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most U.S. corporations pay no federal income taxes

Discussion in 'Political Discussion' started by Holy Diver, Aug 12, 2008.

  1. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    This is whats wrong with Capitalism.....

    Talk about UNAMERICAN!

    http://www.newsnet5.com/money/17165868/detail.html

    WASHINGTON -- The Government Accountability Office is set to release a report that says most U.S. corporations pay no federal income taxes.

    And most foreign companies that do business in the United States aren't paying corporate taxes.

    The study says about two-thirds of American corporations paid zero income taxes to Uncle Sam between 1998 and 2005.

    An even higher percentage of foreign corporations avoided federal corporate taxes. At the same time, said the GAO, the firms had trillions of dollars in sales.

    The study was requested by Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota.

    "It's shameful that so many corporations make big profits and pay nothing to support our country," Dorgan said.

    The report doesn't name names, and the congressional agency didn't investigate why corporations aren't paying corporate or income taxes. But the GAO said it could be because of operating losses and tax credits.
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    This is why the IRS and its regulations should be eliminated.. replaced by a very simple system either a Forbes type or a consumptive tax... this is utterly ridiculous, coupled with stashing cash in offshore accounts..

    Companies like Haliburton have subsidiaries in Panama, the Cayman islands and Lichenstein.. there should be an equitable way that all corps pay their share.
  3. MrBigglesWorth

    MrBigglesWorth Rookie

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    I'd love to see how much money that originated from US investors is in Dubai.
  4. PressCoverage

    PressCoverage Banned

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    i wonder when, or even IF, any of our capitalist masturbators will arrive on this thread to spin it all...

    the 3rd Reich didn't lose WWII.... it merely changed venues...

    corporatism is the core reason this nation is failing... period.
  5. MrBigglesWorth

    MrBigglesWorth Rookie

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    I thought they went to Antartica?


    kidding aside. it is ironic how corporates wants to merge in an effort to make more money and have more resources but some end up failing.

    i feel bad for the small business owner who can't compete with walmart or tgi friday's, etc
  6. ljuneau

    ljuneau Rookie

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    Sometimes you just can't trust AP for news. Here is an update from the Wall Street Journal:

    AP Makes Serious Error in Story on Corporate Income Tax

    Looks like the AP inflated its numbers by 90.

  7. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    LMAO - good find.

    I'm more interested in corporations staying strong and being able to employ people who then pay taxes more than trying to snag the profits of the corporations anyway.
  8. Real World

    Real World Moderator Staff Member

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    Seriously, how misinformed can people be?

    Someone tell Dorgan that income tax is paid on profit. So a company making "big profits" is paying uncle sam. It's a company that reports no profit that isn't paying, and for obvious reasons. Furthermore, business' pay their fair share either way. Business' pay matching payroll taxes on it's employees. They also pay commercial rate property taxes for any space they occupy. The nut to the city here for one of the 50,000 sq/ft building a business leases, is over $100,000 annually. Think about that. Aside from paying the rent for the space, operational costs, it's employees', and matching taxes on payroll, the company has to give the city close to $120k a year for nothing. Of course, when the Obamination gets in, he'll be sure to hijack any profits these companies make, ontop of the burdens they already pay. I just wonder if he'll give them money should they be in the red in any given year.
  9. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Companies don't pay taxes, they collect them for the government in the form of higher prices for the goods we purchase.

    Why do you think the tax code is > 12,000 pages??? Who do you think pas for all the special breaks????


    Eliminate the corp tax, tax cap gains and dividends as income for the companies shareholders. Flat tax kill the IRS and all it's regulations.

    This of course won't happen cause the congress derives it power from the ability to hand out favors for their contributors/hostages. They like having the lobbyist around.
    Last edited: Aug 13, 2008
  10. ljuneau

    ljuneau Rookie

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    Patsfan13, very well said!!!

    I wish more people could understand these simple and basic economic facts. It's amazing to see European countries like Russia adopting a flat tax because it makes great economic sense and it works for a large number of reasons. As long as polititians have the ability to pass out tax credits and tax dollars for political favors, influence and posturing, our tax system will only get more complicated and cause more corporate shackling.
    Last edited: Aug 13, 2008
  11. Stokes

    Stokes Rookie

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    The USA is failing? I'd say that's going a little far...
  12. PressCoverage

    PressCoverage Banned

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    Very well... Name something that America is succeeding at, with a positive and certain longterm prognosis, besides pornography or sporting events?
    Last edited: Aug 13, 2008
  13. Real World

    Real World Moderator Staff Member

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    doh! I was all set to reply until I saw that. Damn you PC! :banned:
  14. atomdomb

    atomdomb Rookie

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    whoops, nice thread. somebody just got a mouthful of bavarian creme. lies and the lying liers that tell them.
  15. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    Health Care (I'm sure that you would book the first boat to Cuba, or Canada, if you were sick). Unless of course, Obama is elected.

    I think that Microsoft company is doing OK.

    Dell Computers, IBM, etc...

    The US is the leader in almost every major area of industry.

    I realize as a democrat, you have to beleive that the US is bad (how else can you justify siding with the terrorists), but try living someplace else, and as the Gov of Californai says, "You'll be back"

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