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Keyword: corporatetax

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  • Apple is named the biggest corporate tax avoider in the US after booking $218 BILLION

    10/04/2016 5:25:01 PM PDT · by Beave Meister · 25 replies
    Daily Mail ^ | 10/4/2016 | KEITH GLADDIS
    Apple has been named as the biggest corporate tax avoider in the United States after booking $218.55 billion (Ł171.6 billion) of profit offshore last year. The tech giant was able to save $65.08 billion (Ł51.1 billion) that it should have paid in tax thanks to its convoluted arrangements. The report revealed that last year three quarters of the Fortune 500 companies use subsidiaries in offshore tax havens where they sent a total of $2.42 trillion (Ł1.9 trillion) of income. In the US alone this amounted to $715.62 billion (Ł561.9 billion) in tax which they avoided paying. The report of said...
  • 'Gigantic' corporate tax hike likely headed to Oregon voters

    05/23/2016 7:40:16 PM PDT · by Olog-hai · 57 replies
    Associated Press ^ | May 23, 2016 7:33 PM EDT | Kristena Hansen
    A massive $2.8 billion annual corporate tax hike is likely headed to Oregon voters in November, a move that could create the most aggressive tax climate for big business of any state in the nation. The ballot proposal comes as raising taxes on the wealthy and large corporations is at the forefront of a national debate — especially among Democratic progressives such as Bernie Sanders and much of Oregon’s electorate — about how to close the gaping economic disparities between rich and poor in a post-Great Recession era. The proposal’s labor-union backers are just one step from getting the measure...
  • The Trump Campaign Shows Its Policy Chops (Jobs)

    05/05/2016 5:39:42 PM PDT · by jazusamo · 9 replies
    Creators Syndicate ^ | May 4, 2016 | Betsy McCaughey
    The rap on Donald Trump is he's all bluster. The New York Times says he's offering "incoherent mishmash." GOP rival Ted Cruz claims Trump has "no idea" how to fix the economy. Don't' believe it. The Trump campaign is putting forward proposals to fix problems facing the nation, from the long waits for medical care at the VA to the impending collapse of Obamacare. Check out Trump's economic plan, for starters. Unlike Hillary Clinton's radical anti-business agenda, Trump's plan would actually help unemployed Americans get back to work. Trump slashes the corporate tax rate to 15 percent, down from the...
  • Free Trade and the De-Industrialization of the United States

    04/06/2016 5:07:12 AM PDT · by central_va · 95 replies
    economyincrisis ^ | 4/5/16 | McKenna Service Company
    Manufacturing was the economic growth engine of United States. It helped to create the high paying jobs, improved living standards, national wealth, military might, and tax revenues. Unfortunately, there has been a dramatic decline in the above scenario for the United States in the 21st century. The U.S is rapidly turning into non-Super Power second rate country. Manufacturing is the basis for research and development and National Defense and once represented more than 28% of the jobs in the U.S. Although the absolute number of jobs in American manufacturing was rather constant at about 17 million from 1969 to 2002,...
  • Trump Supporter, Billionaire Investor Carl Icahn Starts $150M Super PAC

    10/22/2015 1:02:37 PM PDT · by Helicondelta · 24 replies ^ | October 22, 2015
    Billionaire investor and longtime Donald Trump supporter Carl Icahn announced he is launching a $150 million super PAC to revise corporate tax law. Trump has indicated Icahn may be his choice for Treasury secretary should he win his bid for president. Icahn, in a letter to House and Senate leaders, said he wants Congress to pass legislation that will stop U.S. companies from moving profits overseas for lower tax rates, formally known as corporate tax inversions. He said lawmakers must be "accountable for the current gridlock in Congress that prevents important legislation from being passed." "In the last few years...
  • Ireland likely to face censure over Apple tax (EUSSR attacks)

    09/09/2015 1:56:58 AM PDT · by Olog-hai · 18 replies
    Irish Times ^ | Tue, Sep 8, 2015, 13:07
    Ireland will probably face censure from European authorities within months in relation to its tax dealings with Apple, according to a person with knowledge of the matter. A finding against Ireland will spark a legal battle that may last years, as the government is ready to fight the decision in the European Union Court of Justice, it’s understood. In preliminary findings last year, European antitrust authorities said Apple’s tax arrangements were improperly designed to give the iPhone maker a financial boost in exchange for jobs in the country. Apple said in 2013 it had paid an effective tax rate of...
  • Digging into Northeast neglect

