“In 2013, the portion of state and local tax collections that were comprised of corporate income taxes varied from a high of 10% in New Hampshire—to a median of 3.2% in Utah—to a low of 0% in Nevada, Texas, Washington and Wyoming.”
“Americans are being lied to by some of the best prevaricators in the country—corporations, G.O.P. politicians, and economically obtuse pundits—turning many of them against their fellow citizens in order to pump up profits to levels that these corporate managers could not achieve through their own skill and acumen.”
Large corporations do not pay sales taxes, property taxes, payroll taxes, Social Security or Unemployment. Everyday working people and consumers pay all of these taxes.
“On the surface, taxing corporations instead of people may sound appealing. However, it’s not that simple, since corporations are people working as a legal entity. In addition, when the government imposes corporate income taxes, the potential responses include:
Lowering payments to stockholders
Reducing employee compensation and capital investment
Under any of the three options, Americans end up paying the tax either through lower wages if they work for a corporation, poorer performance if they own a mutual fund, or higher prices when they buy a product.8 But this tax burden doesn’t show up on any pay slip or price tag.”
Large corporations write off these taxes they do not pay and end up either paying nothing or taking the taxes paid by everyday working people.
Working Americans pay taxes and rich corporations don’t
“There are 27 companies in the Standard & Poor’s 500, including telecom firm Level 3 Communications (LVLT), airline United Continental (UAL) and automaker General Motors (GM), that reported paying no income tax expense in 2015 despite reporting pre-tax profits, according to a USA TODAY analysis of data from S&P Global”
Here are some of the legislation’s most outrageous components ― from giveaways for the super-rich to carve-outs for private schools.
“without major changes in the way corporations do business, a big corporate tax cut is not actually likely to result in more job creation and higher wages. Instead, it is just a windfall for the corporate executive suite that is bound to exacerbate income inequality.
…here are no exceptions to the types of schooling eligible for the tax break, meaning that the tax code is now almost certain to subsidize private religious education.
…Encouraging corporations to automate ― without any help for displaced workers.
…Setting the stage for cuts to Social Security, Medicare and Medicaid: The Republican tax bill will add $1 trillion to the national debt over a 10-year period, according to the most recent estimate from the Joint Committee on Taxation, a nonpartisan congressional tax analysis body
…Rejecting a proposal to expand a tax credit for families with children in order to reduce the corporate tax rate even more.
…All but eliminating the estate tax for the country’s wealthiest households: Under the Senate bill, an even tinier sliver of households in the country would be subject to the estate tax levied on the assets that ultra-rich individuals leave to their heirs when they die.
In 1967, the CIA Created the Label “Conspiracy Theorists” … to Attack Anyone Who
Challenges the “Official” Narrative. Mainstream media told us that a U. S. government assassination of Martin Luther King Jr. was a “conspiracy theory,” until the King family proved in federal court that Dr. King was murdered by the American government.
Yet some people remain unconvinced the CIA is on our side….
“For all its much-touted recovery, the USA is bankrupt: its liabilities exceed its assets. America’s $16.5-trillion debt now stands at 73 percent of annual GDP, not counting internal debts, such as the depleted Social Security trust fund.
According to the Congressional Budget Office, the debt is on course to reach 93 percent within 10 years and nearly 200 percent in 25 years. Only Weimar-style hyperinflation would then be able to manage the debt, but the treatment would be even worse than the disease.”
How America will collapse (by 2025)
“Available economic, educational, and military data indicate that, when it comes to U.S. global power, negative trends will aggregate rapidly by 2020 and are likely to reach a critical mass no later than 2030. The American Century, proclaimed so triumphantly at the start of World War II, will be tattered and fading by 2025, its eighth decade, and could be history by 2030.“