Deleted
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Post by Deleted on Mar 2, 2021 6:09:33 GMT
Then we wonder why we can't afford paid leave, more block grants, etc... itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/   Not to mention making the middle class pay for the needs of their employees due to their poverty wages. How we're all paying for corporate dividends by keeping wages low so employees need our tax money to survive. "A 2013 study from researchers at the University of California at Berkeley and the University of Illinois at Urbana-Champaign found that 73% of people receiving government benefits were from "working families" but had "jobs that pay wages so low that their paychecks do not generate enough income to provide for life's basic necessities." The study found that the average frontline fast-food worker earns just $8.69 per hour and that about 87% of them did not receive health benefits, leaving them to "rely on taxpayer-funded safety net programs to make ends meet." The researchers released another report in 2015 showing that more than half of all fast-food workers were in families where at least one member relies on public benefits, costing taxpayers more than $150 billion each year. Part of the problem is that wages have not kept up with growth in productivity and corporate profits for decades, researchers say. Another key issue is that the federal minimum wage, which is far below the rate it was for decades when adjusted for inflation, has stayed the same for over a decade and has been increased just once in the last two decades." www.salon.com/2020/12/12/government-study-shows-taxpayers-are-subsidizing-starvation-wages-at-mcdonalds-walmart/ |
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M in Carolina
Pearl Clutcher
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Post by M in Carolina on Mar 2, 2021 6:35:09 GMT
Thank you for posting this. We all need to know who's not paying their fair share.
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Post by revirdsuba99 on Mar 2, 2021 12:29:24 GMT
It needs to be understood that these large cooperation are paying no federal taxes. They/some are not paying employees living wages... (Note the energy companies listed.. manufacturing etc..) Notice General Motors...
WE are susidizing the companies by providing their employees with benefits that they should get from their employers!!
The emphasis should not be just on fast-food workers.
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Post by jeremysgirl on Mar 2, 2021 13:04:43 GMT
This was so good, I posted it to my Facebook wall. Thanks for the link.
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Deleted
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May 16, 2024 17:56:50 GMT
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Post by Deleted on Mar 2, 2021 14:05:23 GMT
Corporate Tax Avoidance in the First Year of the Trump Tax Law
Recommendations for Reform:
Repeal the full expensing of capital investments that was enacted as part of the Tax Cuts and Jobs Act and pare back permanent provisions that allow accelerated depreciation.
Limit the ability of tech and other companies to use executive stock options to reduce their taxes by generating “costs” that far exceed what companies actually incur.
Repeal the new “territorial” tax system and instead move toward a worldwide tax regime that would remove the tax incentive to shift profits and jobs overseas.
Reinstate a strong corporate Alternative Minimum Tax to act as a backstop to ensure all profitable corporations pay a meaningful corporate income tax bill each year.
Increase transparency by requiring country-by-country public disclosure of company financial information, including corporate income and tax payments, through filings to the Securities and Exchange Commission.