    08/22/2015 8:05:46 PM PDT · by Tolerance Sucks Rocks · 26 replies
    The Baltimore Sun ^ | August 21, 2015 | The Baltimore Sun
    It may have escaped the attention of Baltimoreans but things have gotten a little testy in the New York-New Jersey area in recent weeks over the state of century-old rail tunnels running under the Hudson River. The deteriorating condition of the tunnels is threatening Amtrak and other rail service, but how to pay for a $14 billion-plus replacement has proven a challenge. Unfortunately, that's not just a problem for New York City but for Baltimore and other stops along Amtrak's Northeast Corridor, the nation's most heavily traveled railway handling more than 750,000 passengers a day. The stations in Baltimore and...
  • Delaney visits Hagerstown to push corporate-funded infrastructure bill

    05/19/2015 11:12:47 PM PDT · by Tolerance Sucks Rocks · 6 replies
    The Hagerstown Herald-Mail ^ | May 6, 2015 | Don Aines
    Rep. John Delaney was in Hagerstown Wednesday to pitch his proposal for long-term funding of transportation and other infrastructure projects by repatriating the overseas earnings of American corporations. "There hasn't been anything really transformative to put a lot of money into infrastructure," Delaney, D-Md., told a small group of businesspeople at Bulls & Bears restaurant. He pointed out that the federal gas tax — the primary source of revenue for the Highway Trust Fund — has not been increased since the early 1990s, in part, because it is politically unpopular. It also is a regressive tax that hits lower-income people...
  • URGENT: White House Confirms Obama Planning Huge New Executive Order

    03/14/2015 12:03:25 PM PDT · by lbryce · 123 replies
    Here we go again. White House press secretary Josh Earnest has officially confirmed that President Barack Obama plans to implement yet another executive order. This one is slated to send tax rates skyrocketing through the roof! The hoopla started last Friday, when Vermont Sen. Bernie Sanders submitted a letter to the White House that asked the president to nullify six currently active corporate tax breaks. Closing these tax breaks would raise $100 billion in a decade, but also cost us innumerable jobs. When questioned about this letter by Ed Henry, senior White House correspondent with Fox News, Earnest first tried...
  • Obama "Very Interested" In Raising Taxes Through Executive Action

    03/02/2015 5:16:42 PM PST · by amnestynone · 77 replies
    townhall ^ | March 2, 2015 | Conn Carroll
    White House Press Secretary Josh Earnest confirmed Monday that President Obama is "very interested" in the idea of raising taxes through unitlateral executive action. "The president certainly has not indicated any reticence in using his executive authority to try and advance an agenda that benefits middle class Americans," Earnest said in response to a question about Sen. Bernie Sanders (I-VT) calling on Obama to raise more than $100 billion in taxes through IRS executive action. "Now I don't want to leave you with the impression that there is some imminent announcement, there is not, at least that I know of,"...
  • ‘Imagine that!’ Josh Earnest: Obama could use ‘executive action’ to raise corporate taxes

    03/02/2015 12:19:38 PM PST · by C19fan · 16 replies
    Twitchy ^ | March 2, 2015 | Staff
    As with so many other things, when it comes to finding ways to pad the government’s pockets, President Obama prefers to skip over that whole Congress thing. Just ask Josh Earnest! According to him, forcing corporations to pay more in taxes through executive action is an option the president would like to keep on his table:
  • Obama’s Corporate Tax Raid Would Sack the Elderly

    02/02/2015 9:20:35 AM PST · by Rusty0604 · 12 replies
    Breitbart ^ | 02/02/2015 | Peter Morici
    Posturing as champion of needed public investments and fairness, President Obama wants new taxes on the overseas earnings of American businesses. ... The United States is virtually alone by taxing the overseas profits of its multinationals when those are repatriated. ... Now the president wants an immediate 14 percent tax levy on those assets to raise about $500 billion and to impose a 19 percent tax on future earnings to finance infrastructure investments. Much of the $2.1 trillion in non-repatriated corporate overseas profits is not parked in foreign bank accounts. Rather, it is already invested by firms like GE and...
  • How to Sell a Corporate Tax Cut: Republicans can do it with a little creativity

