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Title: Corporation That Paid Nothing In Taxes For Four Years Tells Congress It Pays Too Much In Taxes
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URL Source: http://thinkprogress.org/economy/20 ... ess-it-pays-too-much-in-taxes/
Published: Jul 23, 2012
Author: ii
Post Date: 2012-07-23 17:07:41 by tom007
Keywords: None
Views: 239
Comments: 11
Corporation That Paid Nothing In Taxes For Four Years Tells Congress It Pays Too Much In Taxes By Travis Waldron on Jul 20, 2012 at 5:00 pm Over a four years period from 2008 to 2011, Corning Inc. was one of 26 companies that managed to avoid paying any American income taxes, even though it earned nearly $3 billion during that time. In fact, according to Citizens For Tax Justice, the company received a $4 million refund from 2008 to 2010. That didn’t stop Susan Ford, a senior executive at the company, from telling the House Ways and Means Committee this week that America’s high corporate tax rate was putting her company at a disadvantage: American manufacturers are at a distinct disadvantage to competitors headquartered in other countries. Specifically, foreign manufacturers uniformly face a lower corporate tax rate than U.S. manufacturers, and virtually all operate under territorial systems which encourage investment both abroad and at home. Ford told the committee that Corning paid an effective tax rate of 36 percent in 2011, but as CTJ notes, she is counting taxes on profits earned overseas that haven’t yet been paid and won’t be unless the company decides to bring the money back to the United States. Corning’s actual tax rate in 2011, according to CTJ’s analysis, was actually negative 0.2 percent. The territorial system Ford testified in favor of would actually encourage the offshoring of profits earned by American companies, thereby reducing the amount they pay in taxes even more. And rather than helping remove a disadvantage that prevents companies from creating jobs, an economic analysis of such a tax system found that it could actually cost the United States as many as 800,000 jobs. The United States does, indeed, have one of the highest marginal corporate tax rates in the world. In reality, however, few corporations pay it, and the nation’s effective tax rate is far lower than the rate in other developed countries. Tags: Corporate Ethics Corp
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#1. To: tom007 (#0)
Gimme a break. Unreal. "When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
Welcome to the Empire. Where a very small number of people position the state security apparatus to allow them to gain rent from the Empire.
Corporations do not pay taxes, only individuals pay taxes. Taxes for any business is passed along to the consumer.
Corning manufactured the Pyrex for the mirror for the Palomar telescope (A Rockefeller project) in the 40's, and the blank for the Hubble Space Telescope in the 70's. Would it surprise anyone to learn that govt friendly corporations (who do G_d knows what else for the govt) are given special tax considerations as bonuses "off the books"?
Taxing corporations is just a scam to siphon monies into a government bureaucracy that actually makes things more difficult for companies to operate. Apart from the unusual bailout,of banks and car companies business get no benefit from state and national governments. Any grants a corporation gets for start up, if judiciously made, is more than recovered in taxes from people employed.
Nope, I do not pay taxes, period. ;) "When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
You do, we all do as consumers. If I buy a ten cent lolly pop, from its creation to me everyone paid taxes and passed them along to me, the consumer.
Excise taxes are lawful taxes. I do not pay income taxes. "When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
Yes you do, we all do. All TAXES, trickle down to the consumer. It is all in the cost of doing business.
Large corporations already pay zilch in taxes due to special loopholes created specifically for them. Many of them even get subsidies, which means the government using OUR tax dollars actually give them money they didn't earn as a form of reward for political donations, even though they rake in billions of dollars a year in pure profit. It is the small business owner who pays the lion's share of taxes as far as business taxes go. Bingo. Corporation That Paid Nothing In Taxes For Four Years Tells Congress It Pays Too Much In Taxes
#2. To: BTP Holdings (#1)
"Satan / Cheney in "08" 
#3. To: tom007 (#0)
#4. To: tom007 (#0)
#5. To: tom007 (#0)
#6. To: Cynicom (#3)
Corporations do not pay taxes, only individuals pay taxes.
#7. To: BTP Holdings (#6)
Nope, I do not pay taxes, period. ;)
#8. To: Cynicom (#7)
You do, we all do as consumers.
#9. To: BTP Holdings (#8)
Excise taxes are lawful taxes. I do not pay income taxes.
#10. To: Tatarewicz (#5)
Taxing corporations is just a scam to siphon monies into a government bureaucracy that actually makes things more difficult for companies to operate.
"The real deal is this: the ‘royalty’ controlling the court, the ones with the power, the ones with the ability to make a difference, with the ability to change our course, the ones who will live in infamy if we pass the tipping points, are the captains of industry, CEOs in fossil fuel companies such as EXXON/Mobil, automobile manufacturers, utilities, all of the leaders who have placed short-term profit above the fate of the planet and the well-being of our children." - James Hansen
#11. To: FormerLurker (#10)
Large corporations already pay zilch in taxes due to special loopholes created specifically for them.
"Satan / Cheney in "08"
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