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Again, you are grabbing images off of Google that are completely untrue. That graph is looking at international based companies incorporated in the US, looking at net tax rates of all global subsidiaries. Look at the effective tax rate of the profits taken in this country and we have one of the highest marginal corporate tax rates. You seem to have a habit of doing a google search and posting the first image you find on a topic, which makes it hard to take you seriously.
Your thesis was that U.S. effective tax-rates were the highest. Obviously, it's not meant to be abstract but be applied to actual companies, like GE, Exxon-Mobil, etc. who have a choice where to do business. As such, it compares what we are measuring -- not some mystery number that you want to push.
Moreover, it is difficult to claim that "in this country and we have one of the highest marginal corporate tax rates," when loads of U.S. companies -- who make large profits -- pay NO EFFECTIVE tax-rate.
Quote:
From 2007 through 2009, the fifth-largest U.S. oil company, ConocoPhillips, made $16 billion in profits but received $451 million in tax breaks through the federal oil and gas manufacturing deduction. In 2008, Goldman Sachs paid only 1.1 percent of its annual income in taxes yet earned a profit of $2.3 billion and received a grant of almost $800 billion from the federal government.
In 2009, Exxon Mobil made $19 billion in profits but not only paid no federal income taxes but obtained a $156 million rebate from the Internal Revenue Service. In the same year, Chevron made $10 billion in profits but received a $19 million refund from the IRS in 2012.
In 2012, Bank of America collected a $1.9 billion tax refund from the IRS. Yet, it had $4.4 billion in profits and received a bailout of close to $1 trillion from the Treasury Department and the Federal Reserve.
Boeing accepted a $30 billion contract from the Pentagon to build 179 airborne tankers while in the same year getting a $124 million refund from the IRS.
Last year also, Valero Energy had $68 billion in sales but received a tax refund of $157 million from the IRS. Citigroup made more than $4 billion in profits but paid no federal income taxes and received a $2.5 trillion bailout from the Federal government.
During the past five years, General Electric made $26 billion in profits in the domestic market, yet it received a $4.1 billion refund from the IRS. During the same five years, Carnival Cruise Lines had profits exceeding $11 billion in profits, but paid only 1.1 percent of its income in federal tax. Commentary: A look at who's paying no taxes - Journal-Courier: Local News
Your thesis was that U.S. effective tax-rates were the highest. Obviously, it's not meant to be abstract but be applied to actual companies, like GE, Exxon-Mobil, etc. who have a choice where to do business. As such, it compares what we are measuring -- not some mystery number that you want to push.
Moreover, it is difficult to claim that "in this country and we have one of the highest marginal corporate tax rates," when loads of U.S. companies -- who make large profits -- pay NO EFFECTIVE tax-rate.
I never said they were the highest, I said US based portions of effective taxes of companies are higher than most other countries. First you were adding in foreign tax breaks given to US based companies, which is a very dishonest way to look at the numbers. Now you are adding in bailout money as an argument for taxes? Yet again, please actually think through what you are posting! Bailout money has nothing to do with a corporate tax discussion.
The fact is that lots of U.S. corporations that are highly profitable pay zero taxes. Ergo, they can't be "higher than most other countries," unless those other countries are giving the corporations money (taxes less than zero.)
I don't think we can count on that any more than the 130 billion estimated last year alone in unreported income.To audit all the cheats would be impossible.
The fact is that lots of U.S. corporations that are highly profitable pay zero taxes. Ergo, they can't be "higher than most other countries," unless those other countries are giving the corporations money (taxes less than zero.)
They pay less taxes on money that they cannot reincorporate into the united states. That money never hits the US economy. You can't seem to grasp that simple concept.
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