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Deleted
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Post by Deleted on Mar 2, 2021 14:45:36 GMT
Not to mention little gems like this: "Dying oil companies’ parting gift: millions in cleanup costs.. Though Weatherly insisted it couldn’t find the money to fulfill its plugging obligations, the company’s top executives were paid a combined $8.6 million in the year preceding bankruptcy" grist.org/energy/abandoned-oil-wells-texas-railroad-commission/Capitalism for the profits of the business. Socialism for the costs. |
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Post by crazy4scraps on Mar 2, 2021 14:55:20 GMT
And this is exactly why we can’t have nice things, especially when you consider all of the other things that these same companies do to avoid other types of taxes, such as tax increment financing, etc., and all while taking advantage of taxpayer provided public amenities such as police protection, fire departments, public roads and infrastructure, etc. But yeah, tell me again how trickle down economics works.  |
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Deleted
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Post by Deleted on Mar 2, 2021 15:03:01 GMT
And this is exactly why we can’t have nice things, Yep. All the millions of needs for people to have better mental health care for their families, better child care, better training and education. But instead, we let companies sit on those billions/trillions and pass them out as dividends to shareholders - FOREIGN and DOMESTIC - who take that money and can spend it here and ALL OVER THE WORLD - on their luscious lifestyles - which does JACK ALL for those in need in the US. Far better to tax them to some reasonable % and USE THAT MONEY IN THE US - directly benefiting those WHO NEED IT. There are plenty in profits to go around to the FOREIGN and DOMESTIC shareholders w/o skipping out on federal income tax payments. |
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Post by *KAS* on Mar 2, 2021 15:07:57 GMT
Not paying Federal, but paying millions in local and state taxes. It's not like you or I not paying our taxes when it comes to corporations. It's obviously ok to be upset about it, but it really deserves some context as to why. There's some context here linkAnd while there are some companies (ahem, Amazon) that may not pay great....others pay very nice wages, usually negotiated by the unions. |
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Post by jeremysgirl on Mar 2, 2021 15:14:13 GMT
Not paying Federal, but paying millions in local and state taxes. It's not like you or I not paying our taxes when it comes to corporations. It's obviously ok to be upset about it, but it really deserves some context as to why. You are seriously OK with the fact that taxpayers are giving Amazon a $129M refund? Outside of a zero balance, we are refunding them to the tune of millions. I'm not OK with that. I'm not OK with $36 of every $50K going to food stamps (for people, mostly working to be able to eat) and how much of my tax dollars going to subsidize corporations that make millions, sometimes billions of dollars. |
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iowgirl
Pearl Clutcher
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Post by iowgirl on Mar 2, 2021 15:21:24 GMT
As a small family farm, it is our goal to not pay any taxes. It is more difficult to not pay state taxes. There are many more Federal tax credits/deductions. We also pay a very large property tax bill.
There is a lot more nuance to this than it first appears. To get to a goal of not paying any or a large amount of tax we do have to SPEND a lot of money that supports other businesses. You also have to balance the fact of what you are spending it on. Sometimes, it makes more business sense to pay the tax, than to purchase something that is not beneficial to our business.
I am NOT saying these big corps are shining examples of corporate good. But there is way more to 'not paying taxes' than that simple phrase elicits.
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Post by *KAS* on Mar 2, 2021 15:22:41 GMT
Not paying Federal, but paying millions in local and state taxes. It's not like you or I not paying our taxes when it comes to corporations. It's obviously ok to be upset about it, but it really deserves some context as to why. You are seriously OK with the fact that taxpayers are giving Amazon a $129M refund? Outside of a zero balance, we are refunding them to the tune of millions. I'm not OK with that. I'm not OK with $36 of every $50K going to food stamps (for people, mostly working to be able to eat) and how much of my tax dollars going to subsidize corporations that make millions, sometimes billions of dollars. 1. I specifically called out Amazon 2. I didn't say I was 'ok' with it 3. I do think it deserves a little more context. They are not paying based on larger losses that are pulled forward into future years. That's not the companies fault, that's the way the federal tax code is written. So the issue is more on how the code is written than with the companies who are following the code. |
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Post by jeremysgirl on Mar 2, 2021 15:23:27 GMT
So the issue is more on how the code is written I think that is the point of every person on this thread. |
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Deleted
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Post by Deleted on Mar 2, 2021 15:31:12 GMT
