7 Largest Corporations paying NEGATIVE Taxes!!! &%*#$!# Leeches!!!

Not only do corporations pay as little as possible the government charges the taxpayer for the products (like war materiel). The money to pay for that is borrowed from the Gov and you pay the taxes that don't even cover the interest on the loan.

Meanwhile GM gets 50 billion in a bailout and the city of Detroit can't beg 3.5 billion to pay for Pensions. After GM made all that money of Detroit and ran it into the ground they just up and leave everyone there to die on the vine.

The taxes, gone, bailout money gone, pensions for a lifetime of work, gone.

The people responsible for this debacle are all still running things…

a reply to: Hefficide

Yes, corporate welfare dwarves social welfare by a large margin.

Where would GMC be if the government wasn't buying their cars.

a reply to: FyreByrd

Some more factual information:



The years that were considered 'boom' years for all socio-economic levels are the years that coporations and individuals were taxes at higher rates.

Here's a more detailed version from: visualizingeconomics.com...

originally posted by: Edumakated
a reply to: Hefficide

Nearly half the population does not pay FEDERAL income taxes. Yes, they may pay local and other taxes, but not federal income taxes which is what is being discussed. You could take every dime of the top 5% of wage earners and it still would not be enough to run the government.

I always find it funny that those that complain the most pay the least.

The half the people don't pay federal taxes isn't true.
Dependency and Romney’s 47 Percenters

Figures come from the nonpartisan Tax Policy Center, and its most recent analysis in July 2011 put the figure for that year at 46.4 percent. That comes to about 76 million individuals or families who paid no federal income taxes in 2011. TPC projected that the percentage would fall to 46 percent this year, and to 44 percent in 2013, under current tax policies. Let’s take a closer look at the 46.4 percenters.

According to the Tax Policy Center, about half of those who owe no federal income tax are people whose incomes are so low that when standard income tax provisions — personal exemptions for taxpayers and dependents and the standard deduction — are factored in, that simply leaves no income to be taxed. Those are people who earned less than about $27,000. But that doesn’t mean those folks paid no taxes at all. Many of them paid payroll taxes, those taxes taken out of a paycheck by an employer to fund programs such as Social Security and Medicare. They also pay federal excise taxes, such as those on gasoline, and they may also pay state and local income taxes or property taxes.

So that’s half of Romney’s 46.4 percenters. The rest pay no federal income tax due to tax benefits and credits. Here’s the rest of the breakdown:
22 percent receive senior tax benefits — the extra standard deduction for seniors, the exclusion of a portion of Social Security benefits, and the credit for seniors. Most of them are older people on Social Security whose adjusted gross income is less than $25,000.
15.2 percent receive tax credits for children and the working poor. That includes the child tax credit and the earned income tax credit. The child tax credit was enacted under Democratic President Bill Clinton, but it doubled under Republican President George W. Bush. The earned income tax credit was enacted under Republican President Gerald Ford, and was expanded under presidents of both parties. Republican President Ronald Reagan once praised it as “one of the best antipoverty programs this country’s ever seen.” As a result of various tax expenditures, about two thirds of households with children making between $40,000 and $50,000 owed no federal income taxes.
The rest ended up owing no federal income tax due to various tax expenditures such as education credits, itemized deductions or reduced rates on capital gains and dividends. Most of this group are in the middle to upper income brackets. In fact, the TPC estimates there are about 7,000 families and individuals who earn $1 million a year or more and still pay no federal income tax.

This was from two years ago and with employment getting better the number is even lower now. So as you can see here most of these people barely make enough to get by. We need a flat tax and to get rid of citizens united and to also close that loophole that let's companies move there headquarters overseas to avoid paying taxes.

double post

repost

a reply to: buster2010

That article just stated exactly what I said. Nearly half don't pay Federal income taxes. Yes, they pay some other misc taxes, but that is not the same thing as Federal income tax. The statement is true. Everyone pays all those other taxes, but not everyone pays Federal income taxes.

originally posted by: Edumakated
a reply to: buster2010

That article just stated exactly what I said. Nearly half don't pay Federal income taxes. Yes, they pay some other misc taxes, but that is not the same thing as Federal income tax. The statement is true. Everyone pays all those other taxes, but not everyone pays Federal income taxes.

