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Thread: Under GOP, most corporations paid NO taxes from '98-2005

  1. #1
    Vulture of The Western World Eric's Avatar
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    Under GOP, most corporations paid NO taxes from '98-2005

    And yet, middle Americans continue to vote for these ass clowns....

    Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.

    The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period.

    Collectively, the companies reported trillions of dollars in sales, according to GAO's estimate.

    "It's shameful that so many corporations make big profits and pay nothing to support our country," said Sen. Byron Dorgan, D-N.D., who asked for the GAO study with Sen. Carl Levin, D-Mich.

    An outside tax expert, Chris Edwards of the libertarian Cato Institute in Washington, said increasing numbers of limited liability corporations and so-called "S" corporations pay taxes under individual tax codes.

    "Half of all business income in the United States now ends up going through the individual tax code," Edwards said.

    The GAO study did not investigate why corporations weren't paying federal income taxes or corporate taxes and it did not identify any corporations by name. It said companies may escape paying such taxes due to operating losses or because of tax credits.

    More than 38,000 foreign corporations had no tax liability in 2005 and 1.2 million U.S. companies paid no income tax, the GAO said. Combined, the companies had $2.5 trillion in sales. About 25 percent of the U.S. corporations not paying corporate taxes were considered large corporations, meaning they had at least $250 million in assets or $50 million in receipts.

    The GAO said it analyzed data from the Internal Revenue Service, examining samples of corporate returns for the years 1998 through 2005. For 2005, for example, it reviewed 110,003 tax returns from among more than 1.2 million corporations doing business in the U.S.

    Dorgan and Levin have complained about companies abusing transfer prices — amounts charged on transactions between companies in a group, such as a parent and subsidiary. In some cases, multinational companies can manipulate transfer prices to shift income from higher to lower tax jurisdictions, cutting their tax liabilities. The GAO did not suggest which companies might be doing this.

    "It's time for the big corporations to pay their fair share," Dorgan said.

  2. #2
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Liberal and left wing hogwash

    Most Americans have some sort of indirect stock ownership either directly or through mutual funds and retirement plans. At the same time the businesses which issue the stocks probably create more jobs than any other source save, maybe, the public sector. And, many public sector retirement plans are invested in these same businesses.

    These businesses create the wealth in this country (the government creates naught but misery) and these worthy pols are trying to destroy them. Or, one hopes, Dorgan and Levin engage in nothing more than pre-election bombast.




  3. #3
    Vulture of The Western World Eric's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Quote Originally Posted by jdm
    Liberal and left wing hogwash

    Most Americans have some sort of indirect stock ownership either directly or through mutual funds and retirement plans. At the same time the businesses which issue the stocks probably create more jobs than any other source save, maybe, the public sector. And, many public sector retirement plans are invested in these same businesses.

    These businesses create the wealth in this country (the government creates naught but misery) and these worthy pols are trying to destroy them. Or, one hopes, Dorgan and Levin engage in nothing more than pre-election bombast.

    Oh c'mon....

    So it's right and proper that you and I pay 28-38 percent of our income in taxes but a billion-dollar corporation pays zip? That the unearned (and often massive) dividend income of millionaires and billionaires is taxed at a much lower rate than the earned (and much smaller both in real terms and proportionately) income of working people?

    It is a piece of pure oleaginous genius that the GOP has conned the public into buying this swill.

    Corporations should be paying the lion's share of income taxes (if we have to have income taxes), not the working stiffs of this country.

    As for "creating jobs" - that would be gut busting funny if it weren't so sad.

    Corporate America has spent the past decade-plus aggressively eliminating as many American jobs (outside of the low-paid service sector) as possible - exporting them overseas to low-cost countries such as China and India - while the wealth creation that proceeds from this exchange flows almost entirely to the uber-elite that runs corporate America.

    How many jobs has Ford CEO Mulaley "created," eh? Yet he "earns" $30 million for his trouble... .

    And that is not an isolated example; rather, it is the common practice.

    I wonder how much longer the bamboozled Sheeple out there will continue to fixate on bullshit issues like gay marriage and "family values" while theytake it from behind on economic/money issues like Ned Beatty in "Deliverance"?


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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    >> Corporations should be paying the lion's share of income taxes (if we have to have income taxes), not the working stiffs of this country. <<

    OK, that's a value judgment and we'll never agree on it.

    This exchange has set me to trying to figure out what, if anything, I've ever done that was materially productive and the returns are bleak. Save for some honest farm work as a teen and shoveling snow for the RR, there is nothing in the plus column.

    At the same time, I've never had a 40 hour conventional work week except for a few months as a teen between colleges.

    However, when it comes to consumption, I earn high honors. We consumers are important folk, without us, millions of tons of useless crap would be sitting in warehouses and loading docks moldering away.




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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    First of all, it didn't say billion-dollar corporations weren't paying taxes. At worst, the vast majority of corporations (such as Tin Roof Enterprises, Inc.) were S-corporations and paid no income tax...but I, as the owner of the corporation, paid plenty. In addition to that, TRE paid nearly $50,000 in other taxes, not the least of which were fuel and road taxes.

    And a corporation never pays taxes. It merely hides them from the ultimate payer, the purchaser of the corporation's goods and services. As a libertarian, you should cheer that these corporations kept the government from hiding those taxes from you.

