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GE pays no income tax

lewis20
Posts: 5,093
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4/4/2011 2:13:41 AM
Posted: 5 years ago
Is there any reason to oppose tax reform?
Krugman was blaming it on republicans, but why has neither side brought tax reform up, I imagine its a bipartisan consensus that tax reform is needed.
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djsherin
Posts: 343
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4/4/2011 3:06:28 AM
Posted: 5 years ago
At 4/4/2011 2:13:41 AM, lewis20 wrote:
Is there any reason to oppose tax reform?
Krugman was blaming it on republicans, but why has neither side brought tax reform up, I imagine its a bipartisan consensus that tax reform is needed.

When isn't Krugman blaming something on Republicans?

But to your answer your question, I'm sure there are plenty of interests that enjoy the tax code the way it is so from their perspective, there are many reasons to oppose tax reform.
innomen
Posts: 10,052
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4/4/2011 3:53:47 AM
Posted: 5 years ago
I never understood the liberal argument to tax corporations, particularly those that are large. Well that's not entirely true, i do understand it, i just don't think they do.

It's not like a corporation gets out their check book and write a check that comes out of their profits, it just doesn't work like that. Taxes are costs and are reflected in either or both, the price of a product or the wages of those who create the product. Taxes or excessive taxes, only create a hostile business environment which results in a migration toward environments with lower costs associated with them.
Greyparrot
Posts: 14,240
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4/4/2011 3:55:41 AM
Posted: 5 years ago
At 4/4/2011 3:53:47 AM, innomen wrote:
I never understood the liberal argument to tax corporations, particularly those that are large. Well that's not entirely true, i do understand it, i just don't think they do.

It's not like a corporation gets out their check book and write a check that comes out of their profits, it just doesn't work like that. Taxes are costs and are reflected in either or both, the price of a product or the wages of those who create the product. Taxes or excessive taxes, only create a hostile business environment which results in a migration toward environments with lower costs associated with them.

Bankrupt!
was that the golden goose that died?
PervRat
Posts: 963
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4/7/2011 5:17:48 PM
Posted: 5 years ago
At 4/4/2011 3:53:47 AM, innomen wrote:
I never understood the liberal argument to tax corporations, particularly those that are large. Well that's not entirely true, i do understand it, i just don't think they do.

It's not like a corporation gets out their check book and write a check that comes out of their profits, it just doesn't work like that. Taxes are costs and are reflected in either or both, the price of a product or the wages of those who create the product. Taxes or excessive taxes, only create a hostile business environment which results in a migration toward environments with lower costs associated with them.

Which means absolutely nothing. The United States prohibits slavery, but it is very profitable to use forced, unpaid labor, so U.S. corporations get around the anti-slavery law by exporting production to China which does practice slavery.

In no way whatsoever should the fact that corporations will export jobs and production to nations that exploit their people for financial gain, whether its anti-slavery laws or fair taxes, be used as an excuse to undermine domestic laws and taxes. That anyone would argue such a thing seems silly, the real tragedy is how many folk think as you do that any taxes or laws we have that another nation does not and draws corporations to then export production to that place with little or no taxes or laws as an excuse to eliminate the taxes or laws here.
Greyparrot
Posts: 14,240
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4/7/2011 5:22:10 PM
Posted: 5 years ago
At 4/7/2011 5:17:48 PM, PervRat wrote:
At 4/4/2011 3:53:47 AM, innomen wrote:
I never understood the liberal argument to tax corporations, particularly those that are large. Well that's not entirely true, i do understand it, i just don't think they do.

It's not like a corporation gets out their check book and write a check that comes out of their profits, it just doesn't work like that. Taxes are costs and are reflected in either or both, the price of a product or the wages of those who create the product. Taxes or excessive taxes, only create a hostile business environment which results in a migration toward environments with lower costs associated with them.

Which means absolutely nothing. The United States prohibits slavery, but it is very profitable to use forced, unpaid labor, so U.S. corporations get around the anti-slavery law by exporting production to China which does practice slavery.

In no way whatsoever should the fact that corporations will export jobs and production to nations that exploit their people for financial gain, whether its anti-slavery laws or fair taxes, be used as an excuse to undermine domestic laws and taxes. That anyone would argue such a thing seems silly, the real tragedy is how many folk think as you do that any taxes or laws we have that another nation does not and draws corporations to then export production to that place with little or no taxes or laws as an excuse to eliminate the taxes or laws here.

http://www.businessweek.com...
Fabian_CH
Posts: 232
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4/7/2011 5:24:30 PM
Posted: 5 years ago
Why do corporations pay income tax anyway? What is "income"? Profit?
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Ore_Ele
Posts: 25,980
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4/7/2011 5:33:08 PM
Posted: 5 years ago
At 4/7/2011 5:27:40 PM, Greyparrot wrote:
I am guessing it is money they have after they pay wages, otherwise it would be double income tax.

it is, it is after they pay their bills and employees and restocking and everything.

Income tax is applied to Gross Income, not Revenue (revenue is before paying bills).

You can use this as a template.

http://finance.yahoo.com...

You can see that "cost of revenue" and "operating expenses" are taken out before tax is calculated.
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