    10/04/2014 10:15:43 AM PDT · by SeekAndFind · 4 replies
    American Thinker ^ | 10/04/2014 | Scott Mayer
    Finding a way to prevent the next Burger King from fleeing the U.S. (to avoid paying the highest corporate tax rates in the world) appears to rank fairly high on the priority list for both Republicans and Democrats. But the two parties couldn’t be farther apart on the appropriate policy to end these so-called “unpatriotic” tax inversions. No strangers to coercion, the Obama administration via Treasury Secretary Jack Lew recently announced that through the use of executive action, “the agency would change several tax rules to stop companies from buying smaller, foreign firms and then moving out of the U.S.”...
  • Executive action on tax deals could come next week, Dem says

    09/12/2014 9:12:03 AM PDT · by jazusamo · 12 replies
    The Hill ^ | September 12, 2014 | Bernie Becker
    A senior Democratic tax writer said Friday that the Obama administration could take unilateral action targeting offshore tax deals before Congress leaves town for the midterm elections. Rep. Sandy Levin (D-Mich.) said that Treasury Secretary Jack Lew told a group of House Ways and Means Democrats on Wednesday that the White House would roll out administrative actions against the recent influx of so-called inversions “when they’re ready.” “That could be next week,” Levin said at a breakfast sponsored by the Christian Science Monitor. Lew has only said that the administration would decide in the “very near future” how to respond...
  • Obama Silent on Chrysler Tax Inversion Deal

    09/09/2014 9:19:47 AM PDT · by jazusamo · 13 replies
    NLPC ^ | September 9, 2014 | Mark Modica
    It's official. Chrysler has now wholly-merged with Italian auto maker, Fiat. It had taken a bit over five years for Fiat to gain total control of the bailed out, once-American Chrysler Corporation. Back in June of 2009, President Obama gifted (payment was made in the form of "technology") an initial 20% stake in Chrysler to Fiat as part of his orchestrated auto bailout process. Fiat parlayed that into full ownership and is now showing its gratitude to the American taxpayers who helped fund the deal by relocating Chrysler's headquarters to London ; a move which will lessen the company's...
  • Abolish the Corporate Tax: It’s dumb, corrupt, onerous, and pointless.

    09/04/2014 7:04:44 AM PDT · by SeekAndFind · 27 replies
    National Review ^ | 09/04/2014 | Kevin D. Williamson
    The nominal corporate-income-tax rate in the United States is 35 percent, the highest in the developed world. That’s the on-paper rate. The effective corporate-income-tax rate — i.e., the actual rate — is . . . a matter of some dispute, but Martin A. Sullivan, a highly regarded economist specializing in taxation, puts it around 28 percent. Others have estimated the rate to be much lower: A Government Accountability (ha!) Office study put the figure at about 13 percent. Let’s put it at 0.00 percent. In reality, the effective corporate tax rate varies substantially from firm to firm and from industry...
  • Confiscatory Taxes, Eh? What does "Economic Patriotism" Really Mean?

    08/27/2014 7:25:57 AM PDT · by SeekAndFind · 8 replies
    National Review ^ | 08/27/2014 | The Editors
    If you’re looking to move from Miami to Canada, as Burger King Worldwide is, chances are excellent that your motive is something other than the weather. The word “inversion” has entered the popular vocabulary, describing a tax-driven corporate merger in which a U.S. firm acquires an overseas company and then relocates its legal domicile to that firm’s home tax jurisdiction. The purpose of this is in no small part to escape the onerous U.S. corporate income tax. That’s what Burger King is looking to do by acquiring beloved Canadian doughnut chain Tim Hortons, which is based in Ontario. A number...
  • Ohio senator: Boycott Burger King

    08/25/2014 11:47:34 AM PDT · by jazusamo · 102 replies
    The Hill ^ | August 25, 2014 | Peter Schroeder
    Sen. Sherrod Brown (D-Ohio) is urging consumers to boycott Burger King over reports that the fast food chain is eyeing a tax-cutting move to Canada. Brown, an outspoken corporate critic, said people hankering for a burger should head to Wendy’s or White Castle, two Ohio-based chains that aren’t looking to shrink their tax bill via a so-called “corporate inversion.” “Burger King’s decision to abandon the United States means consumers should turn to Wendy’s Old Fashioned Hamburgers or White Castle sliders,” he said in a statement. “Burger King has always said ‘Have it Your Way’; well my way is to support...
  • Shock: Several 'blue' states are cutting taxes on the rich to spur growth.

