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Posted on 11/04/2011 11:17:26 AM PDT by GonadTheBarbarian
Thirty major U.S. public companies, including San Francisco's PG&E Corp. and Wells Fargo & Co., paid no federal taxes over the past three years, according to a report released Thursday. A number of them, notably Wells Fargo, also benefited greatly from various tax subsidies.
(Excerpt) Read more at sfgate.com ...
SanFranNan just buying votes is all.
Hmm.. No federal taxes? You mean, not even the employers portion of FICA, SS, etc. I find that difficult to believe unless all of their employees are paid under the table. Sorry the article took too long to load, so it’s really a question I have.
Idiot “Journ-O-Lists” like this guy ought to know to put “income” in the headline . . .typical, they are clueless when it comes to taxes, finances.
I guess that’s why the have to over emphasize the “sizzle” issues like homosexual “marriage”
It's corporate income taxes. In the cited cases, the companies used accelerated depreciation and other tax breaks to reduce their taxable income. In one case, a bank took over another failed bank, and used those losses to offset profits.
Using this article's rationale, if you itemized deductions and reduced your income with mortgage interest, property taxes, sales taxes, and charitable contributions, you didn't pay your fair share of taxes.
Oh, and if you realized a capital gain by selling stocks or mutual funds and offset that with a capital loss from selling other stocks/funds in the same year, you didn't pay your fair share of taxes.
If you sold your house and excluded the capital gain after living in the house for at least 3 years (a Clinton-era change in the law), you didn't pay your fair share of taxes.
Wow, I just realized we could start a new meme like Jeff Foxworthy:
If you [..used any legal provision in the tax code to reduce your taxes...], you didn't pay your fair share of taxes.
Thanks for the info. The headline was misleading. If you can get out of forced taxation, why wouldn’t you? Who pays more than they must for anything? I think the states and as many citizens as possible should starve the guberment machine of excess tax dollars!
Companies don’t pay taxes. Their customers do.
The blame lays squarely at the feet of Rangel and Congress: they pass the legislation that makes this kind of thing possible in return for "contributions".
The banks are just doing what any logical person would do; keep their money.
'Banking is a very good business unless you do dumb things,' says Wells Fargo's largest shareholder.
Did Wells Fargo pay more taxes than your Secretary, Warren?
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