[B767drvr]

Originally Posted by Papa Cuma

Corporate Citizenship: Sustainability, simplified.

Socialist gobbley-gook!

[graciegirl]

Originally Posted by B767drvr

Socialist gobbley-gook!

I think you are probably right

AND.....

I do know from years of reading this forum that Indy Dealmaker is a reasonable and informed person who is unafraid to tell his real name. I expect to hear intelligent and valid information when his name shows on this Forum and on the online news as well.

[kevmo]

Layering regulations on top of a complex tax code loaded with exemptions and loopholes is a serious concern. Although Corporate tax rates top out at 40%, the average tax paid by Corporations is 12.6% and 1 in 4 pay no taxes. Tax revenue from Corporations today is around 10% of the total, where 50 years ago it accounted for 33% of the total. It is a similar story on the personal side where a recent Presidential candidate paid 13% taxes on $24M income, although the top rate is 39%.
What is needed is a simplified tax code without loopholes and with lower tax rates. If only we had politicians who wanted to fix America's woes and not just focus on getting re-elected.

[CFrance]

Originally Posted by kevmo

Layering regulations on top of a complex tax code loaded with exemptions and loopholes is a serious concern. Although Corporate tax rates top out at 40%, the average tax paid by Corporations is 12.6% and 1 in 4 pay no taxes. Tax revenue from Corporations today is around 10% of the total, where 50 years ago it accounted for 33% of the total. It is a similar story on the personal side where a recent Presidential candidate paid 13% taxes on $24M income, although the top rate is 39%.
What is needed is a simplified tax code without loopholes and with lower tax rates. If only we had politicians who wanted to fix America's woes and not just focus on getting re-elected.

Setting aside the political comment(s), which I wish people would stop inserting in snotty "hit-and-run" fashion, this is a very interesting conversation. I am not against big corporations at all, but do believe they need some level of regulation. I know very little about the taxes they pay.

kevmo, can you provide proof of your information, a link or something? Or can someone else provide proof that the opposite is true?

[Villagesperson]

Originally Posted by kevmo

Layering regulations on top of a complex tax code loaded with exemptions and loopholes is a serious concern. Although Corporate tax rates top out at 40%, the average tax paid by Corporations is 12.6% and 1 in 4 pay no taxes. Tax revenue from Corporations today is around 10% of the total, where 50 years ago it accounted for 33% of the total. It is a similar story on the personal side where a recent Presidential candidate paid 13% taxes on $24M income, although the top rate is 39%.
What is needed is a simplified tax code without loopholes and with lower tax rates. If only we had politicians who wanted to fix America's woes and not just focus on getting re-elected.

Amen. This requires an entire comprehensive tax overhaul, and not a simple fix for current problem.

But guess what we will get....a temporary fix.

[Chi-Town]

Originally Posted by CFrance

Setting aside the political comment(s), which I wish people would stop inserting in snotty "hit-and-run" fashion, this is a very interesting conversation. I am not against big corporations at all, but do believe they need some level of regulation. I know very little about the taxes they pay.

kevmo, can you provide proof of your information, a link or something? Or can someone else provide proof that the opposite is true?

CFrance, here is a link that references the 12.6% rate:

http://money.cnn.com/2013/07/01/news...rate-tax-rate/

[CFrance]

Originally Posted by Chi-Town

CFrance, here is a link that references the 12.6% rate:

GAO: U.S. corporations pay average effective tax rate of 12.6% - Jul. 1, 2013

Thanks, Chi-Town. My gut feeling was that this was the case.

[LndLocked]

Originally Posted by Indydealmaker

A Corporate Citizen is an urban myth. Citizens manage corporations. Citizens are shareholders of corporations. Citizens are employed by corporations. Corporations are not living, breathing beings. If you have a problem with a corporation, you really have the problem with the humans involved.

according to the SCOTUS in Citizens United ... they are.

[DaleMN]

Originally Posted by B767drvr

Socialist gobbley-gook!

Proud to be a socialist.

[cattywampus]

Originally Posted by Chi-Town

CFrance, here is a link that references the 12.6% rate:

GAO: U.S. corporations pay average effective tax rate of 12.6% - Jul. 1, 2013

In my humble opinion, the AVERAGE rate is meaningless.

The only thing that matters is the corporate tax rate of those C Corps
who pay US Corporate rates which substantially exceed the rates available elsewhere.

