You paid taxes. These corporations didn't.

At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the new tax law went into effect.

YOU PAID TAXES. THESE CORPORATIONS DIDN’T.

A listing can be found in the article of the Companies referenced.

This is corporate socialism. The whole of society working to benefit corporations and capital.

The Moline, Illinois-based Deere, which was started in 1837 by blacksmith John Deere, who made farming plows, reported earning $2.15 billion in U.S. income before taxes. It owed no U.S. taxes in 2018 and reported that it was owed $268 million from the government, ... The company reported global profits of $2.37 billion.

Asked about the rebate, Brian Moens, one longtime Deere employee, was contemplative. “Everyone should pay their fair share whether it is an individual or a corporation,” he said. “If just the small individuals are paying it without large corporations doing their part, I don’t see that being fair.”

It is not only unfair it is unsustainable.

I'd love to know just how much of this WINDFALL is leaving the country and residing in tax haven countries. It's not creating the promised GOOD jobs in this country.

Let's make the US great again and reset the tax system to what is was during the 1940s, 1950s, and 1960s.

Studies show that many corporations rarely paid the 35 percent rate under the old tax code.

Over the years, companies found many ways to cut their tax bills, from sheltering foreign earnings in low-tax countries and banking credits for money spent on research and development to deducting the expense of stock options for executives.

Gardner said the new tax law has left most of the old tax breaks intact while cutting the rate by almost half, resulting in a “continued decline in our already low corporate revenues.” Revenues from the corporate tax fell by 31 percent in 2018 to $204 billion from $297 billion. “This was a more precipitous decline than in any year of normal economic growth in U.S. history,” he wrote.

Mod Note: All Caps – Please Review This Link.

originally posted by: FyreByrd

At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the new tax law went into effect.

YOU PAID TAXES. THESE CORPORATIONS DIDN’T.

A listing can be found in the article of the Companies referenced.

This is corporate socialism. The whole of society working to benefit corporations and capital.

The Moline, Illinois-based Deere, which was started in 1837 by blacksmith John Deere, who made farming plows, reported earning $2.15 billion in U.S. income before taxes. It owed no U.S. taxes in 2018 and reported that it was owed $268 million from the government, ... The company reported global profits of $2.37 billion.

Asked about the rebate, Brian Moens, one longtime Deere employee, was contemplative. “Everyone should pay their fair share whether it is an individual or a corporation,” he said. “If just the small individuals are paying it without large corporations doing their part, I don’t see that being fair.”

It is not only unfair it is unsustainable.

I'd love to know just how much of this WINDFALL is leaving the country and residing in tax haven countries. It's not creating the promised GOOD jobs in this country.

Let's make the US great again and reset the tax system to what is was during the 1940s, 1950s, and 1960s.

Well congratulations are in order, all the money they paid to hire their tax attorneys paid off and they were able to minimize their taxes and benefit all their shareholders. In addition, just think about the thousands of people who will still have a job as their companies are thriving. Congrats!!! I also bet that they reinvested huge amounts of money back into their companies and thus in the US economy!!!

a reply to: FyreByrd

A link to the actual report.

itep.org...

a reply to: FyreByrd

Meanwhile, during the Obama years, I owed extra taxes every year because I couldn't afford mandatory healthcare but was just barely above the poverty line. Just enough to not get benefits because I was doing my best to support myself. The whole system is disgusting.

originally posted by: panoz77


Well congratulations are in order, all the money they paid to hire their tax attorneys paid off and they were able to minimize their taxes and benefit all their shareholders. In addition, just think about the thousands of people who will still have a job as their companies are thriving. Congrats!!! I also bet that they reinvested huge amounts of money back into their companies and thus in the US economy!!!

You would lose that bet very easily. That money will not be reinvested. But will more than likely be funneled into executive bonuses. Since they saved the company money they get a bonus.

This is Corporate Socialism at it's finest.

originally posted by: FyreByrd

At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the new tax law went into effect.

YOU PAID TAXES. THESE CORPORATIONS DIDN’T.

A listing can be found in the article of the Companies referenced.

This is corporate socialism. The whole of society working to benefit corporations and capital.