    08/15/2014 4:19:19 AM PDT · by IBD editorial writer · 2 replies
    Investor's Business Daily ^ | 08/14/2014 | IBD Staff
    Tax Reform: A new report finds several states that helped elect President Obama are doing something he won't — implementing pro-growth tax policies to get their economies moving. Is the White House paying attention? You wouldn't expect a solidly blue state like Maryland — which hasn't voted for a Republican presidential candidate since Reagan — to be cutting taxes for the rich. But in their last legislative session, Maryland lawmakers passed a plan to raise the estate tax exemption almost fivefold over the next five years, according to the latest annual "Rich States, Poor States" report from the American Legislative...
  • Obama poised to extend record of executive action during congressional recess

    08/09/2014 4:10:51 PM PDT · by jazusamo · 29 replies
    Fox News ^ | August 9, 2014
    With Congress on August recess after failing to agree on a plan to help fix the country’s pressing immigration problems, President Obama is poised to take matters in his own hands with executive actions. Whether the president will act without Congress on immigration and other pressing issues has as emerged as a thorny political question. Critics argue he is intent on violating the Constitution to achieve his political agenda, while supporters say he is being forced into action because of the Capitol Hill dysfunction. Speculation that Obama will act during August recess is not unfounded. He has issued at least...
  • Obama’s Inversion Crusade Is Just Another Attack on Businesses

    07/27/2014 7:59:58 AM PDT · by Sean_Anthony · 14 replies
    Canada Free Press ^ | 07/25/14 | Alan Joel
    Obama has called “for an end to a corporate loophole that allows companies to avoid federal taxes by shifting their tax domiciles overseas in deals known as “inversions.” Such as statement shows the utter ineptitude that Obama has for understanding a) what inversion actually is and b) how his policies are the cause.
  • Company run by daughter of Dem senator moves to Europe to escape US corporate tax

    07/16/2014 9:53:01 AM PDT · by SeekAndFind · 23 replies
    American Thinker ^ | 07/16/2014 | Thomas Lifson
    US taxation of corporate profits is the highest in the world, and hobbles American companies competing on world markets, thereby costing American jobs. Just last month, medical equipment giant Medtronic announced plans to move its headquarters from Minneapolis to Dublin, via the acquisition of a company located there, and taking the new company’s domicile as its own. Now, it is being followed by a company run by the daughter of a US senator. Andrew Ross Sorkin of The New York Times: Heather Bresch grew up around politics. Her father is Joe Manchin, the Democratic senator from West Virginia and a...
  • If we really want to soak the rich, we should abolish the corporate income tax

    07/08/2014 7:02:55 AM PDT · by SeekAndFind · 6 replies
    National Post ^ | 07/08/2014 | Andrew Coyne
    Why do we tax corporations? No, seriously — why? If you’re like most people and all New Democrats, your response will be “because that’s where the money is,” or some variant thereon. Corporations have lots of money, the thinking runs, and are unlikely to mind if the government helps itself to some of it. And since they don’t vote, it doesn’t much matter if they do mind. An economist, on the other hand, would point out that, one way or another, all of the income earned by a corporation finds its way back to the people who financed it, whether...
  • S&P: We Must Cut Corporate Taxes to Create 10M New Jobs

    06/30/2014 7:09:08 AM PDT · by SeekAndFind · 6 replies
    Fox Business News ^ | 06/30/2014 | Elizabeth MacDonald
    There’s a growing, bipartisan consensus that the berserk complexity of the U.S. tax code stymies job growth. Our tax code has grown to be 25 times the length of "War and Peace,” notes Pete Sepp, executive vice president of the National Taxpayers Union. Lowering corporate tax rates and simplifying the maniacally-convoluted tax code is slowly catching fire. S&P Capital IQ has provided an estimate on just what would happen to the U.S. economy if the effective corporate tax rate paid by S&P 500 companies dropped to Switzerland’s average, effective rate of 22.4% from our current 32.3%. S&P Capital IQ says...
  • More Companies Escaping America’s Masochistic Corporate Tax System (Medtronic is the latest)

    06/17/2014 7:50:33 AM PDT · by SeekAndFind · 8 replies
    Townhall ^ | 06/17/2014 | Daniel J. Mitchell
    Last August, I shared a list of companies that “re-domiciled” in other nations so they could escape America’s punitive “worldwide” tax system. This past April, I augmented that list with some commentary about whether Walgreen’s might become a Swiss-based company. And in May, I pontificated about Pfizer’s effort to re-domicile in the United Kingdom. Well, to paraphrase what Ronald Reagan said to Jimmy Carter in the 1980 presidential debate, here we go again. Here’s the opening few sentences from a report in the Wall Street Journal. Medtronic Inc.’s agreement on Sunday to buy rival medical-device maker Covidien COV PLC for...
  • Tax Reform Should Begin With Eliminating Corporate Taxes

