37 PM   #3
Elite Member
Thread Starter
iTrader: (6)
 
blaen99's Avatar
 
Join Date: Sep 2010
Location: Seattle, WA
Posts: 4,112
Total Cats: 27
Default

See, there's a huge difference in the article linked and what you are talking about Brainy.

You analyze all the corporations, the article I linked just analyzes the top contributors - and tax dodgers.

The OP was intended to point out "Holy ****, the biggest contributors and political spenders pay more for Congress then they do taxes!" - not "Every corporation dodges taxes".
blaen99 is offline   Reply With Quote
Old 12-13-2011, 06:40 PM   #4
Boost Czar
iTrader: (61)
 
Braineack's Avatar
 
Join Date: May 2005
Location: Chantilly, VA
Posts: 72,872
Total Cats: 1,790
Default

i mean. everyone knows this.

the fact i care about is the amount the spend on lobbying. i couldn't give a damn how little they pay in taxes--regardless of what the top corps. do pay (average is like 18%) our corporate tax rate is the 2nd highest in the world...and then we wonder why all our incandescent light-bulb factories get moved to china.

dodging taxes is an American tradition and I highly encourage it.
Braineack is offline   Reply With Quote
Old 12-13-2011, 06:47 PM   #5
Elite Member
Thread Starter
iTrader: (6)
 
blaen99's Avatar
 
Join Date: Sep 2010
Location: Seattle, WA
Posts: 4,112
Total Cats: 27
Default

Our incandescent light bulb factories moving to china has very little to do with corporate tax rate I would imagine .

As for the rest: Think of it another way, Brainy. GE got almost 5billion back from the government (They made profit on their taxes!!) after paying politicians nearly 90million.

This is a bit more than "dodging taxes" in this case.
blaen99 is offline   Reply With Quote
Old 12-13-2011, 06:51 PM   #6
Crumple Zone Tester
iTrader: (7)
 
mgeoffriau's Avatar
 
Join Date: Jul 2009
Location: Jackson, MS
Posts: 7,656
Total Cats: 447
Default

Why wouldn't they do this? If you could spend $1 in lobbying and get a $1.10 tax break, wouldn't you do it to?

The issue isn't the corporations, it's the tax code that has been written and re-written hundreds of times to benefit various groups or political goals.
mgeoffriau is online now   Reply With Quote
Old 12-13-2011, 06:52 PM   #7
Elite Member
Thread Starter
iTrader: (6)
 
blaen99's Avatar
 
Join Date: Sep 2010
Location: Seattle, WA
Posts: 4,112
Total Cats: 27
Default

Quote:
Originally Posted by mgeoffriau View Post
Why wouldn't they do this? If you could spend $1 in lobbying and get a $1.10 tax break, wouldn't you do it to?

The issue isn't the corporations, it's the tax code that has been written and re-written hundreds of times to benefit various groups or political goals.
Hell, if you can spend $90million in lobbying and get $5billion back in income in taxes, I'd do it in a heartbeat.

But yes, that's the heart of my point Mg. The system's broken - and both sides done broke it.
blaen99 is offline   Reply With Quote
Old 12-13-2011, 06:59 PM   #8
Boost Czar
iTrader: (61)
 
Braineack's Avatar
 
Join Date: May 2005
Location: Chantilly, VA
Posts: 72,872
Total Cats: 1,790
Default

Quote:
Originally Posted by mgeoffriau View Post
The issue isn't the corporations, it's the tax code that has been written and re-written hundreds of times to benefit various groups or political goals.
this.

between 98 and 2010 $4,274,060,331 was spent in lobbying...in one industry, representing only 15% of all lobbying payments.

it's big business, and big gov't loves it and caters to it.
Braineack is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
94-97 JR Header, FM Stage 1 Happy Meal, Carillo rods & Supertech Pistons eddy1128 Miata parts for sale/trade 8 12-10-2015 06:34 PM
Foreign powered NB for NASA ST3 and/or E0 d k Race Prep 44 09-15-2015 11:59 AM
using 2002 ECU on 1990 Miata btabor ECUs and Tuning 12 09-14-2015 04:45 PM
Obligatory "N00B" post! D_Breezy Meet and Greet 5 09-08-2015 06:37 PM
ME221 Now has Autotune and Long Term Fuel Trim Tables Motorsport-Electronics ECUs and Tuning 0 09-05-2015 09:02 AM


Tags
joe perez

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 11:02 PM.