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MrRodgers -> RE: Free-markets of America in #epic #fail (4/19/2016 3:16:36 PM)
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quote:
ORIGINAL: Phydeaux quote:
ORIGINAL: MrRodgers Suffice to say that no US corp. actually pays federal taxes at the 35% statutory rate. Oh please provide a cite for that bullshit. well of course, the actual 'rate' is statuary so the 'effective' rate then becomes subject to what is allowed to be deducted from 'profits.' So, I could just as easily ask, cite for me any company that paid 35% of their gross profits and you'd be as unsuccessful as I am in finding the cite you seek. Suffice it to say, no company actually pays 35% of their gross profits as there is always deductions from which we arrive at the effective rate. In the IBM stockholders report they often had 'cost of sales' which was the grand total of ALL deductions...at 85-90% of gross revenue. So while they now take in say $80 billion or so, they only pay taxes on about $6-$8 billion...if that. Also the big question remains as to just what contributions the corporation makes to society and total corp. taxes paid are 9 cents of every dollar the govt. takes in, in ALL income taxes or 1.3% of GDP. That has to be at or near a historical low, so where are the fucking jobs ? I am not holding my breath. Just look at since 1990, the great rise in profits as compared to the dramatic fall in federal corp. tax receipts as a percentage of pre-tax corp. profits. For this chart...it borders on immoral. HERE
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