Category Archives: Economy

Now YOU’RE Paying For Corporate America’s Meals

When the Hell is Enough Enough?

Republicans fought long and hard to get the 35% statutory corporate tax rate lowered. They claimed it made U.S. companies less competitive than their foreign counterparts. At the same time, Republicans KNEW that corporate effective tax rates averaged much less.

In 2016, the Senate Budget Committee’s Ranking Member received a report from the GAO on effective tax rates. The GAO report, using tax years 2006-2012, found:

cash and cigarsThe statutory tax rate on net corporate income ranges from 15 to 35 percent, depending on the amount of income earned. For tax years 2008 to 2012, profitable large U.S. corporations paid, on average, U.S. federal income taxes amounting to about 14 percent of the pretax net income that they reported in their financial statements (for those entities included in their tax returns). When foreign and state and local income taxes are included, the average ETR across all of those years increases to just over 22 percent.

Insanity is… well, you know.

Even so, the GOP majority got their way in 2017, rewarding those big-money donors at the expense of American taxpayers. In 2019, a report from ITEP (Institute on Taxation and Economic Policy), Corporate Tax Avoidance in the First Year of the Trump Tax Law found:

TCJAWhen drafting the tax law, lawmakers could have eliminated special breaks and loopholes in the corporate tax to offset the cost of reducing the statutory rate. Instead, the new law introduced many new breaks and loopholes, though it eliminated some old ones.

Key Findings:

pigs at the troughThe 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax rate.

91 corporations did not pay federal income taxes on their 2018 U.S. income. These corporations include Amazon, Chevron, Halliburton and IBM. An ITEP study released in April 2019 examined 2018 Fortune 500 filings released to date and found 60 companies paid zero in federal income taxes. Now, all companies have released their 2018 financial filings, and this report reflects that.

Another 56 companies paid effective tax rates between 0 percent and 5 percent on their 2018 income. Their average effective tax rate was 2.2 percent.

Now, instead of the mere 27 companies paying no income taxes in 2015, we’ve jumped to at least 91 companies avoiding taxes in 2018.

Feeding Corporate Pigs

Fast Forward to 2020. A raging pandemic, over 300,000 U.S. deaths, huge job losses, people facing evictions or losing their homes, and THIS is what Trump and Republicans insisted be part of the latest COVID Relief Plan:

feeding corporate pigsCorporations will now be able to deduct 100% of the cost of “business meals”.

Paying 50% of their meals was obviously too burdensome, so Americans will pay even more now to prop up our so-called “self-made” corporate Americans. We already subsidize their

          • Operating Expenses

          • Employee Expenses

          • Insurance

          • Travel

          • Bad Debts

          • Interest

          • Equipment

          • Taxes

          • Professional Services

          • Advertising

Not to mention yachts, planes, second homes…

Now we can feed them, too.

Meanwhile, working families are struggling to put food on their own tables. Republicans are vile, despicable people who’ve never given a rat’s ass about America.

Clipart-Of-A-Red-Rose

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Filed under Congress, Corporate Greed, COVID-19, covid-19 relief package, Economy, Frontline Workers, Politics, relief package corruption, Republican Priorities, Republicans, stimulus, Taxes, Trump

Today’s Links 1/13/2015

today's links

redneck scumbagAmericablog: Parents arrested for videoing 1 y.o. with gun in his mouth“Bang, bang, bang — shoot that thang,” you hear the father say as his son puts the barrel of the gun into his mouth.”

dollarBusiness Insider: Economists Can Barely Contain Their Excitement About The New Economic Reports  … Small-business optimism is at a new post-crisis high. The NFIB small-business-optimism survey rose to 100.4 in December, the highest reading since October 2006.”  Oddly enough, it doesn’t credit Mitch McConnell or the “anticipation of a Republican Congress”, hmmm…

NO_Mitt_RomneyBooman poses this question:“…Who do you think will be more dispirited by a third Mitt Romney campaign for the presidency? You, who will have to read about it? Or the bloggers and reporters, who will have to write about it?

I thought Tagg (who names a kid that) Romney said Daddy didn’t really want to be President anyway: “He wanted to be president less than anyone I’ve met in my life. He had no desire… to run. If he could have found someone else to take his place… he would have been ecstatic to step aside.” Well, we’re all for that.

Mike-Huckabee-x400From Crooks & Liars: Huckajesus Chides Obamas For Letting Their Kids Listen To Beyonce “You’d just think that the father of a son who tortured and killed a dog would kind of avoid lecturing anyone else on their parenting!”

jesus-constitution-150x133And finally, Wonkette brings us this: Oklahoma Just Wants To Protect Hobby Lobby’s Right To Teach Your Kids ‘Bout Jesus, No BigFrom the very same state that brought us the unconstitutional law to ban even the whispered mention of Sharia comes a shiny new bill to protect Hobby Lobby’s right to teach your kids about Jesus, America’s greatest founding father.”

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Filed under Economy, Mike Huckabee, Mitt Romney, Politics