Major corporation with $18B in sales and $619MM in profits will pay zero tax in 2010

[glenn1]

How could a big business get away with this? It's an outrage that they should be making so much money and not contribute back to the country. We need to close all these loopholes that allow greedy companies to exploit the tax code, like the one in the article below:

http://taxprof.typepad.com/taxprof_blog/2011/03/wsj-.html

http://online.wsj.com/article/SB10001424052748704506004576174321393436988.html

 

[wuliheron]

Quite your whining. The American people sold their government to the highest bidder long ago and then took out a loan from the company store. If anything they're looking to do it again even though they're becoming a credit risk. After 30 years you think you'd get it. The rich get richer and the poor get poorer (Duh!)

 

[the DRIZZLE]

This is the result of a liberal tax loophole. The worst part of bullshit like this is that we have the highest statutory tax rate in the world to make up the difference which makes the companies that aren't getting handouts uncompetitive.

 

[Matt1970]

Whirlpool has stockpiled more than $500 million in tax credits for making energy-saving "energy star" appliances—washers, dryers, refrigerators and so on. The firm gets a production tax credit of up to $200 per refrigerator, $75 per dishwasher, and $225 per washer and dryer.

 

[CPA]

Zero INCOME Tax.

They've paid in plenty of Social Security Tax (Employer Portion), Unemployment Tax, Other Employer Local Tax, Untold amount of "Fees", Franchise Tax, Property Tax, and collected Sales Tax.

 

[1prophet]

Zero INCOME Tax.

They've paid in plenty of Social Security Tax (Employer Portion), Unemployment Tax, Other Employer Local Tax, Untold amount of "Fees", Franchise Tax, Property Tax, and collected Sales Tax.

Are there not companies that pay all that and income tax too?

 

[Matt1970]

Zero INCOME Tax.

They've paid in plenty of Social Security Tax (Employer Portion), Unemployment Tax, Other Employer Local Tax, Untold amount of "Fees", Franchise Tax, Property Tax, and collected Sales Tax.

Don't forget payroll tax, Tax on thier phone, Internet, CableTV, Vehicles purchased, sales tax on office supplies, computers, monitors, printers, pencils, paper on and on.....

 

[postmortemIA]

Don't forget payroll tax, Tax on thier phone, Internet, CableTV, Vehicles purchased, sales tax on office supplies, computers, monitors, printers, pencils, paper on and on.....

all these they pass to their customer as a cost of operating business. but they don't pay tax on their profits.

 

[the DRIZZLE]

This is the logical result of the left's policies. They want to use carrots and sticks to cajole the market into implementing all of their great ideas.

No one on the left or right should defend this. Why should a company that makes washing machines pay no tax and a company that makes blenders pay 35%? Its completely absurd and illustrates the dangers of using the tax code as a tool for social engineering. It also creates a nasty feedback loop where it becomes very profitable for companies to lobby for special treatment.

 

[lothar]

This is the logical result of the left's policies. They want to use carrots and sticks to cajole the market into implementing all of their great ideas.

No one on the left or right should defend this. Why should a company that makes washing machines pay no tax and a company that makes blenders pay 35%? Its completely absurd and illustrates the dangers of using the tax code as a tool for social engineering. It also creates a nasty feedback loop where it becomes very profitable for companies to lobby for special treatment.

:thumbsup::thumbsup::thumbsup:

 

[silverpig]

This is the logical result of the left's policies. They want to use carrots and sticks to cajole the market into implementing all of their great ideas.

No one on the left or right should defend this. Why should a company that makes washing machines pay no tax and a company that makes blenders pay 35%? Its completely absurd and illustrates the dangers of using the tax code as a tool for social engineering. It also creates a nasty feedback loop where it becomes very profitable for companies to lobby for special treatment.

I don't know much about this, but from the info in the thread, it sounds like they get tax credits for producing more energy efficient appliances.

So they spend more to create more energy efficient appliances which they then sell for (presumably) less than they'd like to so they can remain competitive. Because of this, they get a tax credit.

I don't really have a problem with this. Instead of giving the government money and charging a standard margin, they take a lower margin and don't give the government money. In return, the government gets to ensure that more energy efficient products are out there.

 

[Hacp]

This is the logical result of the left's policies. They want to use carrots and sticks to cajole the market into implementing all of their great ideas.

No one on the left or right should defend this. Why should a company that makes washing machines pay no tax and a company that makes blenders pay 35%? Its completely absurd and illustrates the dangers of using the tax code as a tool for social engineering. It also creates a nasty feedback loop where it becomes very profitable for companies to lobby for special treatment.

+1. Its called blatant favoritism.

 

[lothar]

I don't know much about this, but from the info in the thread, it sounds like they get tax credits for producing more energy efficient appliances.

So they spend more to create more energy efficient appliances which they then sell for (presumably) less than they'd like to so they can remain competitive. Because of this, they get a tax credit.

I don't really have a problem with this. Instead of giving the government money and charging a standard margin, they take a lower margin and don't give the government money. In return, the government gets to ensure that more energy efficient products are out there.

Their Cap Ex certainly doesn't seem like it has gone up by much over the past few years.

 

[werepossum]

This is the logical result of the left's policies. They want to use carrots and sticks to cajole the market into implementing all of their great ideas.

No one on the left or right should defend this. Why should a company that makes washing machines pay no tax and a company that makes blenders pay 35%? Its completely absurd and illustrates the dangers of using the tax code as a tool for social engineering. It also creates a nasty feedback loop where it becomes very profitable for companies to lobby for special treatment.

