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  #1  
Old 03-16-2012, 10:17 PM
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Thanks, Filth! U.S. To Have Highest Corporate Tax

...in the world. The destruction continues.


STARTING NEXT MONTH, THE U.S. WILL HAVE THE HIGHEST CORPORATE TAX RATE IN THE WORLD

Posted on March 16, 2012 at 4:00pm by Becket Adams Print »Email »
Comments (86)
On April 1, Japan will cut its corporate tax rate to 36.8 percent from 39.5 percent.

You know what that means, right?

It means the United States will officially have the highest corporate tax rate in the world, with average combined federal and state profit levies of 39.2 percent.

“Yes, that’s higher than Sweden,” The Wall Street Journal reports. “Higher than Russia. And China, Mexico, Denmark and even France. Doesn’t it make you want to break out in a chant: U-S-A, U-S-A?”

As Japanese politicians found themselves staring down an increasingly burdensome deficit and an aging population, they came up with an idea: Cut the corporate profits tax to boost economic activity and generate higher revenues.

“The government approved an overall five percentage-point cut, which was delayed by last year’s earthquake and tsunami,” the Journal reports. “But the first installment arrives April 1 and in three years the rate will drop another 2.3 percentage points to 34.5 percent.”

The Journal report continues:

Japan‘s neighbors in Asia convinced Tokyo to act by luring investment from what used to be the world’s second-largest economy and is now the third, after the U.S. and China. Korea has cut its top corporate rate to 22 percent, Taiwan to 17 percent and Thailand is moving to 20 percent over the next two years. Hong Kong and Singapore have led the way with longstanding rates of 16.5 percent and 17 percent, respectively.
Japan is the latest country to act on the reality that high corporate taxes create “economic distortions.”


“Most obviously they encourage businesses to locate operations in other countries,” according to the Journal, “American liberals argue that most U.S. companies don’t pay the top federal statutory rate of 35 percent because of various loopholes and credits, but the high rate encourages multinationals to keep their profits overseas to invest there, rather than in the U.S.”

Moreover, higher corporate tax rates create incentives for businesses to seek tax-avoiding measures.

“For instance, because interest payments are tax-free, corporate taxes encourage debt as opposed to equity financing, making companies more vulnerable to interest-rate shocks and business downturns,” the Journal reports, “A mound of economic evidence also shows that high corporate rates result in lower compensation for workers.”

Still, for reasons unknown, the last two decades have seen nothing but inaction on the part of U.S. politicians even as the rest of the world has cut its corporate tax rates.

“Now almost everyone—even President Obama—agrees that it’s time to act,” the Journal notes.

“Mr. Obama unveiled a plan last month to chop the federal rate to 28 percent from 35 percent, but at the same time it would impose such a high penalty on U.S. firms with overseas operations that business groups rightly say the plan would be worse than doing nothing.”

The Journal report ends with this last bit of snark:

The last four years have seen numerous U.S. economic milestones—four years of trillion-dollar deficits, some $5 trillion in new debt, the loss of America’s AAA credit rating, three years of near-zero interest rates, postwar records for federal spending as a share of the economy, and now the world’s number one corporate tax rate.
Some conservatives say Mr. Obama doesn’t believe in American exceptionalism. Clearly he does.



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Last edited by pwrone : 03-16-2012 at 10:40 PM.
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  #2  
Old 03-16-2012, 10:50 PM
naturefreak2101 naturefreak2101 is offline
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Re: Thanks, Filth! U.S. To Have Highest Corporate

The U.S. is also #1 in corporate tax avoidance using loopholes and deductions. Fun fact: 55% of U.S. corporations paid 0% income tax for at least one year between 1998 and 2005.

http://www.nytimes.com/2011/05/03/bu...y/03rates.html

U.S. is 18th in corporate tax income as a percentage of their GDP.

http://www.guardian.co.uk/news/datab...ax-rates-world

Oh, is Glenn Beck and his Blaze misleading you with bullshit again?



