CORPORATE-- PAY YOUR FAIR SHARE

[clarence swinney]

Article: Gap between Statuatory and Real Corp Tax Rates
Source:Robert McIntyre-TD Coo Nguyen-CTJ.org in 2005

Fortune 500 companies
275 made a profit each year from 2001-2003
only a small proportion paid federal Income Taxes
anywhere near statutory 35 percent rate.
Most paid considerably less.
Average effective tax rate for the 275 was less than half the 35% statutory tax rate.
Over that three year period the effective rate dropped from 21.4 to 17.2 percent.

82 or almost one-third paid zero or less(rebate)
In those years the 82 “made” $102 Billion in US pretax earnings.
Its name is LOOPHOLES subname= $$$$$$$$$$$ to Congress
Those 82 companies generated so many excess tax breaks they actually got $12.6 Billion in rebate checks from Treasury. They made more profit after taxes than before taxes. Wow!
Huge firms like Prudential Financial-ITT Industries-Boeing-Unisys-Fluor-CSX

In 2003 alone, 46 paid zero or got rebate on profit of $42.6 Billion They got $5.4 Billion in rebate checks.
In 2002, 42 paid no tax on $43.5 Billion profit and got $4.9 Billion in rebate checks.

In 2001, Treasury paid $40 Billion in tax refunds or one -third more than 1998-2000 average.
Thanks Republican President And Congress all for Rich Rich. Trickle Down Crumbs.
(ugly old man rant).

Federal Corporate income taxes at lowest level as share of economy since WWII.

Corporate taxes paid over 25% of total federal revenues in 1950's.
6% in 2002-2003.
Praise George W. Allah.

In 2001-2003 period, the 275 firms made profits over $1,100 Billion.
Had they paid statutory rate treasury would have received $370 Billion to pay our bills not borrow.
They reported only half the profits.--$557 Billion . As a group they paid a three year effective tax rate of 18.4% nowhere near 35%.

Loopholes and other subsidies cut taxes for the 275 companies –by $43.4 Billion in 2001, $60.8 Billion in 2002, and $71.0 Billion in 2003 for a total of $175.2 Billion in tax breaks over three years.
Praise Allah!

Half the total tax-break dollars--$87.1 Billion- went to just 25 companies.
Each got over a billion-and-a half dollars in tax breaks.
General Electric got $9.5 Billion in tax breaks over three years. Welched again!

Industries pay low—Transportation-4.3%--Industrial and farm equipment-6.2%--telecommunications-7.5%--electronics and electrical equipment-10.8%--miscellaneous services-14.4%--gas and electric utilities-14.4%--computers-office equipment-16.0%--metals and metal products-17.4%
Not a single company paid more than 29% of the entire three year period or in any given year.

Many reasons--
Accelerated Depreciation(thanks Ronnie)--Stock Options-Tax Credits for certain activities—
Offshore Tax Sheltering—Tax Reform(deform) Options Clinton Treasury tried to reform this sucker but Repubrich Congress denied it.
General Electric enjoyed more Tax subsidies than any in the 275.

Yet, for several year Big Business proponents such as Larry Kudlow
scream a constant drum beat—AMERICA HAS HIGHEST CORPORATE TAX RATE IN THE WORLD. CUT IT CUT IT CUT IT—Blarney Baloney known as Bxxx xhit

uglyoldman rant-Cut Cut shipping our jobs overseas is better rant.

In 2008, total corporations paid 16% of Profits in Income Taxes.
120,000,000 Workers slaved at 28% Tax Rate.
A few million fatso sat a computer keyboard on Wall Street to pay 17% ,

Priorities- What are our Priorities?--How did we get off course building the great nation with a prosperous Middle Class and caring for the less fortunate

History Calls—Rome--Spain--Holland--England ---- now America????

Ignore the huge masses and attend to the very very few richest..

It is known As Redistribution of Wealth and Income up to the few.-
the New ownership of America
Wall Street Of America our new name

Can anyone reading this rant project our next twenty years???

Your numbers please. [e-mail]