Tuesday, November 15, 2011

My son, Jeremy, gets upset with me...

I apparently read to many left-wing websites. However, You need to listen to both sides of the arguments put forth by the people who own us. I believe that right-left dichotomy in our politics is simply deprived to let us argue against each other and ignore the criminal scam that controls our world.

Any ways, one wonders just what part of the truth don't we want to hear!

Daily Kos: Over half of all U.S. tax subsidies go to four industries
While the federal corporate tax code ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount. And many paid far less, including a number that paid nothing at all. [...]

Many people will be appalled to learn that a quarter of the companies in our study paid effective federal tax rates on their U.S. profits of less than 10 percent. Others may be surprised to learn that an almost equal number of our companies paid close to the full 35 percent official corporate tax rate.

The average effective tax rate for the 280 companies was 18.5 percent, but the range is surprising: 30 companies paid a negative effective tax rate over the three years, while 71 companies paid effective rates of over 70 percent. Note that this isn't because those companies made no money: members of the negative-tax club include General Electric and ... well, and a phalanx of financial, energy and telecommunications companies.

Over the 2008-10 period, our 280 companies earned almost $1.4 trillion in pretax profits in the United States. Had all of those profits been reported to the IRS and taxed at the statutory 35 percent corporate tax rate, then the 280 companies would have paid $473billion in income taxes over the three years. But instead, the companies as a group paid only about half that amount. The enormous amount they did not pay was due to the hundreds of billions of dollars in tax subsidies that they enjoyed. [...]

More than half of the total tax- subsidy dollars over the three years — $114.8 billion — went to just 25 companies, each with more than $1.9 billion in tax subsidies.

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