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  #3  
Old 03-16-2012, 11:02 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Quote:
Originally Posted by naturefreak2101 View Post
The U.S. is also #1 in corporate tax avoidance using loopholes and deductions. Fun fact: 55% of U.S. corporations paid 0% income tax for at least one year between 1998 and 2005.

http://www.nytimes.com/2011/05/03/bu...y/03rates.html

U.S. is 18th in corporate tax income as a percentage of their GDP.

http://www.guardian.co.uk/news/datab...ax-rates-world

Oh, is Glenn Beck and his Blaze misleading you with bullshiz again?

Okay...

Now, all you have to do is point out the "bullshit" in the article.

Should be easy...get to it!



.
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  #4  
Old 03-16-2012, 11:08 PM
naturefreak2101 naturefreak2101 is offline
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Citing opinions on WSJ as mainstream WSJ articles for flavor is not journalism. Add in ignoring "real" corporate tax rates over nominal rates, and some scare tactics at the end, and you have nothing but bullshit.

Edit: Feel free to peruse this one.
http://reclaimdemocracy.org/corporat...es_plummet.php


Last edited by naturefreak2101 : 03-16-2012 at 11:12 PM.
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  #5  
Old 03-16-2012, 11:17 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Quote:
Originally Posted by naturefreak2101 View Post
Citing opinions on WSJ as mainstream WSJ articles for flavor is not journalism. Add in ignoring "real" corporate tax rates over nominal rates, and some scare tactics at the end, and you have nothing but bullshit.

Edit: Feel free to peruse this one.
http://reclaimdemocracy.org/corporat...es_plummet.php
LOL....nice try.

How about this? (see, in order to force liberals to tell the truth, you have to resort to childrens games....sigh)



Yes or No. Will the U.S. have the highest corporate tax rates in the world starting next month?

Try not to LIE.

.
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  #6  
Old 03-17-2012, 12:28 AM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Quote:
Originally Posted by pwrone View Post
...in the world. The destruction continues.


STARTING NEXT MONTH, THE U.S. WILL HAVE THE HIGHEST CORPORATE TAX RATE IN THE WORLD

Posted on March 16, 2012 at 4:00pm by Becket Adams Print »Email »
Comments (86)
On April 1, Japan will cut its corporate tax rate to 36.8 percent from 39.5 percent.

You know what that means, right?

It means the United States will officially have the highest corporate tax rate in the world, with average combined federal and state profit levies of 39.2 percent.

“Yes, that’s higher than Sweden,” The Wall Street Journal reports. “Higher than Russia. And China, Mexico, Denmark and even France. Doesn’t it make you want to break out in a chant: U-S-A, U-S-A?”

As Japanese politicians found themselves staring down an increasingly burdensome deficit and an aging population, they came up with an idea: Cut the corporate profits tax to boost economic activity and generate higher revenues.

“The government approved an overall five percentage-point cut, which was delayed by last year’s earthquake and tsunami,” the Journal reports. “But the first installment arrives April 1 and in three years the rate will drop another 2.3 percentage points to 34.5 percent.”

The Journal report continues:

Japan‘s neighbors in Asia convinced Tokyo to act by luring investment from what used to be the world’s second-largest economy and is now the third, after the U.S. and China. Korea has cut its top corporate rate to 22 percent, Taiwan to 17 percent and Thailand is moving to 20 percent over the next two years. Hong Kong and Singapore have led the way with longstanding rates of 16.5 percent and 17 percent, respectively.
Japan is the latest country to act on the reality that high corporate taxes create “economic distortions.”


“Most obviously they encourage businesses to locate operations in other countries,” according to the Journal, “American liberals argue that most U.S. companies don’t pay the top federal statutory rate of 35 percent because of various loopholes and credits, but the high rate encourages multinationals to keep their profits overseas to invest there, rather than in the U.S.”

Moreover, higher corporate tax rates create incentives for businesses to seek tax-avoiding measures.

“For instance, because interest payments are tax-free, corporate taxes encourage debt as opposed to equity financing, making companies more vulnerable to interest-rate shocks and business downturns,” the Journal reports, “A mound of economic evidence also shows that high corporate rates result in lower compensation for workers.”