    03/19/2014 7:20:24 AM PDT · by SeekAndFind · 58 replies
    IBD ^ | 03/18/2014 | LAURENCE J. KOTLIKOFF
    My daydream is to lock all members of Congress and the president in a classroom with a big whiteboard and not let them out until they can pass a basic test in public finance. The first thing I'd teach them about is tax incidence — who really bears the burden of a tax. Our politicians seem to think the burden of taxes falls on those who they require to pay, as in remit or transmit or hand over or submit or mail in, the tax. This is entirely off base. Who bears the burden of (is hurt by) a tax...
  • Kill the Corporate Tax to Help Workers

    01/13/2014 7:39:54 AM PST · by SeekAndFind · 21 replies
    National Review ^ | 01/13/2014 | Quin Hillyer
    It was a former top Democratic staffer on the House Budget Committee, not some Kemp-Laffer supply-sider, who first convinced me that one of the most dynamic and worthwhile tax reforms, and one of the least costly (to the federal government’s revenues), would be the complete elimination of the corporate income tax. Now comes Laurence Kotlikoff, a well-respected economist, usually a critic of the Lafferites and the tea partiers, to urge again — in the New York Times, no less — that we jettison the whole corporate income tax. Kotlikoff is right: The corporate income tax is a drain on...
  • Obama challenges GOP to accept corporate tax deal

    07/30/2013 2:24:11 PM PDT · by Olog-hai · 10 replies
    Associated Press ^ | Jul 30, 2013 5:14 PM EDT | Nedra Pickler
    President Barack Obama on Tuesday offered congressional Republicans a new corporate tax cut and jobs spending package he said might “help break through some of the political logjam in Washington,” only to have GOP lawmakers immediately throw cold water on the idea. The announcement and quick rejection underscored how elusive common ground is between the Democratic White House and Republicans in Congress on fiscal issues. The divide was particularly stark on the corporate tax proposal given that both parties generally have supported overhauling the code for businesses, though the White House and Republicans have differed on specifics. … The U.S....
  • John Boehner Has Already Killed The 'Grand Bargain' More Than 5 Hours Before Obama's Speech

    07/30/2013 7:57:28 AM PDT · by SeekAndFind · 76 replies
    Business Insider ^ | 07/30/2013 | Brett LoGiurato
    House Speaker John Boehner has already thrown a wrench into President Barack Obama's latest "grand bargain" offer — just a few hours after details of it began trickling out, and just five hours before Obama is set to deliver a speech detailing the plan in Tennessee. The gist of Obama's grand bargain is a plan to cut the corporate tax rate, while using billions of dollars in revenue generated in business tax overhaul to fund a job-creation program. In a statement, Boehner spokesman Michael Steel shot down the idea, marveling that it left small businesses "and American families behind." "The...
  • America’s Corporate Tax System Ranks a Miserable 94 out of 100 Nations

    07/12/2013 10:24:04 AM PDT · by SeekAndFind · 11 replies
    Townhall ^ | 07/12/2013 | Daniel J. Mitchell
    I’ve relentlessly complained that the United States has the highest corporate tax rate among all developed nations. And if you look at all the world’s countries, our status is still very dismal. According to the the Economist, we have the second highest corporate tax rate, exceeded only by the United Arab Emirates. But some people argue that the statutory tax rate can be very misleading because of all the other policies that impact the actual tax burden on companies. That’s a very fair point, so I was very interested to see that a couple of economists at a German think tank put together a “tax...
  • For more jobs, fix the corporate tax code

    07/03/2013 7:34:27 AM PDT · by SeekAndFind · 3 replies
    Los Angeles Times ^ | 07/03/2013 | Yuri Vanetik
    The May jobs report shows that the American economy added 175,000 positions. Positive employment growth is welcome news, of course. But May's gains weren't big enough to make a dent in the national joblessness rate, which actually ticked up to 7.6%. Meanwhile, revenue at most U.S. companies continues to grow as firms expand operations and accumulate capital. Yet this progress hasn't precipitated a proportional expansion in hiring. This lag has long been a source of frustration on Capitol Hill. Perhaps yet another month of anemic job growth will actually jolt policymakers into action. The best way for Congress and the...
  • Corporate Tax Avoidance: Where’s the Harm?

