Texsox Posted April 6, 2004 Share Posted April 6, 2004 CNN Money Article Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted April 6, 2004 Share Posted April 6, 2004 More than 60% of U.S. corporations didn't pay any federal taxes for 1996 through 2000, I am sure this is Bush's fault as well Quote Link to comment Share on other sites More sharing options...
sox4lifeinPA Posted April 6, 2004 Share Posted April 6, 2004 you can thank billy clinton for that... Quote Link to comment Share on other sites More sharing options...
Queen Prawn Posted April 6, 2004 Share Posted April 6, 2004 How about we blame the companies that didn't pay? Quote Link to comment Share on other sites More sharing options...
Texsox Posted April 6, 2004 Author Share Posted April 6, 2004 Isn't the theory you reduce the burden on companies so they hire more people who pay taxes . . . Quote Link to comment Share on other sites More sharing options...
LowerCaseRepublican Posted April 6, 2004 Share Posted April 6, 2004 You can blame a lot of the Congressmen who got tons of PAC money to let companies move their base of operations (in name only) to Bermuda. It's sickening. Then they get millions in corporate welfare from the US taxpayers. Quote Link to comment Share on other sites More sharing options...
mreye Posted April 6, 2004 Share Posted April 6, 2004 How about we blame the companies that didn't pay? Only when there was a Dem in the White House, otherwise, you blame the Republican Pres. Quote Link to comment Share on other sites More sharing options...
Texsox Posted April 6, 2004 Author Share Posted April 6, 2004 Only when there was a Dem in the White House, otherwise, you blame the Republican Pres. I thought getting government out of the private sector and letting them grow was a republican idea? Didn't businesses hire more people with those tax savings? Didn't that spark the economic boom of the Clinton years? Quote Link to comment Share on other sites More sharing options...
Queen Prawn Posted April 6, 2004 Share Posted April 6, 2004 Not me, I just blame my aunt (IRS agent). Quote Link to comment Share on other sites More sharing options...
mreye Posted April 6, 2004 Share Posted April 6, 2004 I thought getting government out of the private sector and letting them grow was a republican idea? Didn't businesses hire more people with those tax savings? Didn't that spark the economic boom of the Clinton years? Tax CUTS, not tax AVOIDANCE! Quote Link to comment Share on other sites More sharing options...
Pale Hose Jon Posted April 6, 2004 Share Posted April 6, 2004 Can someone explain how they got away with this? Cause i don't get it Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted April 6, 2004 Share Posted April 6, 2004 Can someone explain how they got away with this? Cause i don't get it There is a million ways to get away with this stuff. The thing is because of the complexities of corporate accounting, the IRS collects more money per hour of work chasing the little man, than it does chasing the Microsofts of the world. And with the limited manpower of the IRS, you have to make these kind of choices of who to go after. Quote Link to comment Share on other sites More sharing options...
kapkomet Posted April 6, 2004 Share Posted April 6, 2004 There is a million ways to get away with this stuff. The thing is because of the complexities of corporate accounting, the IRS collects more money per hour of work chasing the little man, than it does chasing the Microsofts of the world. And with the limited manpower of the IRS, you have to make these kind of choices of who to go after. Corporate Accounting is complex? Quote Link to comment Share on other sites More sharing options...
Texsox Posted April 6, 2004 Author Share Posted April 6, 2004 Can someone explain how they got away with this? Cause i don't get it But the federal tax code also offers many credits and loopholes that allow many companies to pay far less than that. Much of it comes in the way of incentives to move to a new location (enterprise zones), to employ certain groups of people (welfare to work programs), being aggressive in taking write offs, etc. Corporations pay on profits. If you are able to shield you profits from Uncle Sam, you win. Take for example a company with operations in the US and Ecuador. They do most or all of their manufacturing in Ecuador. Were should they report their profits? For example, does the Ecuador company sell the item to their US entity for the actual price to manufacture, effectivly showing zero Ecuador profit or do they take a markup when it goes to the US, lowering the US profit? Teams of accountants determine the best ratio to use to maximize the corporate bottom line profits. If you happen to be a shareholder in that company you applaud their results. Quote Link to comment Share on other sites More sharing options...
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