16 Giant Corporations That Have Basically Stopped Paying Taxes -- While Also Cutting

[boomerang]

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Do you have any thoughts you'd like to share in regards to your article?

 

[Oldgamer]

Do you have any thoughts you'd like to share in regards to your article?

I found the article enlightening, but most of it we already know about big corporations abusing loop holes to avoid paying taxes. What it boils down to is closing these loopholes.

Not much more that can be said, I found the article interesting enough to post here and share.

 

[diesbudt]

It's other countries willing to have their land and people raped for pennies which has caused out-sourcing. Taxes really aren't a big part of why companies off-shore jobs.

China signed up to have their rivers turn into toxic dumps, and their people herded into factory cities comprised of hundreds of thousands of people. Let them self-destruct under the utter greed and human indifference of that situation and the jobs will eventually trickle back. Personally I'm glad our "big government" got our watersheds, natural resources and air quality back to a healthy state. Obviously there can be too much regulation but at least we don't mutate when swimming in our rivers.

Trying to defend ExxonMobil and "big government" in the same thread, the wolves of P&N will attack me shortly I'm sure.

Tell that to leonardo, Michaelangelo, Donnatello, and Raphael

 

[cybrsage]

The US should become a business tax haven with insanely low business tax rates and take the profits from foreign companies who flee their lands and move to the US.

 

[werepossum]

I actually agree on this. Dump the damn business tax and close the damn loopholes and get rid of the excuses of not having business here and see what happens.

I agree. Dump the business tax and tax all dividends and capital gains as wage income adjusted for time held. Foreign subsidiary income can be repatriated without penalty, American corporations are stronger, probably close to a wash to shareholders. Fund managers would take it in the shorts though, since they pay taxes as if for capital gains. That ensures that the New York Congressional contingent will kill any move in this direction.

 

[cybrsage]

What do you mean by "adjusted for time held"? Also, I assume you support taking a 1 for 1 credit for losses incurred then, yes?

 

[jman19]

Shush, there is no need to disrupt leftist drivel with actual facts

I don't understand why people whine about corporations playing by the rules. The ones to blame are those making the rules. If you want to be angry at someone, you should be angry at those in DC.

Not that I agree with the way the facts are presented here (and I don't think OP did a good job), but if you bothered to click the link you'd see that the numbers quoted are US Federal taxes. The numbers quoted from Scottrade are not US Federal taxes. Took me about a minute to figure this out, or less than the amount of time for you to post your troll.

Oh, and OP is a troll too for poor presentation of the facts.

 

[Fern]

Very poor article. Cannot glean much, if any useful info, aside from the fact the author is on a corporate tax screed.

Examples:

General Electric: The worst tax record over five years, with $81 billion in profits and a $3 billion refund.

What does that ^ mean? Did they overestimate their taxes and end up with a refund? What was the amount of income tax they did pay? The author does this throughout the list.

Pay Up Now just completed a compilation of corporate tax payments over the past five years, using SEC data as reported by the companies themselves. The firms chosen are top-earners who have filed 10-K reports through 2012. Their US Tax figures represent the five-year total of "current" payments.

This ^ tells me the author does not know what they are doing. SEC data is GAAP (Generally Accepted Accounting Principals). GAAP =/= tax law.

Tax law is defined by Congress. GAAP is defined by the accounting profession. They are two different sets of rules and never result in the same profit/loss amount. Accordingly, there is little to no sense in comparing the amount of income tax from an actual tax return (his so-called "current payments") to income computed under GAAP rules.

The author needs to be examining actual tax returns.

Even adding in the "Deferred Income Tax" account from the SEC financials would helpful. "Current payments" alone is meaningless.

These are all multinational corporations operating around the world. I think knowing how much of their profit was US source and how much tax they paid to Uncle Sam on that would be helpful.

The article is a collection of random factoids thrown together and a narrative spun.

The US Tax Code is long past due for a major reform/update and everyone knows it, but articles like this do nothing helpful to the debate.

Fern

 

[dmcowen674]

Originally Posted by piasabird
Corporations will move production overseas if the tax favors them in another country. Raising taxes just gives them incentive to outsource and invest in other countries. They are not stupid.

Why dont more people understand this. Its because of big government idiots and high taxes that we lost so many jobs.

Stop lying you Corporate shill.

Every one of those Corporations should be cut off and kicked out of the U.S.

Yes, banned from conducting business here.

Watch how fast they would no longer be the crooks and thieves that they are.

Americans are being screwed like never before and starting to realize it.

Whether they fully wake up in time to save their sorry asses remains to be seen.

 

[shortylickens]

Is this old news or did you recently edit wikipedia?

http://en.wikipedia.org/wiki/Double_Irish_Arrangement