Mechanic, had to pull this out of your comment: " the Democrats talk about smoothing out the bumps, closing loopholes and lower the upper tax rates and making the tax burden more equal for ALL citizens."Equal means flat tax. I’ve been arguing this for a long time. Flat tax, no exemptions, no loopholes, no credits. Everyone then is equal.
On the other hand, regular people wouldn’t be paying for much of anything without the paychecks they get from those corporations. The tax code gives them lots of loopholes yes. It also gives them plenty of incentive to move their money and ultimately their jobs out of the country. It needs to be reformed. Loopholes need to be closed. And tax rates needs to be competitive in order to keep business in the country.
1. Nobody with an accountant pays that still measly 35% POSSIBLE maximum, and when oil companies overseas in western African countries pay over 47% in taxes, no exceptions, it’s all the more interesting as they basically CONTROL those countries and the terms of their contracts. It’s just at home that companies can’t see the need to support the “homeland”.
I am not as learned on economics as well as some other posters, but I do know this: After the Great Depression, bi-partisan congresses enacted legislation to tightly control the free-wheeling, loosely-regulated banking industry. Up through the 1970’s, depite setbacks (a war fought on a credit card, the oil embargo, etc) Americans prospered. My parents, yours, you yourself were able to afford higher education, buy a house, work for a company that paid reasonably well enough for you to afford a decent standard of living, and if you worked hard and were loyal, had reasonable security in working until retirement. A WORKING middle-class prospered, and spent money, supporting many businesses, large and small.
Enter Ronald Reagan, Alan Greenspan and Goldman Sachs. 1981 ushered in the age of de-regulation. Every year, through Reagan, Bush I, Clinton, Bush II saw all the safegaurds in the investment/banking industry repealed.Cheney allowed the energy/oil interests to run wild. NAFTA rammed down our throats. Despite promises of “a rising tide”, American jobs were moved elsewhere. Whole companies claim their headquarters in other countries. Taxes and energy costs go up for the 99%. National wealth has accumulated at the top of the economic pyramid. A congress unresponsive to the plight of millions of LEGAL American citizens. Political, social and economic divisions widening. A political/economic system hijacked and rigged, with the connivance of Washington D.C. Pols.
Corporate taxes are high but no one pays them because the tax code is so complex no one can understand it. Treasury Secretary Tim Geithner’s excuse for not paying his taxes is that he didn’t understand the code. If he can’t, what hope does anyone else have?
The best tax reform plan I’ve yet seen is the Fair Tax. Changes all taxes to a 23% sales tax on all new items, with a prebate of 23% of whatever is judged to be the poverty line given to all citizens at the beginning of the month, so those at or below the poverty line effectively pay no tax. It wouldn’t bring in any less or any more than the current system, but it would make cheating a lot harder.
" To the free-marketers yes, the people should pay it all"
Net-net, corporations Do Not pay corporate income tax. Why? Because those taxes are passed on to the customers in inflated prices. So, while it may make you “feel good” by socking it to the corporations, you’re only causing your own self to pay higher prices due to the friction involved in passing those taxes on to you. d’oh
“First of all, there are those at the bottom of the economic ladder than cannot afford to pay the federal taxes”
Um, no. Progressive tax rates have only resulted in fiddling with wages at the bottom. If the poor paid their taxes, wages would go up to cover the load. There has never been a progressive tax or wage policy that didn’t flatten out in the long run. Yeah, it sounds good and feels good, but it doesn’t do anything useful.
And the reverse of that is “If you like it, don’t tax it.” The problem is that if you don’t tax it, you get more of it. If you want more poor people, don’t tax them. It’s a pretty clear cut proposition: if you reward unwanted behavior, you’ll wind up rewarding even more unwanted behavior.
Dave Ferro over 9 years ago
Why? Because we have communists running our government, that’s why!
Wraithkin over 9 years ago
Mechanic, had to pull this out of your comment: " the Democrats talk about smoothing out the bumps, closing loopholes and lower the upper tax rates and making the tax burden more equal for ALL citizens."Equal means flat tax. I’ve been arguing this for a long time. Flat tax, no exemptions, no loopholes, no credits. Everyone then is equal.
