Corporations and their apologists whine that the United States has the highest corporate income tax rate in the industrialized world.... ...but... as usual, theyre selectively-editing the narrative to suit their agenda. You see, the statutory corporate rate may be 35%... but the EFFECTIVE rate that corporations actually pay is way lower. The average U.S. corporate tax rate is 12.6%... WELL BELOW the 21% average tax rate of the European Union that the apologists regularly cite. As USA Today reported, A surprising number of companies in the Standard & Poors 500, 57, have found ways to pay effective tax rates of zero... With many receiving subsidies greater than their entire corporate tax liability... meaning, theyre walking away with their windfall profits AND a handout from We, The People. Seems that just isnt enough for these corporate sociopaths.... they want more food stamps cut... mo more bridges crumbling... ...Corporate giants such as telecom firm Verizon, drugmaker Bristol-Myers Squibb and power management firm Eaton, all reported effective tax rates of 0% during the past 12 months. The findings underscore that while many companies bellyache about the top federal income tax rate of 35%, in reality, many pay much less than that, says Nick Yee of Gradient Analytics. (tinyurl/kyroyej) ...seems paying low-to-no taxes with generous subsidies just isnt enough. Corporate greed always trumps basic civic responsibility... What more do they want? They want it ALL!
Posted on: Sun, 20 Jul 2014 20:00:01 +0000