I don't know much about this, but from the info in the thread, it sounds like they get tax credits for producing more energy efficient appliances.

So they spend more to create more energy efficient appliances which they then sell for (presumably) less than they'd like to so they can remain competitive. Because of this, they get a tax credit.

I don't really have a problem with this. Instead of giving the government money and charging a standard margin, they take a lower margin and don't give the government money. In return, the government gets to ensure that more energy efficient products are out there.

I'm somewhere between these two posts. On the one hand, corporations don't pay taxes; they are passed on to either their stockholders (who do pay taxes) or to their customers (who pay increased taxes to make up the difference, but would also pay higher prices for energy efficient appliances. On the other hand, I like that the government provides incentives to encourage more energy efficient appliances. On the third hand, I dislike that government has the control to dictate winning and losing industries via tax policy. On the fourth hand - well, I shall use that hand to squeeze my head together lest my brain explode.

Hey, at least we're getting more efficient appliances.

 

[BoberFett]

This is the logical result of the left's policies. They want to use carrots and sticks to cajole the market into implementing all of their great ideas.

No one on the left or right should defend this. Why should a company that makes washing machines pay no tax and a company that makes blenders pay 35%? Its completely absurd and illustrates the dangers of using the tax code as a tool for social engineering. It also creates a nasty feedback loop where it becomes very profitable for companies to lobby for special treatment.

You obviously get it. Why is so hard for the left to understand this simple concept?

 

[bfdd]

duh? the only way to cure this is a straight up flat tax, no if and or buts. figure it out whatever the percentage needs to be, but make sure every goddamn person(and corporation/business/whatthefuckever) pays their goddamn share. the mere fact we have such a bloated entity as the IRS and our tax code should be reason enough for anyone to want a simple flat tax.

 

[Craig234]

all these they pass to their customer as a cost of operating business. but they don't pay tax on their profits.

The right wing still doesn't get that taxes are necessary and a overhead.

They post 1000 times here, and then 1000 more, that 'businesses pass on Taxes' like it's a new comment every time. Uh, ya.

Contrary to their apparent opinion, that is not proof taxes are bad.

All taxes in society cost someone money, and it's somehow 'passed on' to others.

Cut business taxes, and add them to citizens, and they'll spend less - and 'pass it on' in higher salary demands.

There is no magic 'don't cut business, instead cut HERE' and it's not 'passed along'. It's one economy, and taxes aren't going anywhere.

It'd be nice if the right could argue something halfway useful for a change instead of continuing to post that same bit of dogma they misuse.

 

[bfdd]

craig, so are you in favor of a completely flat tax? no write offs, no getting out of it?

 

[BoberFett]

craig, so are you in favor of a completely flat tax? no write offs, no getting out of it?

Never. Progressives with their hate of freedom are all about social engineering and how better to do it than the tax code?

Craig is an impotent little bitch who will piss and moan about things but is too stupid to realize that he's his own worst enemy.

 

[rudeguy]

craig, so are you in favor of a completely flat tax? no write offs, no getting out of it?

I don't know about him but I sure am.

One flat rate for people.
One flat rate for businesses.
No forms
No lawyers
No politics
Just fair

 

[Doppel]

When will you bleeding hearts realize trick-down can make not only the shareholders rich but everybody else, too? For example:

http://michiganmessenger.com/35084/whirlpool-to-outsource-refrigerator-manufacturing-to-mexico

The Benton Harbor-based Whirlpool corporation, which recently received a $19 million dollar stimulus grant from the Dept. of Energy to develop smart grid capable appliances, is moving forward with plans to close it’s Evansville, Indiana refrigerator plant and build a new plant in Mexico.

See, trickle-down, think of all those Mexicans who now have work. And the folk who were employed in Evansville can perform any multitude of jobs from working the late shift at Applebees to working at a car wash to greeting at Walmart. It's a win-win for everybody.

 

[classy]

You obviously get it. Why is so hard for the left to understand this simple concept?

You and that guy are idiots. Based on what I did several years ago, I saw the tax returns for a company that made $150 million profit and still collected a $12 million tax refund. Thats a joke. Tax incentives and breaks are so that companies make money. But the system is broken because the incentives have now become so that companies make money just off the incentives alone. Its reverse earned income credit. Its a joke and it would be sad if it wasn't so pathetic.

 

[rudder]

How could a big business get away with this?

They convince (buy) someone in congress that the business can hire more people if they pay less tax. Those employees then pay income tax. The corporation then sells it's product cheaper which is taxed at the POS.

I am not a number cruncher so I don't know how that plays out.

The money flowing through this system is taxed out the wazoo anyway.

 

[Darwin333]

You and that guy are idiots. Based on what I did several years ago, I saw the tax returns for a company that made $150 million profit and still collected a $12 million tax refund. Thats a joke. Tax incentives and breaks are so that companies make money. But the system is broken because the incentives have now become so that companies make money just off the incentives alone. Its reverse earned income credit. Its a joke and it would be sad if it wasn't so pathetic.

I got a tax refund but I still paid a ton in taxes. Not saying that is the case here but without knowing what they paid it is impossible to judge.

 

[umbrella39]

all these they pass to their customer as a cost of operating business. but they don't pay tax on their profits.

These pesky little facts do not matter to the fools that constantly bow down to big business here. They piss and moan that poor workers pay little to any income tax and when it is pointed out they still have to pay little things like SSI, Medicare, State Taxes, Sales Taxes, etc it always falls on deaf ears. Typical hypocritical bullshit.