The Moline, Illinois-based Deere, which was started in 1837 by blacksmith John Deere, who made farming plows, reported earning $2.15 billion in U.S. income before taxes. It owed no U.S. taxes in 2018 and reported that it was owed $268 million from the government, ... The company reported global profits of $2.37 billion.

Asked about the rebate, Brian Moens, one longtime Deere employee, was contemplative. “Everyone should pay their fair share whether it is an individual or a corporation,” he said. “If just the small individuals are paying it without large corporations doing their part, I don’t see that being fair.”

It is not only unfair it is unsustainable.

I'd love to know just how much of this WINDFALL is leaving the country and residing in tax haven countries. It's not creating the promised GOOD jobs in this country.

Let's make the US great again and reset the tax system to what is was during the 1940s, 1950s, and 1960s.

Studies show that many corporations rarely paid the 35 percent rate under the old tax code.

Over the years, companies found many ways to cut their tax bills, from sheltering foreign earnings in low-tax countries and banking credits for money spent on research and development to deducting the expense of stock options for executives.

Gardner said the new tax law has left most of the old tax breaks intact while cutting the rate by almost half, resulting in a “continued decline in our already low corporate revenues.” Revenues from the corporate tax fell by 31 percent in 2018 to $204 billion from $297 billion. “This was a more precipitous decline than in any year of normal economic growth in U.S. history,” he wrote.

If they are using legal deductions, etc what is the problem? If they did something wrong, then the IRS will audit them...

The problem is politicians and government have made the tax code so complex and full of carve outs and loop holes, companies need an army of Big 4 accountants and corporate lawyers.

Simplifying the tax code is the solution.

Almost 50% of the populace pays no income tax...

That means 440 fortune 500 companies did pay income tax.

originally posted by: grey580

originally posted by: panoz77


Well congratulations are in order, all the money they paid to hire their tax attorneys paid off and they were able to minimize their taxes and benefit all their shareholders. In addition, just think about the thousands of people who will still have a job as their companies are thriving. Congrats!!! I also bet that they reinvested huge amounts of money back into their companies and thus in the US economy!!!

You would lose that bet very easily. That money will not be reinvested. But will more than likely be funneled into executive bonuses. Since they saved the company money they get a bonus.

This is Corporate Socialism at it's finest.

It goes to the shareholders... you severely over estimate how much executives actually make.

originally posted by: grey580

originally posted by: panoz77


Well congratulations are in order, all the money they paid to hire their tax attorneys paid off and they were able to minimize their taxes and benefit all their shareholders. In addition, just think about the thousands of people who will still have a job as their companies are thriving. Congrats!!! I also bet that they reinvested huge amounts of money back into their companies and thus in the US economy!!!

You would lose that bet very easily. That money will not be reinvested. But will more than likely be funneled into executive bonuses. Since they saved the company money they get a bonus.

This is Corporate Socialism at it's finest.

Companies cannot offset profits by paying bonuses to executives, they can however do it by re-investing.

a reply to: FyreByrd
What is wrong with using all legal measures available to them to minimize tax?

Corporations don't pay taxes. People pay taxes. Taxes to corporations are a business expense that adds to the cost of the product or service, which YOU pay. When you moan about corporations not paying taxes, what you are really saying is, "Please tax me more!" The government is delighted that you can't seem to understand that.

a reply to: FyreByrd

You do know that we get dividends and stock price increases from these companies as investors, right? I am not saying they shouldn't pay taxes, but if we don't make them why would they? I only pay what I am forced to pay. It's common sense.

What's a bit funny is many of those companies, and I'll bet the majority of those companies are strong supporters of the left's ideology and most likely contribute many dollars to Democrat's campaigns yet it's the Dem's who are screaming the loudest about them not paying their fair share.

I.E. Amazon, United States Steel - a heavily unionized company and a majority of them, in fact about 98% are energy type companies - utility companies, oil gas and pipeline companies and transportation companies.

originally posted by: sine.nomine
a reply to: FyreByrd

Meanwhile, during the Obama years, I owed extra taxes every year because I couldn't afford mandatory healthcare but was just barely above the poverty line. Just enough to not get benefits because I was doing my best to support myself. The whole system is disgusting.

And just what was that 'mandate' - socialized corporate welfare.

It isn't, truly, about what YOU PAY, the thread is about who DOESN"T pay their SHARE.

a reply to: Edumakated

Never said it was illegal, clearly is isn't.

