60 profitable US corporations paid no federal taxes in 2018

723 Views | 10 Replies | Last: 4 yr ago by trey3216
cinque
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How long do you think it will take for the 37% to wake up and understand that a brand of capitalism that serves only the rich keeps them in a perpetual state of want. This kind of in your face inequality is the thing that revolutions are made of:

Big companies have long relied on strategies to reduce their tax bills. But the new tax law is making it even easier, with a new analysis finding that 60 profitable Fortune 500 companies paid no taxes on a total of $79 billion of profits earned in 2018.

https://www.cbsnews.com/news/2018-taxes-some-of-americas-biggest-companies-paid-little-to-no-federal-income-tax-last-year/

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Johnny Bear
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Newsflash - Corporations don't really pay taxes as they simply pass through tax liabilities to their customers and clients as a component of their pricing. And guess what - many of their customers and clients are in the middle and lower income classes - which means you're inevitably in affect just further taxing those who in many cases can least afford it through higher prices for goods and services. I think it's great if that many corporations paid little to no income taxes as it ultimately meant their customers and clients enjoyed lower prices. Lower prices means more customers and clients. More customers and clients means growth and more job opportunities - many of which will benefit the middle and lower classes. Higher taxes does just the opposite. So why in the world do we want them?
cinque
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Johnny Bear said:

Newsflash - Corporations don't really pay taxes as they simply pass through tax liabilities to their customers and clients as a component of their pricing. And guess what - many of their customers and clients are in the middle and lower income classes - which means you're inevitably in affect just further taxing those who in many cases can least afford it through higher prices for goods and services. I think it's great if that many corporations paid little to no income taxes as it ultimately meant their customers and clients enjoyed lower prices. Lower prices means more customers and clients. More customers and clients means growth and more job opportunities - many of which will benefit the middle and lower classes. Higher taxes does just the opposite. So why in the world do we want them?
If this brand of undemocratic capitalism persists, this revolution will be televised.
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blackie
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History has many examples of people demanding things that ultimately make their life harder because they look only at the headlines and don't understand the details or ramifications of what they demand. But.....politicians rely on ignorant voters.

Most recent example......people think their taxes went up because their refund was lower, not understanding why their take-home pay was higher throughout the year.
cinque
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People ain't crazy and won't stay clueless forever:

The benefits of the tax policy are spread pretty evenly over the next few years. But, measured as a percentage of their tax bills, the group getting the largest cut is clear: Families earning from $200,000 to $1 million will see their tax bills drop about 9 percent next year according to Congress's official scorekeeper, the nonpartisan Joint Committee on Taxation. That's 1 percentage point more than the tax cut for households earning $75,000 to $100,000.
Tax Cuts Fade Over Time
Average rates dropped in 2018, but they'll return to 2017 levels by 2026
15%


Note: Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, the estate tax, and excise taxes) as a percentage of average expanded cash income.

And, the cuts for middle-class wage earners fade over time. By 2026, changes to individual tax rules expire, while corporate changes are permanent. Unless Congress acts, 53 percent of all taxpayers will see a modest tax hike by 2027, the Tax Policy Center says, including almost 70 percent of middle-income families.

https://www.bloomberg.com/graphics/2018-tax-plan-consequences/
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Edmond Bear
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To Cinque's point, shouldn't all corporate taxes be zero since they are just passing through taxes to people who purchase their goods? Thanks for bringing this up Cinque!
Johnny Bear
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cinque said:

Johnny Bear said:

Newsflash - Corporations don't really pay taxes as they simply pass through tax liabilities to their customers and clients as a component of their pricing. And guess what - many of their customers and clients are in the middle and lower income classes - which means you're inevitably in affect just further taxing those who in many cases can least afford it through higher prices for goods and services. I think it's great if that many corporations paid little to no income taxes as it ultimately meant their customers and clients enjoyed lower prices. Lower prices means more customers and clients. More customers and clients means growth and more job opportunities - many of which will benefit the middle and lower classes. Higher taxes does just the opposite. So why in the world do we want them?
If this brand of undemocratic capitalism persists, this revolution will be televised.
Why are you so in favor of higher prices and therefore lessened access to goods and services in addition to decreased job opportunities for the middle and lower classes? I thought you lefties were on the side of the "little guy"(??).
cinque
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Edmond Bear said:


To Cinque's point, shouldn't all corporate taxes be zero since they are just passing through taxes to people who purchase their goods? Thanks for bringing this up Cinque!

Why do you think that's a fair and equitable idea?
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ATL Bear
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cinque said:

Edmond Bear said:


To Cinque's point, shouldn't all corporate taxes be zero since they are just passing through taxes to people who purchase their goods? Thanks for bringing this up Cinque!

Why do you think that's a fair and equitable idea?
Because then all corporations in the US would be on equal ground and be unable to take advantage of or lobby for special tax loopholes, thus creating the truest and most equitable environment for all businesses.

And let me let you in on a secret. There were a lot more than 60 corporations that were profitable last year, and some of those didn't pay income tax either, while others did.
Edmond Bear
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Eliminating income taxes for employers is the ultimate jobs creator. It reduces corporate risk, helps executives have more certainty about the future, and therefore be more likely to increase workforce and asset expenditures. You would have more corporations move from other countries to the US bringing their jobs, real estate and construction investment, and wealthy executives who pay income taxes with them.
Johnny Bear
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Edmond Bear said:


Eliminating income taxes for employers is the ultimate jobs creator. It reduces corporate risk, helps executives have more certainty about the future, and therefore be more likely to increase workforce and asset expenditures. You would have more corporations move from other countries to the US bringing their jobs, real estate and construction investment, and wealthy executives who pay income taxes with them.

............Along with creating even more income taxpayers at various class levels.
trey3216
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cinque said:

People ain't crazy and won't stay clueless forever:

The benefits of the tax policy are spread pretty evenly over the next few years. But, measured as a percentage of their tax bills, the group getting the largest cut is clear: Families earning from $200,000 to $1 million will see their tax bills drop about 9 percent next year according to Congress's official scorekeeper, the nonpartisan Joint Committee on Taxation. That's 1 percentage point more than the tax cut for households earning $75,000 to $100,000.
Tax Cuts Fade Over Time
Average rates dropped in 2018, but they'll return to 2017 levels by 2026
15%


Note: Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, the estate tax, and excise taxes) as a percentage of average expanded cash income.

And, the cuts for middle-class wage earners fade over time. By 2026, changes to individual tax rules expire, while corporate changes are permanent. Unless Congress acts, 53 percent of all taxpayers will see a modest tax hike by 2027, the Tax Policy Center says, including almost 70 percent of middle-income families.

https://www.bloomberg.com/graphics/2018-tax-plan-consequences/
You know what people making $200k-$1mm/year do? They employ about 60% of the workforce.
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