Still, for reasons unknown, the last two decades have seen nothing but inaction on the part of U.S. politicians even as the rest of the world has cut its corporate tax rates.

“Now almost everyone—even President Obama—agrees that it’s time to act,” the Journal notes.

“Mr. Obama unveiled a plan last month to chop the federal rate to 28 percent from 35 percent, but at the same time it would impose such a high penalty on U.S. firms with overseas operations that business groups rightly say the plan would be worse than doing nothing.”

The Journal report ends with this last bit of snark:

The last four years have seen numerous U.S. economic milestones—four years of trillion-dollar deficits, some $5 trillion in new debt, the loss of America’s AAA credit rating, three years of near-zero interest rates, postwar records for federal spending as a share of the economy, and now the world’s number one corporate tax rate.
Some conservatives say Mr. Obama doesn’t believe in American exceptionalism. Clearly he does.



.
The above article is factually and fundamentally incorrect in almost every assertion and aspect.

To compare US Corporate Tax Rates to overseas Tax Rates and then to state and conclude the US corporation pay higher taxes than there counter parts overseas is patently false.

Though at first glance it may appear that US statutory rates are higher, and they are high, comparing statutory rates fails to account for a myriad of unique accounting treatments of capital investment, deductions (debt financing for example) and the basic notions of taxable profit to US companies and their investors when compared to the same investment returns and taxation in overseas Corporate companies or US subsidiary operations.

The comparison either ignores or excludes, for example, value added taxes common in other countries and various other unique taxes in the country of taxation.

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  #7  
Old 03-17-2012, 12:50 AM
naturefreak2101 naturefreak2101 is offline
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Dishonesty and misrepresentation from our right-wing friends ... another reason coming to scam.com only pushed me farther left.

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  #8  
Old 03-17-2012, 12:51 AM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Quote:
Originally Posted by naturefreak2101 View Post
Dishonesty and misrepresentation from our right-wing friends ... another reason coming to scam.com only pushed me farther left.
Pfffft....these guys are lightweights compared to the rest of the rightie trolls on the internet...lol
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  #9  
Old 03-17-2012, 12:54 AM
naturefreak2101 naturefreak2101 is offline
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Re: Thanks, Filth! U.S. To Have Highest Corporate

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Originally Posted by EvilZoe View Post
Pfffft....these guys are lightweights compared to the rest of the rightie trolls on the internet...lol
Even more reason to push away from them. The disappointing thing is that simpletons will believe whatever they read or hear that they want to believe.

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  #10  
Old 03-17-2012, 05:42 AM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Quote:
Originally Posted by pwrone View Post
LOL....nice try.

How about this? (see, in order to force liberals to tell the truth, you have to resort to childrens games....sigh)



Yes or No. Will the U.S. have the highest corporate tax rates in the world starting next month?

Try not to LIE.

.
here i thought america was about the best and HIGHEST and strongest etc.......and YOU want us to be LOWER!? just a SHAME if you ask me!? how's THAT for SIMPLETON logic!? DEFT, i know.....
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  #11  
Old 03-17-2012, 11:47 AM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Quote:
Originally Posted by pwrone View Post
Okay...

Now, all you have to do is point out the "bullshiz" in the article.

Should be easy...get to it!



.
LMAO.. Huh?....

Didn't YOU post it?

That's enough for me.

Pretty easy.

.