    And the laws governing corporate taxes were in place well before the current administration took office. If you think the next one is going to change anything, think again. In fact, the Obama campaign has made it clear that it expects to hide even more taxes from you, letting corporations collect the health costs of the poor from their paying customers.

  6. #6
    Vulture of The Western World Eric's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    "If you think the next one is going to change anything, think again. In fact, the Obama campaign has made it clear that it expects to hide even more taxes from you, letting corporations collect the health costs of the poor from their paying customers."

    Oh, I agree with you there. As Gore Vidal notes, we have just one party - with two wings. Voting for either in the expectation of real change (in the sense of less intrusive government and more freedom for the average person) is a sure path to disappointment. I wash my hands of them both - and hope they're eventually "thrown down the well" where they belong.

  7. #7
    Senior Member misterdecibel's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    If they did pay taxes, they'd just have to pass it on to us in the form of higher consumer prices.

  8. #8
    Vulture of The Western World Eric's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Quote Originally Posted by misterdecibel
    If they did pay taxes, they'd just have to pass it on to us in the form of higher consumer prices.
    That's another deception; in fact, when corporations were paying the lion's share of federal taxes (and individual taxes on average/middle class Americans were far lower than they are today) consumer prices were not jacked up to ridiculous levels. Consider the cost of an average car, for example, circa 1965 vs. today.

    The line that taxes would just be passed on to consumers is more corporate agit-prop; but the corporatist interests who control this country have been amazingly effective at bamboozling the masses into not merely accepting their own exploitation but actively supporting it!





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    Senior Member Mase's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Quote Originally Posted by jdm
    Liberal and left wing hogwash

    Most Americans have some sort of indirect stock ownership either directly or through mutual funds and retirement plans. At the same time the businesses which issue the stocks probably create more jobs than any other source save, maybe, the public sector. And, many public sector retirement plans are invested in these same businesses.

    These businesses create the wealth in this country (the government creates naught but misery) and these worthy pols are trying to destroy them. Or, one hopes, Dorgan and Levin engage in nothing more than pre-election bombast.



    Yessir, and amen to that. After Uncle Carl decimated my airline retirement my 401k is my retirement lifeline. Thank heavens for mutual funds and the ability to control my investments individually within the confines of the plan. Sure wish I could have done that 40 years ago with part of the money the gov'mint took from me for social security.

    I know way too many people who have no savings to speak of, live social security check to social security check and could lose their home within a couple months if a financial problem came up. Of course, most of them could have had savings but instead they chose to live high-on-the-hog. We all are, or should be, accountable for our decisions and live with the consequences.
    A man's greatest mistake is to think he is working for somebody else.

  10. #10
    Senior Member Mase's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Corporations should be paying the lion's share of income taxes (if we have to have income taxes), not the working stiffs of this country. >>


    I would be all for that if the tax on dividends and interest was eliminated for individuals.
    A man's greatest mistake is to think he is working for somebody else.

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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Quote Originally Posted by Mase
    We all are, or should be, accountable for our decisions and live with the consequences.
    Amen to that.

  12. #12
    Vulture of The Western World Eric's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Quote Originally Posted by jdm
    Quote Originally Posted by Mase
    We all are, or should be, accountable for our decisions and live with the consequences.
    Amen to that.
    Agreed - just too bad that doesn't apply to corporate big business!

    We have socialism for corporate America; the freeeeeeeeee market for everyone else.

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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Quote Originally Posted by Eric
    Quote Originally Posted by jdm
    Quote Originally Posted by Mase
    We all are, or should be, accountable for our decisions and live with the consequences.
    Amen to that.
    Agreed - just too bad that doesn't apply to corporate big business!

    We have socialism for corporate America; the freeeeeeeeee market for everyone else.
    I'd like to know the names of these businesses - if some are listed maybe there's an investment opportunity in there somewhere.


  14. #14
    Vulture of The Western World Eric's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005

    Quote Originally Posted by jdm
    Quote Originally Posted by Eric
    Quote Originally Posted by jdm
    Quote Originally Posted by Mase
    We all are, or should be, accountable for our decisions and live with the consequences.
    Amen to that.
    Agreed - just too bad that doesn't apply to corporate big business!

    We have socialism for corporate America; the freeeeeeeeee market for everyone else.
    I'd like to know the names of these businesses - if some are listed maybe there's an investment opportunity in there somewhere.

    Bear Stearns
    Freddie Mac
    Fannie Mae

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    Senior Member grouch's Avatar
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    Re: Under GOP, most corporations paid NO taxes from '98-2005




    I keep thinking of all the things that a Republican Congress voted in. For instance, any interest you paid on credit cards was tax deductable. They got rid of that. We are the only country in the world that allows drug companies to advertise prescription drugs on TV even though they require a doctors prescription. In effect, we are their unpaid salesmen and the price has been raised to compensate for the advertising. Excess funding for retirement plans can now be used by the company and it doesn't have to worry about later underfunding. This from the same people who were pushing for privatization of social security a few months before the current recession rolled in. Remember Enron? Numerous retirees lost all of their money when the Repiublican contributors who ran Enron skated on the loss.

    When Ford Exploders were rolling over on the highway, Firestone took the hit because Ford had better lobbyists. I still run Firestone tires and I'm not gentle on them. I've never had any kind of failure outside of just wearing them out. Money talks and it's also the basis for the golden rule. Whoever has the gold, makes the rules.
    Honk if you love Jesus.

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