Saturday, September 10, 2011
America, land of the sucker
Think the average corporate tax rate is about 35% in America? Think we have the highest or one of the highest tax rates in the world? Think again, suckers. There is a terrific article at NPR today's broadcast that dispells those myths easily and right away. (See link at bottom). For instance, they point out: "... in fact, very few corporations pay taxes on 35 percent of their profits. With the help of complex international tax loopholes, some companies manage to pay almost no corporate tax at all. It's not necessarily big oil or pharmaceutical companies that are cashing in on complex offshore tax loopholes. In fact, the corporation with one of the most advanced tax-shirking techniques may have helped you find this very article: Google..."In 2003, Drucker says, Google transferred all of its non-U.S. intellectual property rights to a subsidiary in Ireland." So check it out, folks. All the big corporations are offshoring their profits and stiffing us. We're just not that bright. Link: http://www.npr.org/2011/09/10/138867588/corporate-taxes-how-low-can-you-go?ps=cprs
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2 comments:
One problem is that 35% is probably the rate that startups and new companies pay, until they get big enough to lobby for their own tax breaks.
If we insist on taxing production rather than consumption, we need a relatively low, simple and rigid tax code, without loopholes. No breaks for favored industries, no breaks for "green", or who you hire.
that sounds sensible. I've said for a long time that some minimum 10 or 20 percent rate should be put in for all companies--a minimum--for accessing our markets and to pay for infrastructure.
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