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Flash: What corporations do or do not pay in taxes

Posted: Jan 10, 2016

Bernie Sanders is like a magician..."Watch this", while he palms the coin. Now, just try this statement on for size:

"XYZ Oil Corporation paid no taxes last year. That's the reason I'm broke, working in a dead-end job, driving a junker, saddled with debt and hoping to hit the lottery."

Bernie Sanders hopes you buy into that nonsense - and some will, because of course everything is the fault of someone else, but millions won't buy it, and that's why Sanders will NEVER be President of the United States.

;

True. Whatever corporations are paying, almost 50% of - Americans pay little or no taxes.

[ In Reply To ..]
People would be a lot better off if they worried less about what other entities (the rich, the corporations, whatever) are or are not paying in taxes and corrected their own mistakes, failures and (frankly) sheer laziness.

All those wasted hours in front of the television (or even on this forum) have a lot more to do with your pitiful economic state than what corporations might or might not be paying in taxes (and they all pay plenty, by the way, even if it's only in payroll taxes and the myriad fees that they have to pay).

So, the poor pay no taxes, the rich find anyway to... - VTMT

[ In Reply To ..]
avoid paying taxes that they can, and the middle class never get any relief? Bernie Sanders will be good for small businesses. That is one of the reasons I support him.

Sanders will be "good for small business" how? - And please be specific.

[ In Reply To ..]
No palming the coin, please! Exactly - how?

Not the OP; but, for one thing, with single payer healthcare...sm - sm

[ In Reply To ..]
Individuals who want to start their own small business will no longer have to compete with large corporations that offer health insurance as everyone will be covered as a right. Single payer will free up a lot of people who are entrepreneurs and didn't expand their horizons because of healthcare coverage and family commitments. Just one example.

Flash! I am not broke. Why is it that whenever someone... - sm

[ In Reply To ..]
stands up for social justice the right thinks they are poor and on welfare and food stamps? I hate the mindset of "I've got mine"..."There must be something wrong with you if you don't have yours". No one should have to live in abject poverty if they work 40 hours a week.

Have you thought for one minute about your - position...or your definitions?

[ In Reply To ..]
Let's play in your imaginary world. Give everyone a minimum of, say, $20 an hour and take it from there - assuming you have the slightest knowledge of economics.

I'll be standing at the end of the path with bandages to patch up your boo-boos and a ride home.

Sorry, it is you that has no knowledge of economics. - nm

[ In Reply To ..]
.

Yeah, I only minored in finance and economics - Let's see...

[ In Reply To ..]
Intro to Econ...
Macroecon...
Microecon...
Money and Banking...
Investment Analysis...
Portfolio Management...
Social Economics.

You're right. I've got no clue.

And you work in a piddly MT job? WHY? - Makes no sense.

[ In Reply To ..]
at all

Even Obama has recommended reducing the corp tax rate - from 35 to 28%.

[ In Reply To ..]
The US has the highest corporate tax rate of any developed nation. This quite predictably leads to two perfectly legitimate responses by corporations: (1) Just like individuals in every income bracket do, corporations utilize any and every means available in the tax code to reduce their tax liability, and (2) corporations leave the United States.

So, here we have Sanders in his diametrically opposed alternate universe. He bemoans the loss of jobs while he declares that he's going to put the Big Squeeze on the corporations that create those jobs.

This isn't in any way astonishing, because politicians of every stripe have shown themselves to be perfectly capable of touting logically opposing positions. What's astonishing is that anyone with even a modicum of common sense buys into their nonsense, but they do.

I couldn't be a politician because I just don't have the hudzpah. If I espoused positions like these, I'd expect the crowd to rush the podium with flaming torches. It's the same reason I'm not rich - I have never appreciated the propensity of the common man to be conned out of his money.

Maybe so, but he also wants to eliminate... - sm

[ In Reply To ..]
the loopholes that enable corporations to hide their profits overseas and pay an actual rate of much lower if not zero.

Republicans have favored repatriation of corporate profits - also. Your point?

[ In Reply To ..]
The two things actually have nothing to do with one another, just like lowering the personal tax rate has nothing to do with eliminating the home mortgage deduction.

We have to be careful that just because politicians are fond of mentioning things together doesn't necessarily mean they're actually related.

Her point is that after all the loopholes and - small-print exceptions, they pay anywhere -msg

[ In Reply To ..]
from too little, to zero taxes. Some, such as the bloated banks, get financial perks and bailouts.

If everyone's tax rate were lowered, even the corporate tax rates, and all were REQUIRED to pay them (no loopholes or hedging of funds), it would not only be far more fair, but America would have more money than it knows what to do with.

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