In a Remarkable Show of Bi Partisanship... GE Pays No Tax on 14 Billion Profit.

[finehoe]

Well, you have to remember that corporations don't pay taxes. People do. 

Yet the Supreme Court has ruled that corporations have the “right” to spend unlimited money influencing elections and that corporations have the same rights as individuals to free speech. 

Yet they don't have the same duty to pay taxes.

What a wonderful system we have.

[BridgeTroll]

Interesting.. but why do corporations not pay taxes?

Read this article.

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=1&_r=1&hp

Within that article is an example of a congressman manipulating tax code for the betterment of his precinct and his constituents.  This could be virtually any congressman of either party.  This has gone on for decades.

[Timkin]

This needs to STOP.

[finehoe]

I'm sure if I could afford to make "donations" to my congressman, aided and abetted by lobbyists and high-powered attorneys, I could get some oh-so-legal "loopholes" as well.

[Timkin]

So basically , large corporations and politicians scratch each others backs

[hillary supporter]

In my  experience of the fair tax, there would be no income tax, so your income would be purely yours. The fair tax was implimented in a uniform sales tax EVERYONE pays when they purchase sales . Therefore implimentation of tax credits would (theorhetically) be non existent. I cant understand how you would receive such, as was my experience this past summer.

[NotNow]

My OPINION is:

Corporations should pay only a fair tax just like the rest of us.  

States are free to tax corporations.

Corporations should NOT be allowed to contribute to political campaigns BUT should be able to advertise as they see fit.  In other words, free speech is universal, political money is not.

Our Federal government (congress, the President, and the USSP), should institute a fair tax system and not corrupt it.  finehoe is right to be offended that anyone or any corporation can literally bribe the government and get away with it.  We have watched it for years and it must stop now.

The Federal government has no Constitutional authority to be in the "charity" business.  I know that many of you will start telling me of the "general welfare" clause.  I am aware of it and the USSP rulings concerning it.  The general welfare clause does not (and can not) authorize the Federal government to do anything as many would have it.  Otherwise, we are fighting a losing battle against encroaching, expensive central government.  The Federal government MUST be limited to the enumerated powers.  The record of the founding fathers and the history of our country supports my position on this.  An "all powerful" Federal government will continue to abuse us and tax us to death.

[Timkin]

+1

[NotNow]

Again, I am aware of the USSP  decisions concerning the GW clause.  I just think that it is misguided.  The USSP has corrected themselves before, and I am confident that they can do it again.

[Timkin]

Stephen do you think it is fair that large corporations do not pay tax? 

For the record , I am ok with paying my share. but I would not expect to pay nothing.

[JeffreyS]

I am still a fan of the Fair Tax but another suggestion could be to put a minimum of 10% tax rate on corporate profits no matter what tax credits or incentives they have received.  Allow for some tax breaks but never down to zero or worse paying companies to earn money.

[Timkin]

Exactly, Jeffrey.... The people don't get away w no tax.  Why should corporations ?  Especially ones making adequate profits, like GE..  They are hardly hurting .

[JMac]

Exactly, Jeffrey.... The people don't get away w no tax.  Why should corporations ?  Especially ones making adequate profits, like GE..  They are hardly hurting .

Corporate profits are currently double-taxed.  The corporation pays income tax, then shareholders pay taxes on dividends and capital gains.

[JMac]

Exactly, Jeffrey.... The people don't get away w no tax.  Why should corporations ?  Especially ones making adequate profits, like GE..  They are hardly hurting .

Corporate profits are currently double-taxed.  The corporation pays income tax, then shareholders pay taxes on dividends and capital gains.

Um.  no.  Corporations are taxed one time.

Thats like claiming your household income is taxed five times because you pay income tax, and then the retailers who you buy clothes from are taxed.  That in turn becomes income for the shop employees, who pay income tax, and spend the rest of clothes, and so on, and so on, and so on..........

No, it's not.  The shareholders own the company.  Their profits are taxed twice.  I wouldn't expect you to understand.

[JMac]

The Shareholders make profits from letting their money be used for the corporations business.

that would be accurate if you were talking about bonds.  Stocks represent ownership.