Company / 2008-10 Profits ($ millions) / 2008-10 Taxes ($ millions) / Effective 2008-10 Rate

Fortune 500 cos. paid $0 taxes

Pepco Holdings $ 882 / $ -508 / -57.6%

General Electric 10,460 / -4,737 / -45.3%

Paccar 365 / -112 / -30.5%

PG&E Corp. 4,855 / -1,027 / -21.2%

Computer Sciences 1,666 / -305 / -18.3%

NiSource 1,385 / -227 / -16.4%

CenterPoint Energy 1,931 / -284 / -14.7%

Tenet Healthcare 415 / -48 / -11.6%

Atmos Energy 897 / -104 / -11.6%

Integrys Energy Group 818 / -92 / -11.3%

American Electric Power 5,899 / -545 / -9.2%

Con-way 286 / -26 / -9.1%

Ryder System 627 / -46 / -7.3%

Baxter International 926 / -66 / -7.1%

Wisconsin Energy 1,725 / -85 / -4.9%

Duke Energy 5,475 / -216 / -3.9%

DuPont 2,124 / -72 / -3.4%

Consolidated Edison 4,263 / -127 / -3.0%

Verizon Communications 32,518 / -951 / -2.9%

Interpublic Group 571 / -15 / -2.6%

CMS Energy 1,292 / -29 / -2.2%

NextEra Energy 6,403 / -139 / -2.2%

Navistar International 896 / -18 / -2.0%

Boeing 9,735 / -178 / -1.8%

Wells Fargo 49,370 / -681 / -1.4%

El Paso 4,105 / -41 / -1.0%

Mattel 1,020 / -9 / -0.9%

Honeywell International 4,903 / -34 / -0.7%

DTE Energy 2,551 / -17 / -0.7%

Corning 1,977 / -4 / -0.2%

TOTAL: On $160.341 billion in profits, they paid $ -10.742 billion in taxes, for an average effective tax rate of -6.7%.

.
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Last edited by dchristie : 03-17-2012 at 11:51 AM.
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  #12  
Old 03-17-2012, 12:22 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

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Originally Posted by naturefreak2101 View Post
Dishonesty and misrepresentation from our right-wing friends ... another reason coming to scam.com only pushed me farther left.

So you can't point out any. Got it.

Color me shocked.



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Old 03-17-2012, 12:26 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Quote:
Originally Posted by Yawn... View Post
The above article is factually and fundamentally incorrect in almost every assertion and aspect.

To compare US Corporate Tax Rates to overseas Tax Rates and then to state and conclude the US corporation pay higher taxes than there counter parts overseas is patently false.

Though at first glance it may appear that US statutory rates are higher, and they are high, comparing statutory rates fails to account for a myriad of unique accounting treatments of capital investment, deductions (debt financing for example) and the basic notions of taxable profit to US companies and their investors when compared to the same investment returns and taxation in overseas Corporate companies or US subsidiary operations.

The comparison either ignores or excludes, for example, value added taxes common in other countries and various other unique taxes in the country of taxation.
Again, you are defeated by numbers. Odd, really. Considering.

If the rate is, say, higher, then the rate is higher.

Nothing more to say.

If there are accounting procedures or loopholes available that serve to reduce the fucking , then that is a different topic. Certainly all corporations do not enjoy these 'special' accounting procedures--why we are losing so many businesses to overseas locations.



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  #14  
Old 03-17-2012, 01:13 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

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Originally Posted by pwrone View Post
Again, you are defeated by numbers. Odd, really. Considering.

If the rate is, say, higher, then the rate is higher.

Nothing more to say.

If there are accounting procedures or loopholes available that serve to reduce the fucking , then that is a different topic. Certainly all corporations do not enjoy these 'special' accounting procedures--why we are losing so many businesses to overseas locations.



.
Oh for Christ sake....

Pwrone, its accountants like me (& tax attorneys) that ensure that our corporate clients in the US (and abroad) PAY a lower amount of tax as a percentage of net income as compared to the STATUTORY CORPORATE RATE.

To state the US has the highest Statutory Corporate Tax Rate is false - There are other countries that have higher Statutory Corporate Tax Rates.

The EFFECTIVE RATES of TAX, and the ACTUAL TAX RATE are measures that more accurately reflect what Corporations pay.

These two measures are further distorted by various tax credits, deductions, and excess foreign tax credits offsets from high tax to lower tax countries lowering the amounts..... (and hundreds if not thousands of out accounting treatments of income & profit)

To say there is 'nothing more to say' reflects a lack of knowledge and understanding of the complex issues concerning Corporate Taxation.

