How does the USA expect to have a balanced budget with companies like this?

Discussion in 'Politics, Religion, Social Issues' started by Happybunny, Feb 23, 2012.

  1. Happybunny macrumors 68000

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  2. Sedulous macrumors 68000

    Sedulous

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    #2
    But they are job creators! Gasp! You can't expect them to pay a fair tax burden!
     
  3. Thomas Veil macrumors 68020

    Thomas Veil

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    #3
    Leona Helmsley: "We don't pay taxes. Only the little people pay taxes."

    Would that it worked out for more CEOs the way it worked out for her.

    [​IMG]
     
  4. Sedulous macrumors 68000

    Sedulous

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    #4
    Doesn't it work like this:

    1: Lower taxes
    2: ?
    3: Profit
     
  5. AP_piano295 macrumors 65816

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    #5
  6. flopticalcube macrumors G4

    flopticalcube

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    #6
    Corporations are people too, my friend. If wealthy individuals can avoid paying tax, why can't wealthy corporations? Woe to the small operator who tries to deduct the toilet paper in his office bathroom, however.
     
  7. mcrain macrumors 68000

    mcrain

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    #7
    How can the USA have a balanced budget with candidates like this?

    Fiscal conservatives my (favorite fish is b)ass.

    Ron Paul would reduce the debt while destroying our country. Yippie!
     
  8. Liquorpuki macrumors 68020

    Liquorpuki

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    #8
    GE paid no taxes because green technology is highly subsidized under Obama. GE Energy is the #2 supplier of wind turbines for the entire world yet keeps their manufacturing base here in the US. And the US has no other company besides GE that's a global leader in green energy. Every other company is just a local operator or just trying to get a piece of the pie.

    The same tax incentives and subsidies that benefit GE have also put solar panels on roofs, initiated smartgrid programs, rewarded early adopters of electric vehicles, and have the long term goal of cutting oil dependence.

    So it's not that simple. And with GE at least, you can't blame their net zero tax on big business being in bed with Republicans because the subsidization that facilitated it is entirely a result of environmental lobbying, not business lobbying. The GOP doesn't care about environmentalism.
     
  9. vrDrew macrumors 65816

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    #9
    The philosophical/economic argument against corporate taxes in general has always been that a) since corporations are ultimately owned by people b) at some point these corporations will pay out their profits to their owners and c) these owners will end up paying income taxes on the dividends, capital gains. Ergo any corporate tax ends up being the dreaded "double taxation."

    Its a convenient, and plausible, argument.

    Of course the reality is that it doesn't ever seem to work out that way. And corporations seem to have no end of loopholes and deductions to take advantage of. Case in point: Apple has granted billions of dollars worth of stock options to its executives over the past decade. Essentially costing the company zero cash. But when the executive exercises those options (ie. selling options granted at $50 a share for todays ~ $500/share price) Apple gets to take a deduction on the ~ $450 difference between the option and sales price. Essentially negating whatever personal income tax the Jony Ives and Tim Cooks of the world pay.

    Then there are the Googles and GEs of the world, which take advantage of foreign tax havens to shelter a huge chunk of their earnings from tax. Basically these allow companies to transfer all their "intellectual property" earnings (no matter where they are earned) to an Irish entity, which then pays fees to yet another offshore paper company. Combining a Double Irish with a Dutch Sandwich (I'm not making these up) has allowed Google, for instance, to operate essentially US tax free for almost a decade.

    Don't Be Evil, indeed.
     
  10. kavika411 macrumors 6502a

    kavika411

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    #10
    If I understood the news correctly earlier today, Obama is pushing to lower the corporate tax rate and close loopholes. Good for him.
     
  11. LethalWolfe macrumors G3

    LethalWolfe

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    #11
    GE, among other companies, have entire departments and spend millions of dollars annually to exploit, and even create, loop holes in the tax code. GE makes green tech because GE has pushed though tax breaks on the green tech that it makes. They are basically writing their own subsidies.

    Really good article about this at the NYTimes.

    I agree that it goes beyond republican and democrat because ultimately it takes a lot of money to run for political office and guess who has the most money to 'invest' in politicians?

    But aren't corporations considered people under the law in the US? In that they have some of the same rights and responsibilities as people? I know they want to be treated as a person when it serves their interests and not be treated like a person when it doesn't serve their interests, but they can't have their cake and eat it too.


    Lethal
     
  12. rdowns macrumors Penryn

    rdowns

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    #12

    Some reactions from Andrew Sullivan's column. It's a start but nowhere near where we need to be.

     
  13. ucfgrad93 macrumors P6

    ucfgrad93

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    #13
    It sure would be nice if Bershire Hathaway would pony up the $1 billion in back taxes they owe.

    http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html

    http://www.theblaze.com/stories/how...thaway-back-tax-bill-exactly-about-1-billion/
     
  14. Thomas Veil macrumors 68020

    Thomas Veil

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    #14
    But would you want your daughter to marry one?
     
  15. skunk macrumors G4

    skunk

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    #15
    Only if it came with a decent package of health benefits.
     
  16. iJohnHenry macrumors P6

    iJohnHenry

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    #16
    Find your daughter a nice medical corporation to marry.

    Problem solved.
     
  17. Thomas Veil macrumors 68020

    Thomas Veil

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    #17
    So I live in this nice, decent middle class development. And last week this corporation moves in next door.

    And I turn to my wife and I says, "There goes the neighborhood."

    * rimshot *
     
  18. Gelfin macrumors 68020

    Gelfin

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    #18
    Oh, that's every parent's dream, of course, but you know she'll just end up settling for the first skate shop LLC or used guitar store s-corp that pays a bit of a dividend to her. Breaks the heart, really.
     
  19. Sedulous macrumors 68000

    Sedulous

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    #19
    The children! Won't somebody think about the children!
    [​IMG]
     
  20. flopticalcube macrumors G4

    flopticalcube

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    #20
    Knowing my daughter, the corporation would be a shell of his former self after she was through with him. Hey, maybe she could get a job at Bain Capital!
     
  21. northy124 macrumors 68020

    northy124

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    #21
    He is what :eek: how dare he, does he not know what he will do to Corporations bank balances? :(
     
  22. mcrain macrumors 68000

    mcrain

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    #22
    Are you sure you really know your daughter? She might try to merge with a women's shoe store if the Christian conservatives would let her.
     
  23. Huntn macrumors G5

    Huntn

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    #23
    A better question is "How does the USA expect to have a balanced budget with a government like we have, and voters who put them into office?"

    The linked article in the OP is infuriating or mind numbing, your choice.
     
  24. chris200x9 macrumors 6502a

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    #24
    How does the USA expect to have a balanced budget with companies people like this?
     
  25. fox10078 macrumors 6502

    fox10078

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    #25
    Wirelessly posted (Mozilla/5.0 (iPhone; CPU iPhone OS 5_0_1 like Mac OS X) AppleWebKit/534.46 (KHTML, like Gecko) Version/5.1 Mobile/9A405 Safari/7534.48.3)

    My god. A horrible story from all angles. 1 moron has 15 little morons. this is how the movie idioticracy started.

    Abolish religion first then limiting the ammount of children will not be so hard.
     

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