In my sisters' family there are 5 kids
her kids have an AVERAGE income of over $500,000.00.

BUT only one makes over $ 500,000.00

.. 1,850,000.00 Business Owner
... 280,000.00 Real Estate Sales
... 255,000.00 Petroleum Engineer
.... 85,000.00 Car Salesman
... 140,000.00 Geologist

[graciegirl]

Originally Posted by Papa Cuma

I spent 19 years at IBM. I know how corporations work. I also know that corporations need to be regulated for the benefit of our communities. Unchecked, a corporation will extract as much work from an employee as it can and pay that individual as little as it can get away with. It will poison our groundwater and waterways, filthy up the air we breathe and give nothing back to the communities other than those that live on the hills. I know intimately about such corporations and how they would function if left to there own devices.

Then, is it better for a corporation to extract as little work from an employee as it can, and pay that individual a lot? Usually that makes a corporation not survive.

Many of us(my husband) have worked for corporations for many, many, years because of the benefits and pension plans and steady work...as they say in OHIO. BIG Business is not an enemy. It is the backbone of our economy. Of course there should be regulations but not in such a way to discourage big corporations from coming to an area or staying in this country.. I just heard on the news last night that the state was granting several million dollars worth of help to an airplane manufacturing company that had the potential to bring 600 jobs. I say GOOD. Keeps folks off the dole.

[TexaninVA]

Originally Posted by chachacha

i agree, gracie! seems those making the regulations do not understand simple economics.

I agree as well ... the simple solution is to lower tax rates, attract more companies and enjoy more growth ... which produces higher tax revenues over time with a lower rate.

Collectivist politicians however find it easier to demagogue the issue. The phrase "economic patriotism" is a good example.

[TexaninVA]

Originally Posted by Papa Cuma

I spent 19 years at IBM. I know how corporations work. I also know that corporations need to be regulated for the benefit of our communities. Unchecked, a corporation will extract as much work from an employee as it can and pay that individual as little as it can get away with. It will poison our groundwater and waterways, filthy up the air we breathe and give nothing back to the communities other than those that live on the hills. I know intimately about such corporations and how they would function if left to there own devices.

I've worked for corporations too ... no one is saying they are Boy Scouts but they are efficient. I also don't think IBM is the evil caricature you seem to paint. You may want to chill a bit or share some specifics about your days at IBM to back up the evil doings intimations.

Also I would note, it’s not just corporations … if people writ large were left unchecked it would not be pretty. That’s why we have laws

[Chi-Town]

Originally Posted by cattywampus

In my humble opinion, the AVERAGE rate is meaningless.

The only thing that matters is the corporate tax rate of those C Corps
who pay US Corporate rates which substantially exceed the rates available elsewhere.

In my sisters' family there are 5 kids
her kids have an AVERAGE income of over $500,000.00.

BUT only one makes over $ 500,000.00

.. 1,850,000.00 Business Owner
... 280,000.00 Real Estate Sales
... 255,000.00 Petroleum Engineer
.... 85,000.00 Car Salesman
... 140,000.00 Geologist

What gives the Government Accountability Office's study meaning is that unprofitable corporations were excluded. Anyhow, glad to see your sister's kids are doing so well. We need more of them to keep our SS checks coming.[emoji6]

[blueash]

A former treasury secretary has suggested lowering the corporate tax rate to zero. ZERO. The gist of his argument is that as the corporate profit is just a conglomeration of the profit of its shareholders that instead we simply allow that profit to flow to the shareholders and tax it at that time. And that those profits be taxed as income. I used to be a partner in an LLC. It made money but its taxes were zero. The money it made came to me as regular income. If all corporations operated this way then there would be no tax inversions and we would get rid or reduce the government discount on capital gains. If Burger King wants to have its headquarters in Canada, no difference to an American shareholder. Now this also has the benefit of encouraging better care for the corporate employees as shareholders do not derive as great a benefit from taking all the profits themselves and there is no reason to hold cash offshore in a tax avoidance strategy. Keep in mind that every dollar saved by BK is going to have to be made up by people and small businesses that can't benefit from this tax scheme.

"The best way to insure that it's shareholders and owners who actually pay the corporate income tax is to make it a tax on capital gains enjoyed by shareholders and owners rather than a tax on corporate income"