A new report is out on companies who….
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“The average effective tax rate for the companies over the period was 18.5 percent, said Citizens for Tax Justice and the Institute on Taxation and Economic Policy, both think tanks.”
This tax issue makes no sense to me. So corporations spend millions of dollars to hire thousands of workers that add absolutely nothing to society other than to get an average companies tax rate down to slightly more than what a non sheltered company pays in Canada.
I don’t understand how this isn’t an easy issue to deal with. Level the playing field by closing the loop holes AND lowering the tax rate.
The taxes have loopholes because the government sucks at a lot of things. So basically they are bribing companies to do their dirty work for them in the form of lower taxes. For example, you get immediate tax credit for investing in Green technology or oil drilling because we need oil and the government isn’t going to drill….
I think there’s nothing wrong with loopholes if they are created with the right intentions.
So you are a free market guy that says “intentions” matter more than affect, and that government should be intervening in industry to pick winners via indirect subsidies in the form of tax breaks. Easy there Comrade.
Regardless of the purpose and intention of the tax code, the fact that these 30 MASSIVE companies can pay 0 taxes clearly speaks to how broken the system is. Tax the little guys 35% but if you are large enough to lobby for tax breaks for you, then 0 will be fine.
I don’t get you… one day you’re a commie, the next day … this?
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I think the small businesses don’t have proper representation vs the big businesses and I think that’s a problem that limits competition and innovation that is needed to create jobs. But loopholes aren’t inherently bad, just how they’re created by lobbying and corporate lawyers.
Jake, with limited government there is NO financial incentive to feed the poor without a government body giving tax loopholes and grants to do so as well as partial subsidy. With large government there is a problem too in that subsidy gets too large and too wide spread that prices get pushed up and it shrinks the middle class creating dependency.
The solution in my mind is the government could provides enough financial gain in the form of tax breaks and grants (that way you only get paid if you are successful) in areas of need.
i agree,
but the 17,000 page tax code is full of loop holes for those smart enough to use them.
TJWP,
I do not want the government intervening, you are putting words in my mouth. I want them to have a “vote”. They vote via loopholes… The people get to vote in the leaders via elections. The free markets allow the consumers to vote via product demand, the businesses get to vote via making decisions.
Is everyone a commie “comrade” to you? I am in favor of tax loopholes because they help create a better balance of powers. I am not in favor of corporate lawyers and lobbyists determining the laws and the campaign contribution system because it gives the mega rich too much representation.
I’m sorry if you think wanting checks and balances and equality makes me a commie!
Loopholes in the tax code is government picking winners and losers. Like it or not. Also creates price distortions in the market, there is ample economic literature on this. Please try to explain (I’m sure this will be good) how they create “balances of power” verses simply empowering those with the means to exploit the system at the expense of those who can’t
People do not get to vote in elections as both sides are funded by the same “people” (corporations).
This should clarify your commie question: Irony (def) – The expression of one’s meaning by using language that normally signifies the opposite, typically for humorous or emphatic effect.
my comment is awaiting moderation
New research shows you are wrong about the Corporate tax rate. I’ll post it to News.