20 U.S. companies that paid 0% in taxes

[dmcowen674]

8-13-2014

http://finance.yahoo.com/news/the-insane-u-s--corporate-tax-system-145353359.html

20 U.S. companies that paid 0% in taxes



USA Today reports that 20 big, profitable U.S. companies paid no taxes in the second quarter, among them Merck (MRK), General Motors (GM) and computer storage company, Seagate (STX). (See below for the full list.)

Merck, the second largest pharmaceutical company in the U.S., actually had a negative effective tax rate of 7.5% during the second quarter, which means it got a tax credit. Eight of the 20 companies were in real estate or real estate-related businesses.


"This is insanity because every day we hear people saying the corporate tax rate is a mess and that's holding back our economy," says Yahoo Finance Editor-in-Chief Aaron Task.

Yahoo Finance's Henry Blodget agrees that the argument the tax system is hurting the economy is a "complete crock," but he says the "corporate tax situation is a big problem" because companies often do whatever they can -- like moving headquarters overseas AKA "corporate inversions" -- just to save on taxes.

 

[dmcowen674]

Just another thing blowing the Republitards complaints of taxes being too high as a crock of shit.

 

[soundforbjt]

Taxes are at near historic lows, that's what makes the Tea Party movement so ridiculous. T axed E nough A lready? Not hardly, It's not taxes that's the problem, it's the "job creators" and the decades of stagnant wages, that's the real problem.

 

[Thebobo]

lets go boys!

 

[Newell Steamer]

Right this way OP. We need a word with you.

 

[Sonikku]

But if we just lowered the corporate tax rate, more would get tax credits. And more tax credits means more wealth for them to trickle down to the rest of us. That's how this works, right?

 

[Jaskalas]

But if we just lowered the corporate tax rate, more would get tax credits. And more tax credits means more wealth for them to trickle down to the rest of us. That's how this works, right?

The giants exploit loopholes. Normal people pay 50% or more in total.

 

[Knowing]

If 20 companies out of millions are reason enough to raise taxes (when the companies themselves have clearly captured their regulators) then I would think that ~20 or more violators of any law or rule would be reason enough to consider reforming that institution.

This is silly reasoning and you should feel bad for attempting it.

 

[spidey07]

As libtards love to point out, those companies did pay a shit ton in taxes via social security and medicare in addition to state and federal unemployment insurance.

Outrage not found. False thread title is a LIE.

 

[pauldun170]

For some reason, I feel like dropping this here
http://www.investopedia.com/terms/e/effectivetaxrate.asp

 

[theeedude]

As libtards love to point out, those companies did pay a shit ton in taxes via social security and medicare in addition to state and federal unemployment insurance.

Outrage not found. False thread title is a LIE.

A corporatist with a pre-canned excuse right on cue.

 

[hal2kilo]

lets go boys!

Is that a Hasbro product?

 

[OutHouse]

Taxes are at near historic lows, that's what makes the Tea Party movement so ridiculous.

so if the corporate tax rate is so low, why are companies moving off shore to avoid the high US taxes to pay a lower tax to the country they move to?

 

[Hugo Drax]

One of the tricks is you borrow from your overseas shell corps and then you write off the interest that you pay back your overseas shell corp as interest expense.

even though the interest payments are going back to your overseas shell corp in ireland.

 

[BoberFett]

Taxes are at near historic lows, that's what makes the Tea Party movement so ridiculous. T axed E nough A lready? Not hardly, It's not taxes that's the problem, it's the "job creators" and the decades of stagnant wages, that's the real problem.

I paid $30K in taxes last year on an income of around $100K. That's just direct taxes from filing, not including sales tax or any of the other incidental taxes the state/feds squeeze out of me.

You don't think I'm taxed enough?

 

[kage69]

so if the corporate tax rate is so low, why are companies moving off shore to avoid the high US taxes to pay a lower tax to the country they move to?

Workers who expect less money and fewer rights, less environmental regulation, lower insurance and health care costs, cheaper energy, and maybe - just maybe, greedy corporate fucks who care only about their own short term profit from the company, and fuck all for the companies and employees long term health.

Here's a better question: with taxes so low, and both state and feds handing out loads of more than generous incentives to stay put and hire locals, what exactly is so dire with these companies that has them turning their backs on the country and system which allowed them to flourish to begin with?