    05/27/2013 7:54:05 AM PDT · by SeekAndFind · 7 replies
    Townhall ^ | 05/27/2013 | Chris Edwards
    Politicians are having fun slapping around big corporations for supposedly not paying enough taxes. In this country, Apple is the current target, while in Europe it’s Google, Amazon, and Starbucks, according to the Washington Post today. But there is an elephant in the room that the many reporters and politicians blustering over the issue have been too ideologically blind to see: There is no obvious harm being done by today’s corporate tax avoidance. The first thing to note is that when investment flows through tax havens, it’s not clear that it causes any economic distortions. The Washington Post story...
  • Targeting Apple: America's Burdensome Corporate Tax System Is To Blame For Tax Avoidance

    05/23/2013 7:25:18 AM PDT · by SeekAndFind · 3 replies
    National Review ^ | 05/23/2013 | The Editors
    At a Senate committee hearing on Tuesday, federal lawmakers hauled in America’s most successful corporation to investigate why it had so precisely followed the laws those solons have passed. The targeting of Apple should be no particular surprise, in Congress’s crass calculus: True, even if reducing one’s tax burden and shifting profits overseas were a crime, Apple would probably not be the first company to investigate for such behavior — as chief executive Tim Cook pointed out, Apple paid $6 billion in corporate-income taxes to the U.S. Treasury in 2012, which is enough to run the entire Transportation Security Administration...
  • Apple Avoids Most Income Taxes, Panel Finds

    05/20/2013 5:33:56 PM PDT · by SeekAndFind · 27 replies
    Wall Street Journal ^ | 05/20/2013 | By KATE LINEBAUGH, JESSICA E. LESSIN and DANNY YADRON
    Apple Inc. paid little to no corporate income tax to any national government on tens of billions of dollars in overseas income over the past four years, Senate investigators found, a revelation that fuels the debate over whether the U.S. tax code needs an overhaul. The disclosure follows a lengthy examination of the technology giant's tax practices by the U.S. Senate's Permanent Subcommittee on Investigations, which is expected to air its findings at a hearing on Tuesday. Apple Chief Executive Tim Cook is preparing to testify at the hearing, and is expected to propose changes to a tax code that...
  • Can You Name the One Nation in the World with a Higher Corporate Tax Rate than the United States?

    05/01/2013 10:03:44 AM PDT · by Kaslin · 133 replies ^ | May 1, 2013 | Daniel J. Mitchell
    I’ve made the point before that the United States foolishly imposes the highest corporate tax rate of all developed nations. But that obviously means it is theoretically possible for there to be a nation in the developing world that has a higher corporate tax rates. Well, according to this map produced by the Financial Times, there is one nation with a worse corporate tax regime. It’s not China, which is nominally still a communist nation (though apparently with more of a pro-business mentality than the United States). It’s not Venezuela or Argentina, corrupt and thuggish Latin American nations. And it’s...
  • America’s Companies Paying the Most in Taxes

    03/15/2013 8:52:31 AM PDT · by SeekAndFind · 2 replies
    Wall Street 24X7 ^ | 03/15/2013 | Douglas A. McIntyre
    There has been a bruising battle over how much America’s largest corporations should pay in taxes, especially as the size of the federal budget deficit grows. While on paper the federal corporate tax rate is 35%, companies usually pay far less than that because of loopholes and subsidies. That has caused some activists to say that companies should pay the full rate regardless of special accounting charges, or if some revenue is earned overseas. Still, several huge American companies pay the 35% rate, and because of their size, the amount is well into the billions of dollars. The companies paying...
  • U.S. should ax destructive corporate tax

    09/25/2012 5:02:58 AM PDT · by SeekAndFind · 5 replies
    Washington Times ^ | 09/25/2012 | Richard Rahn
    It’s difficult to say definitively which tax is the most destructive. The corporate income tax is a leading candidate for causing higher prices to consumers, lower wages to workers and lower returns to investors. It misallocates capital, resulting in higher levels of unemployment and lower levels of economic growth and opportunity, and it taxes income that has already been taxed as least once before. The 2012 annual rankings of “Corporate Tax Competitiveness” was published in Canada by University of Calgary and in the United States by Cato Institute. In the study, authors Duanjie Chen and Jack Mintz of the school...
  • The White House's Global Tax Gaffe

