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Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.
This article is a poster child for deceptive journalism. The title is designed to create the association that google only pays a 2.4% tax rate and that it dodged 60 billion in tax revenues. In reality, googled avoided 3.1 billion; the 60 billion comes from everyone in the world combined, and the 2.4% tax rate is only on their foreign holdings. That said, gioogle actions are pathetic. Regardless of one feels about the level of taxation, that doesn't excuse weaseling out of them with absurd loopholes.
Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes - Bloomberg
This is why I have a very hard time taking cries that corporations are over-taxed very seriously.
I have a coporation. I can't take advantage of these tax loopholes, yet--in your opinion--my taxes need to be raised, so as to punish the corporations that can?
The end result will accomplish only one thing: it will only help the large, multi-national corporations. The little guys will get hurt, because they won't be able to handle the higher taxes + overhead.
But, hey. Rock on!
That's how politicians work, once they've been in office for a while: Complain about the "big corporations" (who are providing campaign contributions) and use the complaints as an excuse to institute policies that cripple the competition. Then the "big corporation" gets "too big to fail" and gets access to bailout money. Obama just happens to be the worst offender we've ever had in this regard.The end result will accomplish only one thing: it will only help the large, multi-national corporations. The little guys will get hurt, because they won't be able to handle the higher taxes + overhead.
I have a coporation. I can't take advantage of these tax loopholes, yet--in your opinion--my taxes need to be raised, so as to punish the corporations that can?
The end result will accomplish only one thing: it will only help the large, multi-national corporations. The little guys will get hurt, because they won't be able to handle the higher taxes + overhead.
But, hey. Rock on!
I have a coporation. I can't take advantage of these tax loopholes, yet--in your opinion--my taxes need to be raised, so as to punish the corporations that can?
The end result will accomplish only one thing: it will only help the large, multi-national corporations. The little guys will get hurt, because they won't be able to handle the higher taxes + overhead.
But, hey. Rock on!
Then what in the HELL is this?This isn't even that bad of a case, either. A year or two ago there was a company that had billions in profits yet paid $0 in income taxes in the US. I think it was like GE or something!
edit: nope, ExxonMobil. $45 billion in profit, $0 in income taxes. Because their "headquarters" is a PO box on some island somewhere, basically.
ThinkProgress » ExxonMobil paid no federal income tax in 2009. (Updated)
Then what in the HELL is this?
Yea, I wouldn't be using thinkprogress, who's sources they cite are the Huffpo.
edit2: GE was also on that list, actually.
I can't read any of that text.
>left click
>>view image
>>>right click when you see the cursor turn into a magnifying glass.
But if that's too much, it says(in millions USD):
Income Before Tax 12,706.00 12,068.00 10,206.00 9,204.00 7,517.00
Income After Tax 7,746.00 6,575.00 6,139.00 4,871.00 3,946.00
Basically, according to financial statements, they paid about 40% in taxes, each quarter.
hehe, he hasn't even replied to my post, proving exxon paid their taxes, in direct conflict to hisAww, stop, Duece! You're one of the ones that complains the loudest about the, "evil corporations".
Not to mention, you don't even comprehend what I'm saying
???? uhh. no...cold hard facts.A figment of your imagination?
>left click
>>view image
>>>right click when you see the cursor turn into a magnifying glass.
But if that's too much, it says(in millions USD):
Income Before Tax 12,706.00 12,068.00 10,206.00 9,204.00 7,517.00
Income After Tax 7,746.00 6,575.00 6,139.00 4,871.00 3,946.00
Basically, according to financial statements, they paid about 40% in taxes, each quarter.
I have a coporation. I can't take advantage of these tax loopholes, yet--in your opinion--my taxes need to be raised, so as to punish the corporations that can?
The end result will accomplish only one thing: it will only help the large, multi-national corporations. The little guys will get hurt, because they won't be able to handle the higher taxes + overhead.
But, hey. Rock on!
I think that the intent would be to close some of the loopholes that those multi-national corporations use for tax avoidance, not to just raise corporate taxes in general.
Unfortunately, the SCOTUS has made it possible for those tax-avoiding companies to spend unlimited amounts of money buying elections so that they can keep these loopholes open -- and create more if they can.
Clements said that "we have the best government money can buy" so this is nothing new. If it isn't the corporations and unions and other groups, its the robber barons (aka, Wall Street). Just get use to the fact that our representative democracy doesn't really represent the voters.
Regardless of one feels about the level of taxation, that doesn't excuse weaseling out of them with absurd loopholes.
In a perfect world, that would be all fine and dandy, but the U.S. tax code consists of 44,000 pages. One has to wonder what unintended conciquences would come along with closing this loophole.
In a perfect world, that would be all fine and dandy, but the U.S. tax code consists of 44,000 pages. One has to wonder what unintended conciquences would come along with closing this loophole.
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