These CEOs love money more than their country, more than the religions that some of them wear on their sleeves. They'll take advantage of all the benefits of being American, but when it comes to taxes suddenly they're all innocent parties on the verge of collapse with the government's boot on their neck.

It's every bit as stupid as the christian victim complex, just with far more reaching implications. Thank goodness we have people like McConnell and Boehner to defend these poor CEOs and stockholders from such persecution. Those silly Dems even want to remove corporate tax credits for companies who relocate overseas! What a bunch of America hating fucks right?

 

[BoberFett]

But if we just lowered the corporate tax rate, more would get tax credits. And more tax credits means more wealth for them to trickle down to the rest of us. That's how this works, right?

Corporations don't pay any taxes, even if they remit them. Their customers pay taxes, passed on from the corporation to you.

VAT makes far more sense if you're just trying to pay the country's bills. But that's not what fools want, it's all about punishment for someone who has something that jealous fools don't think they should have.

"Profits!!! WHARRGARBRLL!!!"

 

[MagickMan]

Are these the same companies who are giving Obama all that fundraising money? Survey says, yes. (Merck, GM, Seagate, etc.) No wonder they aren't paying any federal taxes, given how much they've forked over to that crooked SOB. Thanks for the heads up in pointing that out.

 

[Thebobo]

For some reason, I feel like dropping this here
http://www.investopedia.com/terms/e/effectivetaxrate.asp

Damnit don't bring in math and legalese stuff we want to picket and rage!

 

[Matt1970]

Tax the crap out of corporations of you want, that just means less profits to pay employees.

 

[ivwshane]

Corporations don't pay any taxes, even if they remit them. Their customers pay taxes, passed on from the corporation to you.

VAT makes far more sense if you're just trying to pay the country's bills. But that's not what fools want, it's all about punishment for someone who has something that jealous fools don't think they should have.

"Profits!!! WHARRGARBRLL!!!"

You clearly have no fucking clue what you are talking about!

For one, taxes are on profits, raising prices when no other costs are increased results in higher profits which are then taxed.

Two and more importantly, the market sets the price of goods and services. If companies can raise their prices to cover higher taxes then they certainly could raise prices at any time, they can't and they don't. Only an idiot CEO wouldn't raise prices if the market would support it.

Econ 101.

 

[BoberFett]

You clearly have no fucking clue what you are talking about!

For one, taxes are on profits, raising prices when no other costs are increased results in higher profits which are then taxed.

Two and more importantly, the market sets the price of goods and services. If companies can raise their prices to cover higher taxes then they certainly could raise prices at any time, they can't and they don't. Only an idiot CEO wouldn't raise prices if the market would support it.

Econ 101.

All I see is "HURRRRRRRRRRRR!!!!"

Rage on fool, rage on.

 

[ivwshane]

Tax the crap out of corporations of you want, that just means less profits to pay employees.

Wow! I guess the train from dumbfucksville just arrived!

Here is a hint; employees are paid before calculating net profits of which taxes are calculated on.


With that in mind, chew on this little nugget: If companies were taxed the crap out if them, what do you think those companies would do, assuming no loopholes, tax havens, etc exist? Do you think they will just throw their hands up and continue to hand over large checks to the government? Or do you think, they just might, put that extra money towards investing? I'd imagine that most companies would invest in themselves and produce lower profits than pay more in taxes.

 

[ivwshane]

All I see is "HURRRRRRRRRRRR!!!!"

Rage on fool, rage on.

That's because you are an idiot. Tards are going to tard, I guess!

 

[Matt1970]

Wow! I guess the train from dumbfucksville just arrived!

Here is a hint; employees are paid before calculating net profits of which taxes are calculated on.


With that in mind, chew on this little nugget: If companies were taxed the crap out if them, what do you think those companies would do, assuming no loopholes, tax havens, etc exist? Do you think they will just throw their hands up and continue to hand over large checks to the government? Or do you think, they just might, put that extra money towards investing? I'd imagine that most companies would invest in themselves and produce lower profits than pay more in taxes.

Hint, profits after taxes often go towards R&D, and expansion which usually means more employees. Or it pays shareholders and bonuses which are also taxed.