No Tax Dollars for Deadbeats

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    Apr 18, 2012 9:29 PM GMT
    But who are the real drags on society?

    by Doug Pibel

    "When I file my tax return and look at the amount of income tax I pay, I can’t help but think of those who don’t pay any taxes at all. Some of them—even though they make money during the year—not only pay nothing but actually get money back. According to one estimate, they cost every single taxpayer $481 a year. And I, for one, am tired of carrying them.

    If you agree, I’d like you to join me in working to get these deadbeats to pony up their fair share. I refer, of course, to General Electric, Boeing, Wells Fargo, and a whole list of other major corporations.

    That’s right: According to a recent study by Citizens for Tax Justice (CTJ), in the 3-year period from 2008 through 2010, 30 Fortune 500 companies made a profit each year and yet paid zero or less in taxes. Their average tax rate was negative 6.7 percent. They made billions and then, when tax time rolled around, U.S. taxpayers gave them billions more.

    We gave the most money to GE. In the three years studied, GE showed a profit just shy of $10.5 billion. Its tax bill…well, you can’t really call it a bill…was negative $4.7 billion. That’s 4.7 billion of the dollars we paid in taxes going into the pockets of GE. The corporation’s tax rate was negative 45.3 percent.

    There’s been a lot of talk in the presidential primaries about cutting the supposedly crippling 35 percent corporate tax rate. President Barack Obama wants to take it down to 28 percent. Mitt Romney aims for 25. Rick Santorum thinks 17.5 percent is the right number. They’ll pay for this tax cut, they say, by closing loopholes.

    But since companies routinely pay so much less than the official rate, only Santorum’s proposal would actually represent a tax cut, on average, for the 280 companies Citizens for Tax Justice looked at. True, they found 71 companies that paid more than 30 percent per year. But the average for all 280 was 18.5 percent.

    But who are the real drags on society? People who don’t pay income tax because they’re barely scratching out a living? Or corporations that make billions in profits and then come to us with their hands out?

    If you think that corporations are going to stand by quietly as their taxes are raised, you haven’t heard about Super PACs and lobbying. “Representation Without Taxation,” a report from U.S. PIRG and CTJ, lays out the facts about corporate spending to influence tax policy. The 30 companies that paid no taxes 2008 to 2010 spent half a billion dollars in the same period on lobbying. Of course, they lobby on any number of issues. But even if every penny of that half billion went for tax lobbying, they saw a return of 21 to 1. There aren’t many investments out there that pay better than that." (from CommonDreams.Org


    WHAT WAS THAT ABOUT CORP TAX RATES BEING 35 ? The highest of any industrial country ?

    The public is being propagandized into voting against their own interests again by the repubs.
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    Apr 18, 2012 10:11 PM GMT
    I wonder how Sharpton's unpaid taxes ranks to GE's unpaid taxes ? Which should be considered more deadbeat? Seems to me GE gets a hell of a lot of 'infrastructure' benefit for their $0.00 Taxes paid.


    What's the rest of the Sharpton unpaid tax story ? Has he stated a 'pay by' date ?
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    Apr 19, 2012 12:47 AM GMT
    southbeach1500 said
    realifedad saidI wonder how Sharpton's unpaid taxes ranks to GE's unpaid taxes ? Which should be considered more deadbeat? Seems to me GE gets a hell of a lot of 'infrastructure' benefit for their $0.00 Taxes paid.


    What's the rest of the Sharpton unpaid tax story ? Has he stated a 'pay by' date ?


    GE isn't advoctating for "the rich" to pay more in taxes, Sharpton is.

    Check out the article for more Sharpton tax goodies....





    Well then, Hypocrisy bites another politicians ass !!! He should know that if he's going to shout about the rich not paying enough taxes, that he'd damn well better pay his own.

    These stories don't really give his side though, has any 'extenuating' circumstances been explained by him ? I haven't found any, just asking.
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    Apr 19, 2012 4:36 AM GMT
    To me it makes a flat tax for all, no loop holes, no deductions sound even more fair. Our tax system is so complex with exceptions built in for too many different interest. I'm all for whatever needs done to not only eliminate the deficit but pay off the debt. I would like to see it all done with cuts in spending but, don't believe that alone would be enough. At our current rate of spending combined with the current tax rate and general slow economic condition, the gap between revenue and cost is huge. Roughly a little less than $1,000,000,000,000 revenue vs. a little over $3,000,000,000,000 in spending, how do you close the gap, let alone begin reducing the debt. The government for too long (and I'm not taking sides) has failed the people. Or if you believe for the people by the people, we've failed ourselves.
  • CuriousJockAZ

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    Apr 19, 2012 5:04 AM GMT
    realifedad said
    Well then, Hypocrisy bites another politicians ass !!! He should know that if he's going to shout about the rich not paying enough taxes, that he'd damn well better pay his own.



    The so-called Reverend Al Sharpton -- a "hypocrite"???? Get outta town icon_wink.gif