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Old 03-17-2012, 01:58 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

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Originally Posted by Yawn... View Post
Oh for Christ sake....

Pwrone, its accountants like me (& tax attorneys) that ensure that our corporate clients in the US (and abroad) PAY a lower amount of tax as a percentage of net income as compared to the STATUTORY CORPORATE RATE.

To state the US has the highest Statutory Corporate Tax Rate is false - There are other countries that have higher Statutory Corporate Tax Rates.

The EFFECTIVE RATES of TAX, and the ACTUAL TAX RATE are measures that more accurately reflect what Corporations pay.

These two measures are further distorted by various tax credits, deductions, and excess foreign tax credits offsets from high tax to lower tax countries lowering the amounts..... (and hundreds if not thousands of out accounting treatments of income & profit)

To say there is 'nothing more to say' reflects a lack of knowledge and understanding of the complex issues concerning Corporate Taxation.

so this is a lie?

"It means the United States will officially have the highest corporate tax rate in the world, with average combined federal and state profit levies of 39.2 percent."


yes or fucking no.


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  #16  
Old 03-17-2012, 02:33 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

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Originally Posted by pwrone View Post

Here, you have called the writers of this article liars. I have asked that the lie be pointed out. You have failed.
.
Ladies and gentlemen, here we have a wonderful example of irony.

In a thread created by pwrone, we have an article that is technically accurate but misleading. Following my calling out of such bullshiz and discussing the nuances between a fact and misconstruing a fact to your own agenda. Then, comes a wallop of irony. pwrone, in his infinite wisdom, has accused me of calling the article authors liars. Unfortunately, that is misleading and not only that ... it's a lie! Nowhere did I call them liars - I merely called out their bullshiz and the way they abused a simple fact to make reality seem very different from what it actually is. Their article is nothing but a half-truth. pwrone, however, has no qualms about deceiving everyone and, in fact, outright lying about what I said in this thread.

Sorry, pwrone, if I don't take advice or care much about a liar like yourself. Especially one that loves to deceive others and shade the truth for his own, twisted agenda.

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  #17  
Old 03-17-2012, 02:38 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

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Originally Posted by pwrone View Post
so this is a lie?

"It means the United States will officially have the highest corporate tax rate in the world, with average combined federal and state profit levies of 39.2 percent."


yes or fucking no.


.
No.
The United States does not have the highest combined (statutory) tax rates.

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Old 03-17-2012, 02:55 PM
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Re: Thanks, Filth! U.S. To Have Highest Corporate

Quote:
Originally Posted by naturefreak2101 View Post
Ladies and gentlemen, here we have a wonderful example of irony.

In a thread created by pwrone, we have an article that is technically accurate but misleading. Following my calling out of such bullshiz and discussing the nuances between a fact and misconstruing a fact to your own agenda. Then, comes a wallop of irony. pwrone, in his infinite wisdom, has accused me of calling the article authors liars. Unfortunately, that is misleading and not only that ... it's a lie! Nowhere did I call them liars - I merely called out their bullshiz and the way they abused a simple fact to make reality seem very different from what it actually is. Their article is nothing but a half-truth. pwrone, however, has no qualms about deceiving everyone and, in fact, outright lying about what I said in this thread.

Sorry, pwrone, if I don't take advice or care much about a liar like yourself. Especially one that loves to deceive others and shade the truth for his own, twisted agenda.
Technically or by any other measure, it is not accurate to state the US Corporate Tax Rate is the highest in the world - that statement is false.

It is not accurate to conclude US Corporations pay higher (or more) taxes due to the Statutory Rates being higher than many overseas tax rates.

Indeed, on the face of it, (at first glance) the Statutory Rates appear to be high - they are (in a statutory sense) higher than many countries, but that simply is not to say corporations effectively or actually pay more in tax. In some cases they do pay more in the US, while in other cases they do not.

Taxation in and of itself is very complex, add to that taxation of something like 130 different tax codes from around the world for Corporations doing business internationally, and how each they relate to one another - then you will get a sense of the complexity involved.


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