Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

1 Bump

How do YOU feel about these Tax rates? Agree or disagree with the good politician?

Last weekend, Americans around the country organized “Main Street Movement” protests to stand in solidarity with organized labor and demand that corporate interests pay their fair share. As ThinkProgress has reported, many of the nation’s largest corporate interests pay literally nothing in corporate income taxes. ExxonMobil made nearly $20 billion in profits in 2009, but paid nothing in corporate income taxes. Other extremely profitable companies GE, CitiGroup, Wells Fargo, Bank of America, and Boeing similarly have had entire quarters or years without paying corporate income taxes. At the Tea Party summit last weekend, we spoke to former Gov. Tim Pawlenty (R-MN), a prospective GOP presidential candidate, about corporate tax cheats. Asked about Bank of America, another wildly profitable American bank that paid nothing in corporate taxes in 2009, Pawlenty simply relied “Well actually the corporate tax rate in Minnesota and around the country is too high.” Reminded several times that Bank of America doesn’t pay it’s corporate taxes, regardless of rates, Pawlenty said that both exemptions and rates should be lowered. However, he again emphasized that he was not troubled, or even aware, of corporate tax dodging, and that corporate tax rates should be reduced:

 
Sisteract

Asked by Sisteract at 11:51 PM on Mar. 3, 2011 in Politics & Current Events

Level 36 (80,388 Credits)
This question is closed.
Answers (33)
  • meriana, the problem you discuss could easily be remedied by having a short list of what actual business expenses are. You wouldn't honestly expect a business owner to pay INCOME taxes on the wages (the income taxes of which are paid by the employee) they pay their employees are you? I'm not trying to be snarky! :) I just may be interpretting your answer wrong.

    Honestly, as a business owner I would love a flat tax and and short list of what actual expenses are. I spend way to much time trying to decide if something can be/is an expense and too much time trying to find loopholes.
    yourspecialkid

    Answer by yourspecialkid at 11:58 AM on Mar. 4, 2011

  • The tax code is severely broken. It's almost irreparable. I really think the whole thing should get tossed-they need to start fresh. 112 Congresses- each making changes.

    We have the HIGHEST CORPORATE TAXES IN THE WORLD. IN THE WORLD. Now I want you to answer me this...how does that encourage businesses to come here to build jobs? It DOES NOT.

    I cannot read your article, because it links back to this question. Not an article. However, according to forbes, EXXON did pay taxes last year. I've not one single doubt, not ONE, that many of the companies in question did some creative, legal accounting and took advantage of "green" initiatives and credits.

    Too many holes. Better to make it a flat. attractive percentage-AND make every company pay it.
    lovinangels

    Answer by lovinangels at 1:07 AM on Mar. 4, 2011

  • Corporate taxes are too high for those actually paying them. We need to toss the tax code and start over. Billions could be saved by implementing a flat tax. IMO, a business tax form should have 3 lines on it...what was the gross income for the year....what were the business expenses...subtract the 2 for the net income....pay x% of tax on this amount.....see you next year!

    High tax rates do hamper growth because a lot of us actually pay our taxes. Lower the rate and change the code...that way EVERYONE pays their fair share.

    SAK, who are these Repbulicans you keep referring to?
    yourspecialkid

    Answer by yourspecialkid at 9:44 AM on Mar. 4, 2011

  • BTW, Janet, our corporate tax here in the US is TWICE what yours is in Canada. Obviously the high taxes aren't working for us.

    http://www.canadabusinesstax.com/corporate-income-tax-rates/
    lovinangels

    Answer by lovinangels at 1:09 AM on Mar. 4, 2011

  • Sorry sister, but I do not rely on think progress. It is a Sorors funded bs site.

    http://www.politifact.com/truth-o-meter/statements/2010/dec/10/bernie-s/bernie-sanders-filibuster-exxon-mobil/
    Carpy

    Answer by Carpy at 7:37 AM on Mar. 4, 2011

  • http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-SECText&TEXT=aHR0cDovL2lyLmludC53ZXN0bGF3YnVzaW5lc3MuY29tL2RvY3VtZW50L3YxLzAwMDExOTMxMjUtMTAtMDQyOTI5L3htbA%3d%3d
    Carpy

    Answer by Carpy at 7:38 AM on Mar. 4, 2011

  • A flat percentage tax won't work unless they CLOSE ALL the loopholes....and that's very unlikely to ever happen. Say a person makes $100,000. per year gross income....but due to being able to deduct business expenses, which usually includes vehicles, vacations deemed a business expense because they had one business meeting, parties and a whole host of other things....and those things add up to say 30,000, that puts their taxable income at $70, 000 per year. Now, you make $70, 000 per year but you don't have the option to deduct all these other things because you are an employee of a company, not the exec or owner. You would pay the SAME amount of tax as the first person, even though they made $30,000 MORE than you. With a flat percentage tax, they would have to have the same deductions for EVERYONE as in, if Joe, the factory worker cannot deduct a fancy party as a business expense, neither can you, the company exec.
    meriana

    Answer by meriana at 11:51 AM on Mar. 4, 2011

  • It would actually be fairly simple to do..The problem with the tax code now is the fact that it has been adjusted by too many different hands. Keep it very simple. Very, Very simple. While a company car COULD be a business expense, they could easily cap the credit, at say, 20,000. It's just been added to too many times. Keep it simple.

    lovinangels

    Answer by lovinangels at 1:29 PM on Mar. 4, 2011

  • I made a post about this a few weeks ago and the republicans on this site dont care.,they want corps to be able to do this....


    They swear lower (or paying no) taxes create jobs


    I think its safe to say


    it doesnt

    sweet-a-kins

    Answer by sweet-a-kins at 8:55 AM on Mar. 4, 2011

  • That stupid Pawlenty is always talking about lowering corporate taxes in MN. When he was Gov he railed against it. Meanwhile cutting state aid to counties and cities, making property taxes so high that people are buried and losing homes. Add in the fact that where my best friend lives, they went to a 4 day school week, because the school doesn't have enough money to stay open, and property taxes are so high they can't pass any levies. Are you hearing this???? 4 day school week. Pawlenty is a POS.
    stacymomof2

    Answer by stacymomof2 at 10:47 AM on Mar. 4, 2011