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In 2010, Verizon reported an annual profit of nearly $12 billion. The statutory federal corporate income tax rate is 35 percent, so theoretically, Verizon should have owed the IRS around $4.2 billlion. Instead, according to figures compiled by the Center for Tax Justice, the company actually boasted a negative tax liability of $703 million. Verizon ended up making even more money after it calculated its taxes.
The “high taxation” lie
Reading through this report, you will find yourself seized by an irresistible desire to hurl yourself headlong into the nearest OccupyYourLocalCity protest. In an era of crushing government deficits and mass unemployment, corporate America is not only skating blissfully free of its civic responsibilities, but continues to complain that it is paying too much in taxes. Even worse: Congressional Republicans and many Democrats agree! Listening to our politicians talk, you would imagine that corporate America’s neck is permanently under the tax man’s steel-tipped boot. When, in fact, the exact opposite is the truth.
“These 280 corporations received a total of nearly $223 billion in tax subsidies,” said Robert McIntyre, Director at Citizens for Tax Justice and the report’s lead author. “This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”
"Roll Call" reports that members of Congress had a collective net worth of more than $2 billion in 2010.
That was up about 25 percent from 2008, during the height of the recession. And these wealth totals likely underestimate how rich Congress really is.
That's because they don't include homes and other non-income generating property, which could come out to hundreds of millions in additional dollars
Originally posted by Kali74
I'm absolutely tired of poor people being labeled as a drag on society when we have this non-sense going on. Occupy Everywhere.
Originally posted by GringoViejo
I can support the boycott, it makes sense.Textt which, if ran how it should be ran, wouldn't allow companies to behave like this in the first place.
Originally posted by groundplant
I personally would like to see all individual income taxes abolished. Taxing the sweat of a mans hard work is immoral in my opinion.
And then change the remaining tax code to a flat 10% corporate tax on profits only, not assets. And no deductions or loopholes for anyone.
Simplified and everyone knows upfront, about how much they'll have to pay.
And the GOV will know how much they have to spend.
Any social programs that the GOV isn't funding under this idea are handled by people spending their money on the things they value.