No the statement is not true. If you had went to the link and read it then you would know this. Every person that gets a paycheck pays Federal income taxes. Please show the proof backing up your statement.

originally posted by: OpenMindedRealist
a reply to: KnightLight


You sir are a veteran, and veterans are one of the only groups of people truly entitled to the basic needs of life. As far as I am concerned, veterans should be exempt from paying income tax altogether.

Why is that? Why not teachers? Why not Garbage Men? Why not others that serve their country and neighbors? Personally I prefer not to encourage "Killing" others as a means to a free ride and I come from a military family.

There are many valid ways to serve.

originally posted by: OpenMindedRealist
a reply to: KnightLight


There is a drought, but it's not because rich people are hoarding water. It's because every year the politicians want to add another damned tier to the gold-trimmed imported marble fountain that is the Federal government.

We mostly agree..

But what I see is the captain of the ship making sure he has enough Rum on board to stave off a mutiny..

Instead we could all have a more honest relationship and a smaller government..
Alas we are an Empire.. I don't see any way of backing out of that without major human atrocities.. We are somehow on this path..

What ways could we get away from this?

I still think you underestimate how poor some people are who work their ass off. I've yet to meet too many lazy people, and that's coming from an Army perspective where ALL civilians are kind of lazy.

There are key issues Like Spending millions of dollars to blow someone up.. I know I must of costed the USA or more realistically the tax payers hundreds of thousands of dollars.. I spent at least $30,000 one day Shooting off Rockets.

We have plenty of money if we work together........ Working apart is NEGATIVE money.

originally posted by: FyreByrd


Why is that? Why not teachers? Why not Garbage Men? Why not others that serve their country and neighbors? Personally I prefer not to encourage "Killing" others as a means to a free ride and I come from a military family.

There are many valid ways to serve.

I agree.
Name any job and I agree.

We are all One Giant Ant hill... If we don't help each other we will kill each other, and we are at another breaking point. It's so easy to know the entire world has enough value to feed and educate everyone of us..


In the long run you get more value out of keeping people healthy happy and smart and productive..
Pricing people OUT of work is a travesty.
Otherwise people have to die.
That's the choice.

a reply to: buster2010

www.cnbc.com...

This article provides a good summary and a link to the actual CBO tables in the first paragraph. The bottom 40% paid a NEGATIVE 9%. In other words, they get more back than they paid in taxes. Top 40% paid 106% so they actually paid all the taxes and then some to make up for the redistribution to the bottom half. The bottom line is that nearly half the filers don't pay squat.

As a high earner, I don't mind paying taxes. I really don't. However, what I do mind is being told I am not paying my fair share by people who don't pay jack. Second, I also have an issue with government constantly coming at me asking for more money while they won't take basic steps to cut waste and spending.

It is like when you have that trifling cousin that wants to ask you for money, but he some how last week had enough money to go out and buy a new car or some other frivolous item while you do without.

Uh you guys do realize they pay their taxes through their products... if you would like tp dp the same thing.. start a business and do the same thing.. were not talking about individuals federal taxes right.. bc theres a good amount of people not paying those

a reply to: Hefficide

Heff,

Sweat equity doesn't count unless some bank is indenturing the masses to more paper debt.

All we have is time to give in this reality, some people think their time, efforts, and abilities are worth more than others.

Interesting isn't it.

Can you imagine a world if everyone actually had confidence in themselves and didn't need to live vicariously through leaders?

We all know this is happening and yet we all stand by like good slaves

That's because we have better things to do like worship guns and whine about not being able to pollute or force people to pray in school.

originally posted by: schuyler
The whole idea, the whole concept of corporations paying taxes is bottom line completely absurd, and getting angry that some corporations manage to pay little or no taxes is even MORE absurd. What is heaven's name are you thinking? Do YOU (Yes, YOU, the ones complaining about this) ENJOY paying taxes?

Do you?

