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(Crooks & Liars)   Corporations pay next to nothing in taxes, yet spend billions on lobby firms   (crooksandliars.com) divider line
    More: Obvious, Tax, Corporate tax, federal corporate income tax, lower taxes, Income tax, political campaign contributions, corporate income tax, progressive advocacy group Public Citizen  
•       •       •

374 clicks; posted to Business » on 11 Jun 2021 at 6:19 AM (3 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



38 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
3 days ago  
Money buying law. I hope the ProPublica thingy changes things drastically. (And no, despite it qualifying as a reform, Trump's tax law thingy was actually just bullshiat updates, additions, and repeals-we still have the same system.)
 
3 days ago  
It's more of a business expense than anything else.

Yeah you can't deduct it as a business expense without washing that funding into a different category but let's not kid ourselves. It's still a farking business expense.
 
3 days ago  
And that's how they don't pay any taxes
 
3 days ago  

TuckFrump: And that's how they don't pay any taxes


It's almost like there's some sort of connection.
 
3 days ago  
I understand when the common Fark folks don't read TFA. But for a Subby not to read the article?  For shame.
 
3 days ago  
*shrug* job creators?

/s
 
3 days ago  
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 lobbying-including for lower taxes-according to a report published Wednesday by the progressive advocacy group 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 rate-they 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."
Instead of paying taxes, the companies invested a combined $408 million in lobbying and $42 million in campaign contributions over the past three election cycles, according to data obtained from the Center for Responsive Politics.



That's quite the RoI.  Spend 450 million over several years to get 12 billion in unpaid taxes and tax rebates every year.
 
3 days ago  
Not only do they not pay taxes. It says they get "refunds".

They not only pay us a substandard wage ,we then return some of that money back to them.
 
3 days ago  
False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.
 
3 days ago  
lawyers are in the c-level caste not the we should have a living wage caste.
 
3 days ago  

debug: 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 lobbying-including for lower taxes-according to a report published Wednesday by the progressive advocacy group 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 rate-they 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."
Instead of paying taxes, the companies invested a combined $408 million in lobbying and $42 million in campaign contributions over the past three election cycles, according to data obtained from the Center for Responsive Politics.


That's quite the RoI.  Spend 450 million over several years to get 12 billion in unpaid taxes and tax rebates every year.


Foxconn wants to know what is going on in this thread.
WalMart's subsidies and tax breaks put the others to shame.  And the health care system puts them to shame.  And the fossil fuel industry puts them to shame.
But we don't call it socialism.
 
3 days ago  
Bbbbb...bbuu...but we have Biden, Harris, Pelosi, OAC, #BLM and a Democratic congress. Surely that will fix things. Oh, what's that, they're on the take from Corporate America too?
 
3 days ago  

JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.


So if the assertion is not completely true, it's completely false? That's just exchanging one fallacy for another.

The fact is that some lobbyists do get incentives, tax breaks, and so forth in the name of economic stimulus, when it's really reverse socialism. A corporation can hide its profits by keeping multiple sets of books, thanks for pointing that out.
 
3 days ago  

Russell_Secord: JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.

So if the assertion is not completely true, it's completely false? That's just exchanging one fallacy for another.

The fact is that some lobbyists do get incentives, tax breaks, and so forth in the name of economic stimulus, when it's really reverse socialism. A corporation can hide its profits by keeping multiple sets of books, thanks for pointing that out.


1. The more you lobby does not mean the lower the tax rate. Granted the article mentioned there is some lobbying about business competitiveness so I give you that.

2. Reverse Socialism - this is more of a state issue to incentivize companies to put their HQ, stores, or factories in a lower cost location. With respect to Walmart/Amazon and wage depression, this is more the product of the individual wanting cheap goods. Do you want governments telling individuals what they can or can't buy?

3.  Profits are not hidden. It is timing and where profits are taxed. In terms of timing, such book/tax differences are booked on the balance sheet and as deferred tax expense on the income statement. For tax purposes, it just means the income is not currently subject to tax.
 
3 days ago  
Gives an idea how much these companies would be paying in taxes if they didn't have such an iron grip on the legislative process or so much influence over enforcement.
 
3 days ago  

JudgeReinhold: Russell_Secord: JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.

So if the assertion is not completely true, it's completely false? That's just exchanging one fallacy for another.

The fact is that some lobbyists do get incentives, tax breaks, and so forth in the name of economic stimulus, when it's really reverse socialism. A corporation can hide its profits by keeping multiple sets of books, thanks for pointing that out.

1. The more you lobby does not mean the lower the tax rate. Granted the article mentioned there is some lobbying about business competitiveness so I give you that.

