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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums55 corporations paying no federal tax last year spent $450 million on lobbying and campaigns
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Khashoggis Ghost
@UROCKlive1
55 corporations paying no federal tax last year spent $450 million on lobbying and campaigns
Weird how they'll gladly spend hundreds of millions to get out of paying taxes instead of just paying them.
55 corporations paying no federal tax last year spent $450 million on lobbying and campaigns: report
The 55 U.S. corporations that paid no federal corporate income tax last year have spent a combined $450 million on political campaign contributions and lobbyingincluding for lower taxesaccording to...
alternet.org
7:58 PM · Jun 9, 2021
https://www.alternet.org/2021/06/federal-corporate-tax-rate/
The 55 U.S. corporations that paid no federal corporate income tax last year have spent a combined $450 million on political campaign contributions and lobbyingincluding for lower taxesaccording to a report published Wednesday by the progressive advocacy group Public Citizen.
"Using Uncle Sam's money to lobby against paying taxes is the perfect embodiment of how Washington works." Mike Tanglis, Public Citizen
The report, entitled The Price of Zero, cites figures from the Institute on Taxation and Economic Policy showing that at least 55 U.S. corporations avoided paying any corporate income tax in 2020 on a combined pretax income of $40.5 billion.
"Had these companies paid a tax rate of 21%the current federal ratethey would have owed the federal government $8.5 billion," the report notes. "Not only did these companies not pay taxes, but nearly all also got money back from the government, receiving $3.5 billion in tax rebates, bringing the total 2020 tax giveaways for these 55 companies to $12 billion."
*snip*
Faux pas
(14,667 posts)Bristlecone
(10,125 posts)Hoyt
(54,770 posts)of our normal deficit in recent years.
We are going to have to tax a lot of rich folks AND middle class people to get all the stuff we want healthcare, education, childcare, bolstering Social Security, deficit and debt reduction, jobs, infrastructure, climate, and more. But there is not a politician in America with the guts to say it, knowing theyll lose an election.
Justice matters.
(6,925 posts)Because that's what the 1% and their lackeys at MSM and hate radio tell them over and over?
TAXES
Most Americans Want the Rich to Pay Higher Taxes, According to Every Poll Everywhere
BY BRAD TUTTLE
JANUARY 20, 2020
https://money.com/wealth-tax-rich-tax-rates-2020-presidential-election/
Hoyt
(54,770 posts)to pay more. But politicians just keep telling voters, they wont have to pay. Thats just not the truth, whether it comes from a GOPer who thinks we can just cut expenditures or others who think we can just tax everyone who makes more than them.
There is a lot of room to tax the wealthy more. But its not going to be enough to pay for everything we want.
BigmanPigman
(51,584 posts)They say "Let's screw paying the workers a decent salary or providing something positive for the environment or society". $$$$$$$$$$$$$$$$$ is the only thing they live for, fuck everyone and everything else.
Ferrets are Cool
(21,106 posts)Gotta pay for that 3rd home and 2nd yacht somehow.
dutch777
(3,013 posts)It's all just a mysterious coincidence. Like why all the pics and videos of UFOs are always shaky, blurred or otherwise out of focus.
jalan48
(13,859 posts)RainCaster
(10,866 posts)Somehow, these companies are run by folks we call "Patriots" .
Hassin Bin Sober
(26,325 posts)Spending Save Billions
Executive Summary
Members of a handful of super-wealthy families have quietly helped finance and coordinate a massive campaign to repeal the estate tax.
These families the members of which own the first and third largest privately held companies in the United States and hold about a 40 percent share in the worlds largest retailer, Wal-Mart stand to save a whopping $71.6 billion if their bid succeeds.
They have relied on their fortunes, the resources of their companies and their business connections to marshal a massive anti-estate tax juggernaut that has reported nearly a half-billion dollars in lobbying expenditures ($490.3 million) since 1998.
The families also have helped finance outside groups that have spent millions on fear-mongering ad campaigns intended to sway public opinion against the estate tax. These ads have shamelessly retailed myths that the estate tax is responsible for wrecking small businesses and family farms, and that regular Americans should fear a crushing tax bill when their loved ones die.
In fact, only about one-quarter of one percent of all estates will owe any estate taxes in 2006. And the American Farm Bureau, a member of the anti-estate tax coalition, was unable in 2001 to cite a single example of a family being forced to sell its farm because of estate tax liability and that was back when the exemption level was only a fraction of what it is today.
The Wizard
(12,541 posts)writes the tax laws.
SharonAnn
(13,772 posts)Bezos wants to go to the moon.