Did you forget the famous peanut farmer?

We're talking about net taxes. According to CBS News, there are at least 60 large corporations that paid no income tax on $79 billion in profits in 2018. Amazon and Netflix should have paid $16 billion alone, but instead got tax REBATES. The new law cut the statutory tax rate to 21 percent, while leaving intact most of the tax breaks and loopholes, which allowed profitable companies to zero out their income taxes.

Losses from prior years, tax incentives to invest in the future & employees.................all legit. Corporate Taxes are just a pass-thru.


I'm good with that.

Corporations don't pay taxes, their customers pay them. Taxes are a cost of business and they are passed on. Taxes are reduced by deductions for capital expenditures.... ie expansion!

So when I paid my city taxes which covered police, roads, snow removal, city employees, holiday decorations, local courts etc etc, were those services which only the citizens of the city utilized? Or should the corporations in that city also pay for police and all the other city services? Why should XYZ corp get the street plowed to their business if they pay no tax? Why should the police care if they are robbed if they pay no tax. Corporations use services just like people do. And corporations should pay. Why don't you argue they should get their water and electricity for free also, as they just pass on those costs in the cost for products?
The same principle applies to state and federal taxation. Corporations utilize all the same services as individuals.

Tax revenue
 

About 48 percent of federal revenue comes from individual income taxes, 9 percent from corporate income taxes, and another 35 percent from payroll taxes that fund social insurance programs. The rest comes from a mix of sources.

Where do you think those individuals get their income to pay income and payroll taxes? They get it from the profit made by corporations and other businesses. Or, if they are Government employees, they get their income from the Government who got it from corporations and other private businesses. I think that almost all wealth and income in the country comes from the profits made by private businesses.

What is a Corporation's - or anyone's - "fair share"?

2017 - but govt data is always slow to arrive!

Does the Average American Have a 401(k)? | The Motley Fool

"Data from the Census Bureau suggests that as little as 14% of all employers offer a 401(k), yet Census researchers recently estimated that 79% of Americans work for an employer that sponsors a 401(k)-style retirement plan. How is that possible? Large companies that employ high numbers of workers are the most likely to sponsor retirement plans.

All that said, not everyone who's offered an employer-sponsored plan actually takes advantage of it. Of those 79% of Americans who get the choice to fund a 401(k), only 41% opt to participate. As such, just 32% of the total workforce is saving in a 401(k)."

There is another question needing to be addressed.

Why has it been this way ....forever....regardless what political power is in charge in Washington??????

Why do US Corporations hold billions of profits in over seas locations/institutions instead of repatriating the profits back to the USA? The tax structure....this has always been the case regardless what political power is in charge in Washington.

There are some things that are/have been bi-partisan......that goes without discussion.....hint: has nothing to do with representing the benefit of the voters!!!

Absolutely correct !

More jobs, good economy, deploying troops? Seems like better to me.

I could use a free cell phone.

They didn't all lose. One of them won.

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Let me preface this by saying that I did not read every post here. I do, however, have a comment of my own. The debate about the deficit/debt is interesting and there are some valid points. That being said, I also have a question:

If everyone (everyone being a general term and not precise) is so concerned that the taxes are not sufficient, then why all the outcry when taxes are raised? I'm not talking about business taxes, but individual taxes. Brings to mind the old adage of, "Let George do it; just leave me alone."

Personally, I have enjoyed the tax cuts and the rise in my retirement funds. And, yes to the poster who pointed out that we, as retirees or participants in 401k's or mutual funds or whatever, ARE indeed those "greedy shareholders".

And the deficit has increased!

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I don't get your point.

US Debt by President: By Dollar and Percentage

Steve

There few types of government employees GS and WG are majority. WG does all the manual work and GS employees do all the paperwork, figureheads, and bean counters. WG employees do have to show up to work on time, and actually have or accomplish something, and leave at end of shift down to minute.

WG employees don’t Have the option of flex time. Which means you can come to work when you feel like it, take long lunch, and go home early, cause GS employees account for their own time keeping. where WG employees are controlled by WS or GS employees that are time keeper DONE to MINUTE. So please don say ALL government employees don’t earn their wage cause some do.

And their employees

Don’t forget about capital gains tax, inheritance tax, 401K, tax. Lottery winner tax. Basically if you made dime feds want their 4 cents, unless you have army of lawyers to get out of paying.

Interesting, you link is very very much out of context and totally ignores the last 3 years as if it did not happen.

Does no one understand how rare, and scary it is to have such deficit increases with a "strong" economy ?

Deficits are usually going down in such an economy, and up as they did in the 2008 recession.

But hey...

I agree that some Government employees earn their wage. But, I am very familiar with WG Federal employees. Most of the ones I worked with were overpaid and underworked. They made way more money and had way more benefits than comparable workers in the private sector. As an Inspector General, I remember conducting a focus discussion with a group of WG employees in West Virginia, where the WG employees made more than twice the income of the local blue collar workers. They spent over an hour telling me about all the problems they had with their jobs. After that, I asked them, if the job is so bad, why don't you just quit and get another job. I will never forget the one worker who stood up and said to me, "this is the best paying lousy job that I have ever had". There was no chance they were going to leave their Government jobs to work for a contractor in West Virginia for half the pay and no benefits.

George Washington Carver?

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That link is well within context considering the posts quoted.
Steve

"The U.S. budget deficit by year is how much more the federal government spends than it receives in revenue annually. The Fiscal Year 2020 U.S. budget deficit is expected to be $1.1 trillion. That's the largest deficit since 2012.

Spending was high in 2012 to combat the 2008 financial crisis. Tax receipts dropped due to the recession at the same time. Revenues are expected to be the highest in U.S. history in FY 2020"

US Deficit by Year Compared to GDP, Debt, and Events

Nothing political her, just economics. The previous link simply ignored the 2008 depression.

In 2019 and 2020, the biggest item is military spending, not what one refer to as "freebies".

"Social Security and Medicare are mandatory programs that are also expensive, but payroll tax revenues cover most of their expenses."