Not paying Federal, but paying millions in local and state taxes. No excuse. I pay FEDERAL income tax, my portion of the payroll tax, state income tax, local income tax (depending on jurisdiction), gas taxes, utility taxes, sales taxes, etc. NO EXCUSE for multi-billion dollar companies to SKIP their fair share of FEDERAL INCOME TAXES. |
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Post by crazy4scraps on Mar 2, 2021 15:45:27 GMT
Not paying Federal, but paying millions in local and state taxes. No excuse. I pay FEDERAL income tax, my portion of the payroll tax, state income tax, local income tax (depending on jurisdiction), gas taxes, utility taxes, sales taxes, etc. NO EXCUSE for multi-billion dollar companies to SKIP their fair share of FEDERAL INCOME TAXES. Exactly. Plus there are several states that have no state taxes either. |
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Post by *KAS* on Mar 2, 2021 15:49:42 GMT
Not paying Federal, but paying millions in local and state taxes. No excuse. I pay FEDERAL income tax, my portion of the payroll tax, state income tax, local income tax (depending on jurisdiction), gas taxes, utility taxes, sales taxes, etc. NO EXCUSE for multi-billion dollar companies to SKIP their fair share of FEDERAL INCOME TAXES. And you would continue to pay FEDERAL income tax if the FEDERAL government said you didn't owe FEDERAL taxes? You would just write them a check b/c you're a good person? Also, this article is 2 years old. Is there an updated list? Or are we only judging companies that didn't pay taxes based off their 2018 financials? |
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Post by Skellinton on Mar 2, 2021 15:53:53 GMT
No excuse. I pay FEDERAL income tax, my portion of the payroll tax, state income tax, local income tax (depending on jurisdiction), gas taxes, utility taxes, sales taxes, etc. NO EXCUSE for multi-billion dollar companies to SKIP their fair share of FEDERAL INCOME TAXES. Exactly. Plus there are several states that have no state taxes either. Like Washington, home of Amazon. |
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Post by hop2 on Mar 2, 2021 16:00:06 GMT
Honestly I wish the IRS would just bill us and cut the bullshit of my having to pay someone a few hundred dollars to figure it out.
Just send me a fucking bill, unless it’s outrageous I’ll pay it. Leave the paying money to accountants to people who want to object to that bill.
My taxes are reasonably straight forward there is no reason for this bullshit. The IRS is going to calculate what I owe them anyway so they can decide if they want to audit or what ever just cut to the chase and send me a damn bill. I’ll pay. Save my $350
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Post by revirdsuba99 on Mar 2, 2021 16:15:18 GMT
And states need to finance themselves. Why should NY, NJ, CA and others pick up the tabs for other states? Particularly Kentucky that has 2 Senators who each and every day mock and abuse us while their constituents don't even know we help pay their bills, while their Senators deny them much needed funding. And they also deny our states needed funding during this pandemic emergency.
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Deleted
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Post by Deleted on Mar 2, 2021 16:30:01 GMT
And you would continue to pay FEDERAL income tax if the FEDERAL government said you didn't owe FEDERAL taxes? Nope. That's why it's good to buy the laws. And they buy them to benefit themselves at the cost of the rest of us who pick up the tabs of a dysfunctional society. I'm not saying they should pay when they've shelled out good money to buy the laws they want. I'm saying WE (the rest of us) should SCREAM BLOODY MURDER until these billion-dollar companies are paying for the services the rest of us have to shoulder for them: federal courts, federal law enforcement, federal block grants, etc. |
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Deleted
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Post by Deleted on Mar 2, 2021 16:31:55 GMT
Also, this article is 2 years old. It is ONE year old. 2020 taxes have not yet been filed. It is an analysis of 2018 - the first year AFTER the vaunted corporate tax reform law. |
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Post by *KAS* on Mar 2, 2021 17:47:52 GMT
Also, this article is 2 years old. It is ONE year old. 2020 taxes have not yet been filed. It is an analysis of 2018 - the first year AFTER the vaunted corporate tax reform law. Right, it was written in 2019 based off of 2018 taxes. That means there should be one for 2019 tax data by now. That's why I was asking. I'm aware of 2020 tax filing dates. It was just a question.  I miss the days we could just have a discussion without everything being so argumentative. I enjoyed learning things here from people more educated in some areas than I am. I remember now why I stopped coming here so often. Y'all be well. |
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Deleted
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Post by Deleted on Mar 3, 2021 1:18:13 GMT
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Post by iamkristinl16 on Mar 3, 2021 1:32:11 GMT
I don’t blame the companies if they are following the tax laws. I do think that the tax laws need to be changed so that the corporations do have to pay.
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Southern Side eyed Pea 
I miss the days we could just have a discussion without everything being so argumentative. I enjoyed learning things here from people more educated in some areas than I am. I remember now why I stopped coming here so often. Y'all be well. 