2. Reverse Socialism - this is more of a state issue to incentivize companies to put their HQ, stores, or factories in a lower cost location. With respect to Walmart/Amazon and wage depression, this is more the product of the individual wanting cheap goods. Do you want governments telling individuals what they can or can't buy?

3.  Profits are not hidden. It is timing and where profits are taxed. In terms of timing, such book/tax differences are booked on the balance sheet and as deferred tax expense on the income statement. For tax purposes, it just means the income is not currently subject to tax.


Capitalism isn't going to sleep with you.
 
3 days ago  

debug: 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 lobbying-including for lower taxes-according to a report published Wednesday by the progressive advocacy group 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 rate-they 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."
Instead of paying taxes, the companies invested a combined $408 million in lobbying and $42 million in campaign contributions over the past three election cycles, according to data obtained from the Center for Responsive Politics.


That's quite the RoI.  Spend 450 million over several years to get 12 billion in unpaid taxes and tax rebates every year.


Bribing politicians is the best ROI. For 50k they'll return millions
 
3 days ago  
tax the lobbyists!
 
3 days ago  

Tyrone Slothrop: JudgeReinhold: Russell_Secord: JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.

So if the assertion is not completely true, it's completely false? That's just exchanging one fallacy for another.

The fact is that some lobbyists do get incentives, tax breaks, and so forth in the name of economic stimulus, when it's really reverse socialism. A corporation can hide its profits by keeping multiple sets of books, thanks for pointing that out.

1. The more you lobby does not mean the lower the tax rate. Granted the article mentioned there is some lobbying about business competitiveness so I give you that.

2. Reverse Socialism - this is more of a state issue to incentivize companies to put their HQ, stores, or factories in a lower cost location. With respect to Walmart/Amazon and wage depression, this is more the product of the individual wanting cheap goods. Do you want governments telling individuals what they can or can't buy?

3.  Profits are not hidden. It is timing and where profits are taxed. In terms of timing, such book/tax differences are booked on the balance sheet and as deferred tax expense on the income statement. For tax purposes, it just means the income is not currently subject to tax.

Capitalism isn't going to sleep with you.


Not a valid retort.

I am neither a fan of unfettered capitalism nor took any position that is pro capitalism. Read the response closely. Just educating on how the general principles work. You need a global perspective as you seem to be myopic or uninformed.
 
3 days ago  
Honestly, orbiting around politicians is probably the only remaining make-work program left in the United States that actually transfers meaningful amounts of wealth out of the pockets of the wealthiest members of society.

But I'll go ahead and get the barn door anyway.
 
3 days ago  

JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.


I wonder how those financial tricks became law...  probably came out of the Magna Carta or something.  :shrug:  The world may never know.
 
3 days ago  

Kat09tails: It's more of a business expense than anything else.

Yeah you can't deduct it as a business expense without washing that funding into a different category but let's not kid ourselves. It's still a farking business expense.


Best Capital[sic] Hill money can buy
 
3 days ago  

kozlo: *shrug* job creators?

/s


Only demand for goods and services creates jobs
 
3 days ago  

Northern: debug: 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 lobbying-including for lower taxes-according to a report published Wednesday by the progressive advocacy group 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 rate-they 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."
Instead of paying taxes, the companies invested a combined $408 million in lobbying and $42 million in campaign contributions over the past three election cycles, according to data obtained from the Center for Responsive Politics.


That's quite the RoI.  Spend 450 million over several years to get 12 billion in unpaid taxes and tax rebates every year.

Foxconn wants to know what is going on in this thread.
WalMart's subsidies and tax breaks put the others to shame.  And the health care system puts them to shame.  And the fossil fuel industry puts them to shame.
But we don't call it socialism.


And elon musk makes most of his money from carbon credit gov subsidies
 
3 days ago  

Northern: debug: 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 lobbying-including for lower taxes-according to a report published Wednesday by the progressive advocacy group 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 rate-they 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."
Instead of paying taxes, the companies invested a combined $408 million in lobbying and $42 million in campaign contributions over the past three election cycles, according to data obtained from the Center for Responsive Politics.


That's quite the RoI.  Spend 450 million over several years to get 12 billion in unpaid taxes and tax rebates every year.

Foxconn wants to know what is going on in this thread.
WalMart's subsidies and tax breaks put the others to shame.  And the health care system puts them to shame.  And the fossil fuel industry puts them to shame.
But we don't call it socialism.


Its only socialism when it doesnt go to lazy sit at home stock owners.
 
3 days ago  
 
3 days ago  

iamskibibitz: Bbbbb...bbuu...but we have Biden, Harris, Pelosi, OAC, #BLM and a Democratic congress. Surely that will fix things. Oh, what's that, they're on the take from Corporate America too?


