How America's Corporate Overlords Cheat and Screw Us on Taxes

[xchrom]

http://www.alternet.org/how-americas-corporate-overlords-cheat-and-screw-us-taxes



***SNIP


Circles of Duplicity and Disdain

This is where Dante might have seen the shadowy image of a human face on the body of a venomous barb-tailed dragon. These are companies with US-declared 2011-12 incomes that appear to fall far short of a reasonable amount based on their usage of U.S. resources and privileges.

Abbott Labs had 42% of its sales in the U.S., but declared a loss in the U.S. along with $12 billion in foreign profits.
Baxter Labs had about 40% of its sales and assets in the U.S., but only 14% of its declared income.
Cisco had 50% of its sales in the U.S., but just 25% of its income.
Dell, with about a 50-50 split in US/foreign revenue, declared only 12% of its profits in the US.
Dow had 32% of its sales in the U.S., but declared a U.S. loss against foreign profits of over $5 billion.
DuPont listed 38% of sales and 67% of property in the U.S., but only 20% of income.
Honeywell had almost 60% of sales in US, but only 34% of its income.
Johnson & Johnson declared 44% of its sales and over half of its long-lived assets in the U.S., but only 32% of its income.
Microsoft claimed over half its sales in the US, but only about 20% of its income.
Circles of Petroleum and Power and Pollution and Pomposity

Exxon has about 39% of its employees, 33% of its sales, 40% of its long-lived assets, and 70-90% of its productive oil and gas wells in the U.S., yet declares only 15% of its income as earned here. The company pays only 2.2% of its total income in U.S. taxes.

[liberal N proud]

1. If Companies Are People, why not tax them accordingly?

For most of the 1950s, corporate income at large companies was taxed at 52 percent, according to the nonpartisan Tax Policy Center. The federal government, meanwhile, collected about a third of its revenues from this source. Today, thanks largely to the “reforms” ushered in by President Ronald Reagan, the ostensible tax rate on corporate income is no higher than 35 percent — and the corporate-tax share of federal revenue has fallen to about 9 percent.

http://www.nytimes.com/2013/04/15/opinion/a-fairer-corporate-tax.html?nl=todaysheadlines&emc=edit_th_20130415

That's another fine fucking mess Ronald Reagan left us!

[magellan]

2. +1000

[reformist2]

3. It's not the top rate (which is still higher than most countries), it's all the loopholes.

[Scuba]

4. Yet suggest raising the capital gains tax, they'll tell you "that money's already been taxed".