    04/02/2012 10:24:29 AM PDT · by 92nina · 3 replies
    ATR ^ | 2012-03-30 | Hugh Johnson
    On Sunday, Japan’s corporate tax reform kicks in and the United States will have the highest corporate tax rate in the world. Including average state taxes the corporate tax rate in the United States reaches an astounding 39.2 percent, much higher than the OECD international average marginal tax rate of 25.5 percent. Obama’s own former Council of Economic Advisers chairman, Austan Goolsbee, documented firm sensitivity to taxation. Goolsbee’s paper, published at the University of Chicago, highlighted increased deadweight loss as a significant adverse consequence of corporate taxation. Simply put, taxes create inefficiencies while giving governments more money to spend. Businesses,...
  • MILLER: America’s high tax leadership

    04/01/2012 3:16:11 PM PDT · by Tolerance Sucks Rocks · 3 replies
    The Washington Times ^ | March 30, 2012 | Emily Miller
    The United States is now, officially, the worst place to do business in the developed world. On Sunday, Japan lowered its corporate tax rate in the hopes of luring business to its shores, handing the title of highest tax rate to the Land of the Free. The market reaction on Monday will tell whether money will begin flowing away from us and toward the more business-friendly Asian country. Japan’s combined corporate tax rate went down from 39.8 percent to 36.8 percent on its way to 34.5 percent within a few years. The U.S. federal rate is 35 percent and the...
  • US now has highest corporate tax rates in the world (Not an April Foll's joke)

    03/31/2012 6:15:49 PM PDT · by SeekAndFind · 5 replies
    American Thinker ^ | 03/31/2012 | Rick Moran
    This OECD chart (bottom of the page) published by Heritage says it all: ____________________________________ The U.S. rate is well above the 25 percent average of other developed nations in the Organization for Economic Cooperation and Development (OECD). In fact, the U.S. rate is almost 15 percentage points higher than the OECD average. This gaping disparity means every other country that we compete with for new investment is better situated to land that new investment and the jobs that come with it, because the after-tax return from that investment promises to be higher in those lower-taxed nations. Our high rate also...
  • Obama Corporate Tax Reform a Sugar-Coated, Harmful Tax Hike

    02/22/2012 12:49:32 PM PST · by Hunton Peck · 4 replies
    The Foundry/Heritage Foundation ^ | February 22, 2012 at 1:03 pm | J.D. Foster
    With his corporate tax reform “framework,” President Obama today added another element to his ultimately harmful economic agenda. Previously announced anti-growth policies include massive budget deficits, a huge tax hike on individuals and small businesses in 2013, and his proposal to nearly triple the dividend tax rate. His new proposal starts strong by reducing the federal corporate income tax rate to 28 percent from the current 35 percent. This is a good and long-overdue policy change. Regrettably, he marries rate reduction to a net corporate tax hike based in part on extending his policy to hammer and ultimately deconstruct U.S....
  • Obama Tax Revamp Seeks 28% Corporate Rate [Proving DNC knows the rates kill jobs]

    02/22/2012 11:22:02 AM PST · by NoLibZone · 16 replies
    Wall Street Journal ^ | Feb 22 2012 | y JEFFREY SPARSHOTT And SIOBHAN HUGHES
    The Obama administration Wednesday proposed an overhaul of U.S. corporate taxes that would lower the maximum rate companies pay while eliminating scores of loopholes that allow businesses to reduce their payments. The Treasury Department said the plan would overhaul the corporate-tax code, including lowering the top income-tax rate for corporations to 28% from 35%, cutting the effective tax rate even further for manufacturers, and eliminating popular deductions. The plan also maintains or makes permanent some credits, such as for research and development and production of renewable electricity, which aims to encourage investment in wind and solar power. "A key test...
  • Obama moves on corporate-tax reform (in the wrong direction!)

    02/22/2012 9:37:34 AM PST · by SeekAndFind · 9 replies
    Hotair ^ | 02/22/2012 | Ed Morrissey
    Corporate tax reform has long been an opportunity for a win-win bipartisan effort in Washington. Everyone agrees that the corporate code needs significant changes, if not a complete overhaul; it's too complicated, too costly, and rewards the larger companies that can afford to analyze it for every possible benefit. Both parties have made corporate tax reform part of their plartforms, Democrats arguing that we need to close loopholes, Republicans that we need simplification and lower rates.The White House decided to go first on corporate tax reform: The Obama administration Wednesday will unveil a framework for reforming the corporate tax code...
  • Exclusive: Obama to pitch lower corporate tax

