- Apr 13, 2011
- Reaction score
- Political Leaning
[h=1]A judicious writer avoids adjectives like “mindblowing,” especially when covering political or economic issues. But no other word seems to describe the stunning reality of corporate taxation in modern America, which cries out for the italics-heavy, exclamation-point-driven format made famous byRipley’s Believe It or Not.
Stylistic overkill? Read these thirteen facts and you may change your mind.
1. We’re told we can’t “afford” full Social Security benefits, even though closing corporate tax-haven loopholes would pay for Obama’s “chained CPI” benefit cut more than ten times over!
2. Corporate tax rates are near their 60-year low, even though profits are at a 60-year high!
3. Wells Fargo got $8 billion in tax breaks, even as executives at its subsidiary Wachovia avoided indictment for laundering money for the Mexican drug cartels!
4. Some other huge corporations paid less than nothing, too.
5. The amount of money US corporations are holding offshore is an estimated one trillion dollars!
6. One building in the Cayman Islands is the official location of 18,857 corporations!
7. Conservatives complain about the “official” corporate tax rate in this country, but corporations actually pay roughly one-third of the official rate in actual taxes.
8. Corporations used to pay 30 percent of Federal taxes, and now they pay less than 7 percent!
9. Big corporations paid $216 million to Congress and got $223 billion in tax breaks!
10. We don’t even know who owns some corporations, even though that makes it easier to evade taxes, dodge creditors, avoid paying alimony or child support, and even fund terrorism!
11. Bank of America committed foreclosure fraud, was bailed out by the government, and then paid no taxes on $4.4 billion in profit!
12. What they call “tax reform” would actually prevent our elected representatives from giving businesses financial incentives to improve our lives!
13. Despite their greed, mismanagement, and freeloading, tax-dodging corporations are using shell organizations like “Fix the Debt” and “the Committee for a Responsible Federal Budget” to tell ordinary Americans they have to sacrifice even more to preserve corporate wealth!
Read more @: 13 Mindblowing Facts About America
Man our tax system is so messed up. :doh