BaltoBill over 9 years ago
Highest Corporate tax Rate? Not so fast there….
jespence97 over 9 years ago
Corporate rate maybe high, but they only pay 9% – the lowest of G7.
griffthegreat over 9 years ago
One out of four pay NO taxes, GE on billions of profit paid no tax and had something like $135 million in tax REBATES on top of that.
warjoski Premium Member over 9 years ago
On the other hand, regular people wouldn’t be paying for much of anything without the paychecks they get from those corporations. The tax code gives them lots of loopholes yes. It also gives them plenty of incentive to move their money and ultimately their jobs out of the country. It needs to be reformed. Loopholes need to be closed. And tax rates needs to be competitive in order to keep business in the country.
retpost over 9 years ago
Their rate is the highest, they just don`pay it , anyone in congress know why?
moosemin over 9 years ago
“We’re supposed to be the model for free market economics”.
Why do you think BRICS was formed?
Dtroutma over 9 years ago
1. Nobody with an accountant pays that still measly 35% POSSIBLE maximum, and when oil companies overseas in western African countries pay over 47% in taxes, no exceptions, it’s all the more interesting as they basically CONTROL those countries and the terms of their contracts. It’s just at home that companies can’t see the need to support the “homeland”.
moosemin over 9 years ago
I am not as learned on economics as well as some other posters, but I do know this: After the Great Depression, bi-partisan congresses enacted legislation to tightly control the free-wheeling, loosely-regulated banking industry. Up through the 1970’s, depite setbacks (a war fought on a credit card, the oil embargo, etc) Americans prospered. My parents, yours, you yourself were able to afford higher education, buy a house, work for a company that paid reasonably well enough for you to afford a decent standard of living, and if you worked hard and were loyal, had reasonable security in working until retirement. A WORKING middle-class prospered, and spent money, supporting many businesses, large and small.
Enter Ronald Reagan, Alan Greenspan and Goldman Sachs. 1981 ushered in the age of de-regulation. Every year, through Reagan, Bush I, Clinton, Bush II saw all the safegaurds in the investment/banking industry repealed.Cheney allowed the energy/oil interests to run wild. NAFTA rammed down our throats. Despite promises of “a rising tide”, American jobs were moved elsewhere. Whole companies claim their headquarters in other countries. Taxes and energy costs go up for the 99%. National wealth has accumulated at the top of the economic pyramid. A congress unresponsive to the plight of millions of LEGAL American citizens. Political, social and economic divisions widening. A political/economic system hijacked and rigged, with the connivance of Washington D.C. Pols.
And here we are.
SergeitheAntagonist over 9 years ago
Corporate taxes are high but no one pays them because the tax code is so complex no one can understand it. Treasury Secretary Tim Geithner’s excuse for not paying his taxes is that he didn’t understand the code. If he can’t, what hope does anyone else have?
The best tax reform plan I’ve yet seen is the Fair Tax. Changes all taxes to a 23% sales tax on all new items, with a prebate of 23% of whatever is judged to be the poverty line given to all citizens at the beginning of the month, so those at or below the poverty line effectively pay no tax. It wouldn’t bring in any less or any more than the current system, but it would make cheating a lot harder.
I Quit over 9 years ago
" To the free-marketers yes, the people should pay it all"
Net-net, corporations Do Not pay corporate income tax. Why? Because those taxes are passed on to the customers in inflated prices. So, while it may make you “feel good” by socking it to the corporations, you’re only causing your own self to pay higher prices due to the friction involved in passing those taxes on to you. d’oh
I Quit over 9 years ago
“First of all, there are those at the bottom of the economic ladder than cannot afford to pay the federal taxes”
Um, no. Progressive tax rates have only resulted in fiddling with wages at the bottom. If the poor paid their taxes, wages would go up to cover the load. There has never been a progressive tax or wage policy that didn’t flatten out in the long run. Yeah, it sounds good and feels good, but it doesn’t do anything useful.
I Quit over 9 years ago
“Tax the rich.Tax everything you don’t like.”
And the reverse of that is “If you like it, don’t tax it.” The problem is that if you don’t tax it, you get more of it. If you want more poor people, don’t tax them. It’s a pretty clear cut proposition: if you reward unwanted behavior, you’ll wind up rewarding even more unwanted behavior.
alex Coke Premium Member over 9 years ago
On a recent road trip I noticed how few of them are on the road now,as compared to before 2006.
Try driving IH 35 in Texas. There are plenty of trucks to be seen