corporate taxes at 60 year low

Discussion in 'Politics & Religion' started by Free Thinker, Mar 3, 2011.

  1. even though corporate profits are near time highs corporate taxes are near all time lows. whats the republicans answer to job creation. lower corporate taxes:

    Corporate Tax Revenues Nearing Historic Lows As A Percentage Of GDP, Report Says


    Even as the federal deficit has ballooned, U.S. corporations are paying lower tax bills than ever before, according to one measure.

    That's the takeaway from a new report by the Center on Budget and Policy Priorities dissecting the tax structures of corporations, which CBPP Director Chuck Marr says are now paying taxes at "historical lows as a share of the [total] economy."

    Marr points to a basic discrepancy: While the U.S.'s top corporate tax rate of 35 percent is one of the highest in the world, the amount corporations actually end up forking over to the government is much lower, sometime as low as 4 percent. This is due to a dizzying number of deductions, write-offs, and other accounting tricks that allow corporations to legally reduce their tax burden.

    In 2007, the report notes, the Treasury estimated federal government had missed an opportunity to collect $1.2 trillion due to various corporate tax expenditures over the previous decade.

    As New York Times columnist David Leonhardt columnist recently put it, a company like General Electric is, indeed, "expert at avoiding taxes."

    Using statistics from the Office of Management and Budget, CBPP created this graph, mapping total collected corporate taxes as a percentage of the overall U.S. economy
    http://www.huffingtonpost.com/2011/03/02/corporate-tax-revenues-ne_n_830361.html
     
  2. Any re-pubs care to comment. :D
     
  3. jem

    jem

    that is why we need a flat tax. (11% in my opinion)
    It would end much of the lobbying and corruption of congress
    People would know things are more fair
    we would get a few days of more productivity back.
     
  4. Flat tax on income?

    There are some problems with that.

    Say a someone has a salary of 100K. No expenses, they just go to work.

    Someone else has a business, where the business generates revenue of 100K, but after legitimate expenses, they only earn 50K.

    You still have to allow for legitimate deductions to make the system fair and work properly.

    It is the tax loopholes that are problematic, although some of those loopholes do keep revenue in the hands of people who put the money back into business that create jobs.

    It is the ones who exploit the loopholes and do not put the money saved back into anything productive for America as a whole...they function on pure greed and narcissism.

    It is criminal in my opinion to give breaks to companies and corporations that don't invest that money back into America...but invest in companies overseas where America does not get anything out of it.

    Whey are we subsidizing the oil corporations when they do nothing for us in times of rising energy prices?

    One of the reasons, among others, I oppose illegal labor in America, especially from the Mexicans, is that the money they make does not go back into our economy. They send the illegally gained money back to Mexico to go into their economy. They pay no taxes, etc.

    Allowing any company or corporation to avoid taxes...and then not invest that money saved in America needs to stop. Punish those who don't reinvest in America's future.

    So a flat tax on income is okay, but only if applied consistent and fairly to everyone.

    It is time to face facts...Gordon Gekko was wrong...greed doesn't work.


     
  5. Lucrum

    Lucrum

    corporate taxes at 60 year low

    I blame Obama, it is happening under his watch.
     
  6. Are you then going on the record that corporate taxes should be higher?

    If not, then you must favor corporate taxes at 60 year lows, and you would not be blaming Obama, but rather you would be praising him.

     
  7. I don't see why this is something republicans have to justify or apologize for, even if it's factual, which is open to serious doubt. Democrats controlled both houses of congress and the presidency for two years, yet did nothing to address this issue. Obviously, they did not view it as a problem.

    Now because republicans want to cut wasteful spending, it is suddenly a big issue?
     
  8. So, if the dems do nothing, then that makes it right?

    Sheesh...what a value system you have.