reply to post by InSpiteOf
Well to be honest, I almost never comment on what is normally termed "Corporate Welfare" as those that use that terminology have little true
comprehension of the business world...
Kind of like people using the term "NeoCon" shows little knowledge of politics..
The facts are simple...
Corporate America employs America. Simple and succinct. Those "Loopholes" and "Tax Breaks" are one of the factors that enables the economy to
It is a truism that the less money the Government requires Corporate America and it's citizens to pay into the coffers, the larger those coffers
become. This has been proven time and time again, of course to the frustration of the Liberals.
Economics in our system is not really complicated. The more the economy grows and flourishes, the more money the Government makes, even with corporate
What stimulates the economy? Tax cuts to those that bear the brunt of the load. Who is that? Corporate America.
Do you have any idea how much of the tax base comes from corporations as compared to individual taxes? ENORMOUS...
And the Income tax is even more disproportionate..
Income Tax Burden
An enormous percentage of taxes are payed by a minority of Americans:
* The Top 1% of taxpayers pay 29% of all taxes.
* The Top 5% of taxpayers pay 50% of all taxes.
# Our tax system is not so much progressive as it is confiscatory -- Frederic Bastiat called this phenomenon "legal plunder." A progressive tax is
based on the premise that those with more income can afford to pay more taxes, and conversely, those with little or no income should pay no tax.
However, a quick look at Graph 1A below shows that the U.S. tax system has become far beyond progressive. Fully half the taxpayers contribute almost
nothing in individual income taxes.
Corporate taxes are even more lopsided, yes even with the loopholes.. See here...
Exxon Tax Base
I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last
By the way, Exxon pays taxes at a rate of 41% on its taxable income!
[Update: The $40.6 billion and $39.5 billion figures are after-tax profits. For 2006, Exxon's EBT (earnings before tax) was $67.4 billion, it paid
$27.9 billion in taxes (41.4% tax rate), and its NIAT (net income after tax), or profit, was $39.5 billion.]
Now that is just ONE company, granted the largest one, but still only one in how many thousand that pay into the coffers...
And some people have a problem with them getting a tax break!!!!!
GIVE ME A BREAK... I am convinced it is jealousy over people being more successful, but that is completely a postulation and not factual...
Ask yourself this: What is better for the country than a solid successful business base? That business will employ Americans at a fair and competitive
wage and rapidly put money back into the economy, thus "feeding" more and more corporate growth.
Now before anyone gets their hackles in the air, you have to get past personal prejudice. What prejudice you ask?
The one where you have a problem with CEO's making the money they do. So people are successful, so what? As long as their company is helping the
economy and creating jobs, how is it a bad thing?
The age old argument of "Well they make too much money", sounds ridiculous even to the uninitiated. Who decides what amount is too much?
When we start deciding how much a person can make, we have already entered the realm of Socialism.
We live in a free market society, that is a fact. Now we have tempered that with social programs that I also believe are very necessary in order for
us to remain civilized. Yet we must forever be vigilant that those same social programs do not supplant the system that has taken us to the pinnacle
we now enjoy.
One also has to ignore the horror stories and doom sayers that are forever saying we are being taken over by the Chinese, India or Reptiles. They have
been soothsaying that same message for centuries and.. well we are still here.
So as far as Corporate welfare goes, why argue with someone that uses that term as they are demonstrating ignorance of the capitalistic system that
propelled the United States to such prominence.... Also they are like the OP in that they tend to ignore facts even when repeated to them time and