True

But the GOP has them beat.  GOP sets the standard
 
3 days ago  

Russell_Secord: JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.

So if the assertion is not completely true, it's completely false? That's just exchanging one fallacy for another.

The fact is that some lobbyists do get incentives, tax breaks, and so forth in the name of economic stimulus, when it's really reverse socialism. A corporation can hide its profits by keeping multiple sets of books, thanks for pointing that out.


Lobbyists help congresscritters write legislation and give them reelection money.
 
3 days ago  

JudgeReinhold: Russell_Secord: JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.

So if the assertion is not completely true, it's completely false? That's just exchanging one fallacy for another.

The fact is that some lobbyists do get incentives, tax breaks, and so forth in the name of economic stimulus, when it's really reverse socialism. A corporation can hide its profits by keeping multiple sets of books, thanks for pointing that out.

1. The more you lobby does not mean the lower the tax rate. Granted the article mentioned there is some lobbying about business competitiveness so I give you that.

2. Reverse Socialism - this is more of a state issue to incentivize companies to put their HQ, stores, or factories in a lower cost location. With respect to Walmart/Amazon and wage depression, this is more the product of the individual wanting cheap goods. Do you want governments telling individuals what they can or can't buy?

3.  Profits are not hidden. It is timing and where profits are taxed. In terms of timing, such book/tax differences are booked on the balance sheet and as deferred tax expense on the income statement. For tax purposes, it just means the income is not currently subject to tax.


And the sun has a great climate too
 
3 days ago  

Target Builder: Gives an idea how much these companies would be paying in taxes if they didn't have such an iron grip on the legislative process or so much influence over enforcement.


Sit at home stock owners kinda like it.
 
3 days ago  

Tyrone Slothrop: JudgeReinhold: Russell_Secord: JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.

So if the assertion is not completely true, it's completely false? That's just exchanging one fallacy for another.

The fact is that some lobbyists do get incentives, tax breaks, and so forth in the name of economic stimulus, when it's really reverse socialism. A corporation can hide its profits by keeping multiple sets of books, thanks for pointing that out.

1. The more you lobby does not mean the lower the tax rate. Granted the article mentioned there is some lobbying about business competitiveness so I give you that.

2. Reverse Socialism - this is more of a state issue to incentivize companies to put their HQ, stores, or factories in a lower cost location. With respect to Walmart/Amazon and wage depression, this is more the product of the individual wanting cheap goods. Do you want governments telling individuals what they can or can't buy?

3.  Profits are not hidden. It is timing and where profits are taxed. In terms of timing, such book/tax differences are booked on the balance sheet and as deferred tax expense on the income statement. For tax purposes, it just means the income is not currently subject to tax.

Capitalism isn't going to sleep with you.


Although she is a used car salesman whore.
 
3 days ago  

Egalitarian: tax the lobbyists!


Into oblivion
 
3 days ago  
And when this country burns to the ground they will happily pick up shop and move to some other country where they will do there what they've done to America. Other countries would be wise to not allow them out of the U.S. or hang them the moment they try to immigrate.
 
3 days ago  

BeesNuts: JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.

I wonder how those financial tricks became law...  probably came out of the Magna Carta or something.  :shrug:  The world may never know.


Corporate lobbyists make Law
 
3 days ago  

Linux_Yes: BeesNuts: JudgeReinhold: False equivalency.

Lobbying can be for non-tax reasons.

Book income does not equal taxable income.

Consolidated GAAP financial statement does not equal US consolidated tax return.

I wonder how those financial tricks became law...  probably came out of the Magna Carta or something.  :shrug:  The world may never know.

Corporate lobbyists make Law


You know what they say, ALEC ain't just the most talented Baldwin.
 
3 days ago  
The 55 large corporations that paid $0 in federal corporate income taxes in 2020 spent $450 MILLION on lobbying and political contributions in recent years.

I dont know if I am willing to trust the tax expertise of an author who does not understand the difference between a million and a billion.
 
3 days ago  
This is probably why, above my fellow idiot farkers, this country is actually doomed.  When democracy is capitalized, the corporations have won and democracy has failed.
 
3 days ago  

I sound fat: The 55 large corporations that paid $0 in federal corporate income taxes in 2020 spent $450 MILLION on lobbying and political contributions in recent years.

I dont know if I am willing to trust the tax expertise of an author who does not understand the difference between a million and a billion.


Most Americans don't seem to make that distinction either. The seem to think raising taxes on millionaires mean they're stigginit to 'the rich', while lowering what billionaires pay, year after year. As long as they're taxing people richer than me. Ensuring there will soon only be billionaires and the poor masses who serve them.
 
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