right wingers always complain about high corporate tax rates. so how much did one of the largest us corporations pay in tax last year? 0 in fact it got a refund. http://www.nytimes.com/2011/03/25/b...l=1&adxnnlx=1301058044-FLlqNbJTTDLljgnRtxTN9g General Electric, the nationâs largest corporation, had a very good year in 2010. The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States. Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
tinkerbell, GE is the administrations golden child. you would have thought they'd have an issue with this is they truly believed the tax rates were too low, no?
Reality is anything but a flat tax on monetary exchange will be gamed. If the US were to issue an electronic currency similar to credit cards and charge 0.1% tax when clearing transactions there would be no need for any additional taxes. No individual or corporate tax returns to file. Unfortunately, this would put many accountants and lawyers out of business. Just Forex trading $1 trillion EUR/USD each day would generate a cool $100 million in taxes each day. The sting of a 1/10 of 1% monetary exchange tax is minimal. If the dollar remains the world's reserve currency the world also pays 0.1% for the safety and protection of the $. We would save billions eliminating the IRS and paper and coin currency from circulation.
here you go, tinkerbell. have a read and when you want to blame the GE thing, look right to your boy in the white house: http://www.economicpolicyjournal.com/2011/03/elitist-corporation-in-action-ge-as.html
Is this thread about the tax code, loopholes, corporate tax breaks, offshoring, and the crocodile tears over "high" taxes, or is it about Obama? I'm asking the OP.
Nope, don't care if you make or lose. I'm just advocating a very small tax every time the $ trades hands. There are no other federal taxes of any kind, No need for the IRS and no need to file any tax returns. Our government makes $ when people spend. Everyone gets a US treasury bank account and debit card tied to their social security / FEIN. Foreigners that want to transact in $ can apply too. There is no transaction privacy... a complete electronic paper trail will exist of your source of funds and disbursements. Paper Currency and Coins are antiquated in today's electronic connected world.
In the grand scheme of things, what number in dollars would you like GE to pay in taxes, now armed with this number exactly what difference would it make? Are you proposing that if GE paid any tax, someone's bill would be less or reduced or someone somewhere is deprived of a gov''t benefit? Why did Halliburton HQ move to Dubai?
Pocket Change, where did you here about that idea? Sounds good on the surface, would have to dig into the details though.