Is it JUST, FAIR or MORAL?

originally posted by: panoz77

originally posted by: grey580

originally posted by: panoz77


Well congratulations are in order, all the money they paid to hire their tax attorneys paid off and they were able to minimize their taxes and benefit all their shareholders. In addition, just think about the thousands of people who will still have a job as their companies are thriving. Congrats!!! I also bet that they reinvested huge amounts of money back into their companies and thus in the US economy!!!

You would lose that bet very easily. That money will not be reinvested. But will more than likely be funneled into executive bonuses. Since they saved the company money they get a bonus.

This is Corporate Socialism at it's finest.

Companies cannot offset profits by paying bonuses to executives, they can however do it by re-investing.

You might want to review - from the Stanford Law Review:

The sweeping tax reform enacted in December 2017 will significantly increase the tax cost of executive compensation in publicly held corporations where the compensation for each of the top five executives exceeds $1 million.

Nonetheless, it is unlikely that these corporations will reduce the executive compensation to offset the increased tax cost, which will likely be shifted to public shareholders.

www.stanfordlawreview.org...

originally posted by: FyreByrd
a reply to: Edumakated

Never said it was illegal, clearly is isn't.

Is it JUST, FAIR or MORAL?

You wrote the article in a tone to insinuate that the companies were doing something nefarious. They are following the tax laws as written. If you are unhappy with the tax laws, then lobby your congressman to change them.

It has nothing to do with being just, fair, or morality. The company and individuals follow the laws as written.

originally posted by: FyreByrd

originally posted by: sine.nomine
a reply to: FyreByrd

Meanwhile, during the Obama years, I owed extra taxes every year because I couldn't afford mandatory healthcare but was just barely above the poverty line. Just enough to not get benefits because I was doing my best to support myself. The whole system is disgusting.

And just what was that 'mandate' - socialized corporate welfare.

It isn't, truly, about what YOU PAY, the thread is about who DOESN"T pay their SHARE.

So I guess your next thread is going to be about the 50% of Americans who either pay nothing, or make money off of Federal taxes because of their income level?

And WHAT, pray tell, is the companies "share"?

Do you mean their "fair" share?

Because then we can go right back to the Americans I am subsidizing to play COD all day.

Thread title should have been "I Am Envious So Will Virtue Signal About It."

originally posted by: Edumakated

originally posted by: FyreByrd
a reply to: Edumakated

Never said it was illegal, clearly is isn't.

Is it JUST, FAIR or MORAL?

You wrote the article in a tone to insinuate that the companies were doing something nefarious. They are following the tax laws as written. If you are unhappy with the tax laws, then lobby your congressman to change them.

It has nothing to do with being just, fair, or morality. The company and individuals follow the laws as written.

Really - that's weak. It has everything to do with Just, Fair and Moral. And my implication, for the little I wrote, was just that.

originally posted by: Lumenari

originally posted by: FyreByrd

originally posted by: sine.nomine
a reply to: FyreByrd

Meanwhile, during the Obama years, I owed extra taxes every year because I couldn't afford mandatory healthcare but was just barely above the poverty line. Just enough to not get benefits because I was doing my best to support myself. The whole system is disgusting.

And just what was that 'mandate' - socialized corporate welfare.

It isn't, truly, about what YOU PAY, the thread is about who DOESN"T pay their SHARE.

So I guess your next thread is going to be about the 50% of Americans who either pay nothing, or make money off of Federal taxes because of their income level?

And WHAT, pray tell, is the companies "share"?

Do you mean their "fair" share?

Because then we can go right back to the Americans I am subsidizing to play COD all day.

Thread title should have been "I Am Envious So Will Virtue Signal About It."

Perhaps so.

Tell me, what is so 'evil' about promoting a Just, Fair and Moral Society?

Please show me data on the 50% of US Citizens (and residents) that pay no taxes? Do they pay SS and Medicare taxes? Do they pay sales taxes? What about all the hidden taxes that are not so easy to pinpoint? Data please.

What are the rules different for Corporations (including wealthy individuals) than for working people?

Is it fair that a C Corp, making 78 million is paying an effective rate of -7% taxes on that income. (Avis - for a household name.)

If you, as an individual - you would pay much more - probably not because you would 'stash' your income in a corporate entity.