    02/10/2012 4:27:02 PM PST · by Hunton Peck · 12 replies
    Reuters ^ | Fri Feb 10, 2012 6:47pm EST | Kim Dixon
    President Barack Obama will call for cutting the top 35 percent corporate tax rate as early as this month, according to two sources close to the administration. The president is likely to propose a rate closer to an average of that seen in peer nations, the sources said. This would jibe with remarks made last year by Treasury Secretary Timothy Geithner, who suggested the United States should be moving to a rate more in line with its major trading partners in the high 20-percent range. Obama outlined tax measures - including closing tax loopholes for companies that move facilities and...
  • The Global Elite Are Hiding 18 Trillion Dollars In Offshore Banks

    01/22/2012 6:49:15 AM PST · by SeekAndFind · 32 replies · 1+ views
    The Economic Collapse ^ | 01/21/2012 | Michael Snyder
    In recent days, the fact that Mitt Romney has millions of dollars parked down in the Cayman Islands has made headlines all over the world. But when it comes to offshore banking, what Mitt Romney is doing is small potatoes. The truth is that the global elite are hiding an almost unbelievable amount of money in offshore banks. According to shocking research done by the IMF, the global elite are holding a total of 18 trillion dollars in offshore banks. And that figure does not even count any money being held in Switzerland. That is a staggering amount of...
  • Where the candidates really stand on business taxes

    12/02/2011 3:31:36 PM PST · by afraidfortherepublic · 1 replies
    Business Brief ^ | 12-2-11 | Jennifer Azara
    Whether you’ve been watching every debate or are waiting until the field narrows, the 2012 presidential election push has gotten underway. So what will the impact be on your business? No denying, the economy will be a hot topic this go-around. And tax reform remains an integral part of any strategy to right the ship. One specific target? Corporate taxes. With good reason: The United States is well above-average in its corporate tax rates. While the international average falls around 20%, we blow that away. But maybe not for long. The candidates vying for the Republican presidential nomination plan to...
  • Who Really Pays For Corporate Taxes?

    11/10/2011 6:49:31 AM PST · by SeekAndFind · 17 replies
    IBD ^ | 11/11/2011 | Prof. Walter Williams
    Many Wall Street Occupiers are echoing the Communist Party USA's call to "Save the nation! Tax corporations! Tax the rich!" There are other Americans, on both the left and the right — President Obama and House Speaker John Boehner, for example — who call for reductions in corporate taxes. But the University of California at Berkeley's pretend economist Robert Reich disagrees, saying, "The economy needs two whopping corporate tax cuts right now as much as someone with a serious heart condition needs Botox." Let's look at corporate taxes and ask, "Who pays them?" Virginia has a car tax. Does the...
  • Study: 30 top firms paid no federal income taxes (Could 9-9-9 have remedied that?)

    11/03/2011 12:52:02 PM PDT · by SeekAndFind · 17 replies
    Politico ^ | 11/03/2011 | Tim Mak
    Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes. In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government. Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative...
  • Tax the Banks to Cover Auto Bailout Losses?

    09/29/2011 9:16:18 AM PDT · by jazusamo · 1 replies
    National Legal & Policy Center ^ | September 29, 2011 | Mark Modica
    A recent article on by John Berlau exposes another scheme by the Obama Administration designed to redistribute more wealth in an effort to cover taxpayer losses in the General Motors and Chrysler bailout fiasco. The plan is to have financial institutions with assets of more than $50 billion to continue to pay a "financial crisis responsibility fee" until TARP losses by firms like GM and Chrysler are recouped. Of course, cronies at GM and Chrysler are not on the hook for the losses. It seems that the old playbook used by Obama to have others pay for the...
  • Palin calls for elimination of corporate income tax

    09/06/2011 8:51:55 PM PDT · by 2ndDivisionVet · 112 replies
    Ideal Taxes Association ^ | September 6, 2011 | Howard Richman
    (VIDEO AT LINK) In her speech in Iowa on September 3, which you can watch above, Governor Sarah Palin called for the complete elimination of the U.S. corporate income tax as a way to create jobs. She correctly pointed out that the corporate income tax sends American jobs abroad and that eliminating the tax would cause investment in America to surge. At the same time that she would eliminate the corporate income tax, she would end corporate bailouts, corporate welfare and tax loopholes. She would do so partly as an anti-corruption measure. She argues that Obama is growing a corrupt...