Last I looked, investors are the owners of the corporation. They should expect to pay taxes in proportion to their percentage of shares of common stock. Additionally, since the Citizens United decision, corporations have been deemed more than ever to be persons. So you'd like them to have the privileges without the responsibilities? I think Paul's point stands. And if marginal costs go up, companies may increase production to maintain their actual profit, hence more employment and prices that could drop.
The bottom line for most real people (as opposed to corporations) is that they understandably resent any entity, whether a corporation or an individual, with an income in the millions or billions paying little or no income tax. when those same people are paying a fair share.
C&NW, CA&E, MILW, CGW and IC fan
schlimm Last I looked, investors are the owners of the corporation. They should expect to pay taxes in proportion to their percentage of shares of common stock. Additionally, since the Citizens United decision, corporations have been deemed more than ever to be persons. So you'd like them to have the privileges without the responsibilities? I think Paul's point stands. And if marginal costs go up, companies may increase production to maintain their actual profit, hence more employment and prices that could drop. The bottom line for most real people (as opposed to corporations) is that they understandably resent any entity, whether a corporation or an individual, with an income in the millions or billions paying little or no income tax. when those same people are paying a fair share.
If "most real people" are truly resentful, they don't have much justification. The top 5% of all wage earners pay about 60% of all income taxes. The bottom 50% pays about 3%.
John Timm
Rehabilitate Tennessee Pass!!
desertdog If "most real people" are truly resentful, they don't have much justification. The top 5% of all wage earners pay about 60% of all income taxes. The bottom 50% pays about 3%.
I guess there is no justification for resentment in this: According to its 10-K filing, Exxon Mobil had net income of $45 Bil. in 2009, yet legally paid no US income tax, although they did pay $15 Bil. to foreign governments. According to greyhound's take on things, since they just pass their taxes onto the consumer, I guess those of us who purchased gasoline at Exxon stations made a pretty generous contribution to tax havens in Bermuda and the Bahamas. There are similar horror stories with others such as GE. Nice.
schlimm desertdog: If "most real people" are truly resentful, they don't have much justification. The top 5% of all wage earners pay about 60% of all income taxes. The bottom 50% pays about 3%. I guess there is no justification for resentment in this: According to its 10-K filing, Exxon Mobil had net income of $45 Bil. in 2009, yet legally paid no US income tax, although they did pay $15 Bil. to foreign governments. According to greyhound's take on things, since they just pass their taxes onto the consumer, I guess those of us who purchased gasoline at Exxon stations made a pretty generous contribution to tax havens in Bermuda and the Bahamas. There are similar horror stories with others such as GE. Nice.
desertdog: If "most real people" are truly resentful, they don't have much justification. The top 5% of all wage earners pay about 60% of all income taxes. The bottom 50% pays about 3%.
It's not my "Take" on things, it's reality. Corporations don't pay taxes. They collect the taxes from people and forward the money to the government. I've shown you a Congressional Budget Office paper that confirms that. The CBO paper aparently didn't make a dent.
I make no defense of the insane tax laws. But you really have to deal with reality. No matter what the tax laws are corporations will not, and can not pay taxes. Only people pay taxes. Accept that. It's real.
Here's a CNN mini report on the Exxon 2009 tax situation.
http://money.cnn.com/galleries/2010/news/1004/gallery.top_5_tax_bills/2.html
Ken: It's an old and complicated, though interesting issue (see link from the mid-80's) with clear disagreement among economists, so I don't think it is quite kosher to portray it as a settled fact. (especially see Medlin's comments.
http://findarticles.com/p/articles/mi_m1132/is_v36/ai_3706153/
Sorry but the hyper link button doesn't seem to be available at the moment of posting.
Our community is FREE to join. To participate you must either login or register for an account.