IRS Data Shows: "The Rich" Pay Higher Rates

Taft2016 said:
Yes they are. I'm part of them, and so are millions more Americans.

Why tax the same money twice?

Does your greed know no limits?

Look at the numbers. The most profitable enterprise in this country is government... even if we're talking about oil, gasoline, or tobacco.

And they suck at that too. The deck is stacked in their favor and still they're still flat broke.
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No, you are NOT part of a corporation unless you are a shareholder or executive/management. You are an EMPLOYEE, of whom's labor the corporations derives its wealth from.

As for your water carrying regarding corporate taxation, I'm curious as to why folk like you NEVER deal with corporations NOT paying the same federal taxes that YOU do.

26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions In Profits

http://thinkprogress.org/economy/2012/04/09/460519/

And if that weren't enough, there's corporate welfare:

'Corporate Welfare' Costs Taxpayers Almost $100 Billion in FY 2012, Cato Report Finds
August 3, 2012 - 4:05 PM

http://cnsnews.com/news/article/cor...-almost-100-billion-fy-2012-cato-report-finds


And your statement about the federal gov't being the most profitable enterprise is just nonsensical rhetoric that's parroted from the likes of Kristol, Levin, Drudge, Crowley, Maulkin, Limbaugh, Levin, etc.
 
Taft2016 said:
Ordinary people like me own Coca Cola, Caterpillar, Clorox, Merck, Pfizer, etc. And then through mutual funds, 401Ks, pension funds, etc....many more corporations we don't even realize.

You are trying to bend reality to fit your preconception that corporations are faceless entities, when in reality everyday Americans like you and I own them.
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Bullshit! You can own stock....other than that you don't own a fucking thing regarding the corporate profits....and if Wall St. decides to play games like it did by the end of 2011, your stock or 401K may not be worth the paper it's written on.
 
Annie said:
Perhaps make it easier to understand?

http://breakingenergy.com/2013/02/07/exxon-paid-roughly-twice-the-income-tax-as-apple-last-year/
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And then there is this:


26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions In Profits

http://thinkprogress.org/economy/2012/04/09/460519/

And if that weren't enough, there's corporate welfare:

'Corporate Welfare' Costs Taxpayers Almost $100 Billion in FY 2012, Cato Report Finds
August 3, 2012 - 4:05 PM

http://cnsnews.com/news/article/corp...o-report-finds
 
Taichiliberal said:
And then there is this:


26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions In Profits

http://thinkprogress.org/economy/2012/04/09/460519/

And if that weren't enough, there's corporate welfare:

'Corporate Welfare' Costs Taxpayers Almost $100 Billion in FY 2012, Cato Report Finds
August 3, 2012 - 4:05 PM

http://cnsnews.com/news/article/corp...o-report-finds
Click to expand...

What's your take on lowering the corporate tax rate while eliminating many of the loopholes?
 
I've explained this before... goes in one liberal ear and out the other. I'll try once more.

Corporations do not get tax benefits individuals get. If you finish your year with $10K extra after paying bills and taxes, you can put that money in the bank for your future. You won't pay taxes on it again, except for taxes on any interest earned.

Corporations can not do that. If they keep this year's money into next year, they have to pay tax on it again. It called the Accrued Earnings Tax.

So, basically, corporations have to zero out their profits at the end of the year. Since dividends paid to shareholders are not deductible, they give it to employees as an operating expense. This is why you see huge CEO bonuses... the CEOs run the bonus through some sort of tax shelter and "lend" the money back to the corporation. The corporation gets its money back, this time in the debt column instead of the profit column.

It's an easy fix... get rid of the accrued earnings tax. Then corporations wouldn't have to go to such Herculean efforts to wipe out profits at the end of the year.

Additionally, corporations take legitimate tax deductions for research and development. And taxes paid overseas, just as your state, local, and property taxes are deductible from your federal taxes.

It's no mystery.
 
Taichiliberal said:
Bullshit! You can own stock....other than that you don't own a fucking thing regarding the corporate profits....and if Wall St. decides to play games like it did by the end of 2011, your stock or 401K may not be worth the paper it's written on.
Click to expand...

Then enlighten us....who owns it?
 
Taichiliberal said:
Bullshit! You can own stock....other than that you don't own a fucking thing regarding the corporate profits....and if Wall St. decides to play games like it did by the end of 2011, your stock or 401K may not be worth the paper it's written on.
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You own exactly your share, sorry turbolibby
 
Kind of sad.... an adult not owning anything for retirement.

Ralston Purina might be a good investment. These libtards are going to be eating dog food in their old age.
 
Damocles said:
IRS Data Show Most Millionaires Pay Taxes at Higher Rate Than Middle Class

President Obama and his advisers are presenting the "Buffett Rule" as the cure for an epidemic of millionaire tax scofflaws, but national statistics show millionaires by and large are paying taxes at a much higher rate than middle-class families.

And their income taxes make up a significant portion of the federal budget pie.

Data compiled by the nonpartisan Tax Policy Center show households pulling in more than $1 million pay about 29.1 percent of their income in federal taxes. By contrast, households making between $50,000 and $75,000 pay about 15 percent.

The so-called Buffett Rule has become the political centerpiece of the president's deficit-reduction program. Named after Warren Buffett, the provision would ensure people making more than $1 million a year pay taxes at a higher rate than the middle class.

Read more: http://www.foxnews.com/politics/201...-higher-rate-than-middle-class/#ixzz1YVVmVMVe
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I guess some of these people cited here must actually still be earning their income. Too bad for them. But once they get to the level of Dick Cheney and others of his ilk and all their earnings begin coming from investments they will be paying about $1.5 million in taxes on $11 million in income! And that surely doesn't seem like nearly 30% percent to me. And who knows what Romney's actual rate or those of his super-rich friends were either, he lied so much anyone who believed a word that he said was brain dead, but he only paid about 13% too, so most of the real money power in America is still sliding! Even if these poor working stiffs are paying slightly more than their middle class compatriots who have little to show for their hard labor while the millionaires have plenty to show for an expertise that is mostly composed of connections.
 
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kiki said:
Try reading slower. Our President's budge plan would include the cessation of tax breaks for the oil and gas companies.
I'll try and bring up to-date on how our government works. Our President is in the Executive Dept.; therefore, he cannot make laws. Do you know which dept. is responsible for making laws?
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Really he doesn't make law?

So are the waivers and delays in Obamacare written into law?

As to these so called tax breaks Exxon receives, it is what every company receives.

But, you claimed that Exxon paid ZERO taxes. That is incorrect and provably so. Therefore, you are either grossly ignorant and uninformed or lying. Your choice.

FYI, I am not a proponent of our current tax system.
 
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