My shocked face
Corporations do not pay taxes. It’s common knowledge that those costs would be passed to consumers. And that’s more the figurative sense. However, in the real sense, they don’t pay them either. Of course not. They also have tax departments and consultants that do their tax planning with the goal in mind of minimizing or eliminating paying taxes.
I do like the spin that a company has a negative tax rate. Seems actually using tax credits makes you evil!
November 4th, 2011 at 9:51 am
Don’t do what the government wants you to do, get in trouble via the government.
Do what the government wants you to do, get in trouble via the media.
What a great country we live in.
November 4th, 2011 at 10:17 am
Sadly, this system is working exactly as designed. We don’t use taxation to fund the legitimate needs of the government, we use taxation as a carrot & stick system of rewarding the ‘right’ behavior and punishing the ‘wrong’ ones.
November 4th, 2011 at 11:19 am
A little context here: many companies didn’t pay income tax for those years because they were _losing money._ Great Drepression II and all.
Also, a handy little provision which allows some companies to seek a refund of prior taxes paid because they’re losing money today.
Walmart on the other hand was consistently profitable, and continuously paid corp income taxes (and FUTA, and payroll taxes, and property taxes, etc.)
November 4th, 2011 at 1:23 pm
Corporations do not pay taxes?
Yes they pay them. Corps pay income tax on any profits. And then when they declare a dividend the stockholders AGAIN pay a tax, called the income tax.
Duh..
That is double-taxation!!!
November 4th, 2011 at 1:42 pm
What was Solyndra’s effective tax rate?
November 4th, 2011 at 11:41 pm
GE (It bring evil to life!) made a Profit on the tax code last year, getting back $100,000+. Of course, their CEO is on some council or other in the gov’t…..for Obama.
November 5th, 2011 at 1:44 am
Nor do the workers pay income taxes.
The end consumer pays all taxes. Thirty something percent every time they buy anything, regardless of what they have been told their marginal income tax rate is.
Or, who do you really think is paying for that material good or service, labor, burden, materials, excises, equipment, overhead, and that dreaded ~5% profit?
The corps are just trying to minimize what they HAVE to pass on to the end consumer.