Because YOU are the one paying every cent, every nickel, every dime of taxes collected in the name of "corporate taxes." Your typical rhetoric of "corporations are greedy, blah, blah, blah, and it's UNFAIR that THEY skip out on taxes, blah, blah, blah COMPLETELY IGNORES the fact that it is YOU who pays them.

How do you think corporations account for taxes? They roll taxes into the prices of their items. And then you buy those items and a certain portion of the cost of those items accounts for corporate taxes. DUH!

Now, the plain truth is that every single employee of those corporations pays taxes on THEIR earnings, from the over-paid, greedy SOB who is the CEO down to the janitor. And every single shareholder who sells a share of said corporation pays FULL TAXES on any dividends received, so if the corporation pays their owners (their shareholders) a dividend, those recipients pay FULL TAXES on that money. And of they sell a share and manage to make some money off of it, they pay capital gains taxes on that money they have gained. But what of they sell at a loss? Does it work the other way around? Noooo! You can deduct $3000 a year, and carry it forward over the years until your loss is used up, but of it's a big loss, you'll never recoup the taxes paid on the money you used to make the investment on the first place. Never.

The fact is that every single dollar a company receives is taxed unless it is invested back into the company, which is a GOOD thing because it expands the company, expands jobs, and ultimately results in more people paying more taxes.

And, for the record, the United States has one of the HIGHEST corporate taxes in the world: 40%. (Global Average: 27%) Source

Now, just WHO pays no Federal taxes at all? About half the population. Here's a good article that is not from a conservative partisan group that waffles and whines and shows that things are complicated, oh, dear, but STILL admits about half pay no Federal taxes at all.

So about half of us pay no federal Taxes and have the gall to complain about corporations, who shouldn't be paying taxes at all and griping about the greed of the people who are actually paying their way,

and yours, too.

Sorry but this it what pisses people off.


If I dont pay my taxes income and corperate I get assets freezed and I spend time in prison.

These mega corps DONT

Its not a level playing feild as the law is not equally applied!

a reply to: Edumakated

It's not you personally that we're complaining about. At least not me. You're a top earner and pay heavy taxes which is great, thank you. You're not the problem. In fact you are making up for everyone else. In fact everyone who's middle class and up are like you. But when you get to Big Corporate Taxes they escape without paying or even get paid more as a result.

The simplest way to look at it as far as federal tax goes. The poor don't pay, because they don't have the money to pay anyway. Middle and up pay most. The super wealthy some pay some get around paying using loopholes and buying political favors. Small and medium and most big companies also pay. Multinationals and mega corporations, once again have their way of cheating the system.

Ok. So here is the breakdown. All the details you're all looking for, charts and all.

The Sorry State of Corporate Taxes

Here it is in .pdf format so you can take it home with you and read it before bedtime. *Warning may induce Nightmares*
Same as above but in pdf format

Read it and weep.

a reply to: mOjOm

Did Obama sell his stock in the high end companies?

No one had a problem back in 2009 with Obama holding stock. Let's see, Obama makes money from investing in companies, as long as those companies turn a profit.

This is from 2009, Obama's Stock Portfolio 2009

The vast majority of his mutual fund holdings are in the Vanguard FTSE Social Index fund (VFTSX), with a range of between $115,000 and $250,000. According to the Vanguard site, the fund consists of mostly U.S. large and mid-sized companies that meet certain social and environmental criteria. The index tracks the performance of the FTSE4Good US Select. The fund's Top 10 holdings, according to the Vanguard site are:

JP Morgan Chase (JPM, Fortune 500)
Apple (AAPL, Fortune 500)
Google (GOOG, Fortune 500)
Intel (INTC, Fortune 500)
Qualcomm (QCOM, Fortune 500)
McDonald's (MCD, Fortune 500)
Bank of America (BAC, Fortune 500)
Amgen (AMGN, Fortune 500)
CVS Caremark (CVS, Fortune 500)
Gilead (GILD, Fortune 500)

Your president is making money off you. And in Obama's Stock 2012

So much for Bush and Romney, Obama is playing the same game.