How Huge Multi-National Corporations are Dodging Taxes

[HoustonMilfDebbie]

Here is an example from something I found from Elizabeth Warren, Senator:

"Huge corporations hire armies of lawyers and lobbyists to create, expand, and protect every last corporate loophole.

That's how we end up with a tax code that makes teachers and bus drivers and small business owners pay, but that allows some huge American corporations to make billions of dollars and not pay a single dime in taxes.

Simply put, the tax code is rigged.

Apparently, even this rigged game doesn't go far enough for some corporations. Those companies are taking advantage of a new move: a loophole that allows them to maintain all their operations in America, but claim foreign citizenship so they can cut their US taxes even further.

That means American companies can hire a bunch of lawyers and Wall Street bankers, fill out some paperwork, and dodge their US taxes.

Tax lawyers call this process a "corporate inversion." But don't let that bland name fool you – these companies are renouncing their American citizenship, turning their backs on this country, simply to boost their profits.

If a person did that, we'd call them a freeloader and insist that they pay their fair share. And that's exactly what our tax laws do for people who renounce their American citizenship. But when corporations do it, they don't suffer any consequences at all.

Forget whether corporations are people – in this corner of the tax code, we're treating corporations better than people.

That's not right. That's why I've teamed up with Senator Levin and more than a dozen of our Democratic colleagues to introduce the Stop Corporate Inversions Act. The bill is simple: it allows American corporations to renounce their citizenship only if they truly give up control of their company to a foreign corporation and truly move their operations overseas."

[SinsOfTheFlesh]

Taxing corporations is like siphoning your own gas tank to get a gallon of gas.

We should have the lowest corporate tax rate in the world, instead of the highest.

Debbie, since you feel it is so unethical for corporations to pay the least amount of taxes allowed by law, I assume that

1. you claim every last penny you earn in income
2. You claim no deductions in any form whatsoever, in order to pay as much in taxes as you possibly can. Right?

If not, then shut up. Why should a corporation live by a standard that you yourself are not willing to live by?

[Guest123018-4]

Isn't she that Senator that claimed she was a Native American so she could get special treatment in her life like grants, scholarships, etc.
I really like it when a two faced liar is the one that call the kettle black.

You know, if we did not have the highest corporate tax structure in the world, maybe, just maybe, some of the multinational corporations would not be forced to keep their earnings overseas.


Just for a few minutes let us all think about where we would be as a society and nation if corporations were illegal. Just where would we be if the corporate business structure was nonexistent.

The fact of the matter is we are, as human beings, impoverished and the only method of reducing poverty is through capitalism and free enterprise.

[gnadfly]

Run, Elizabeth, run!

She's another in a long list of Massachusetts liberals whose narrative only plays in a relatively small part of the country. Don't expect her to fulfill many campaign promises, if any.

[JD Barleycorn]

She is also the politician who was using her Harvard office illegally, the senator who said (before Obama) that you didn't build that, and the senator who said that she was a socialist. Deb, they say a little knowledge is a dangerous thing and you are demonstrating that. Corporations don't pay taxes. Their customers do. Of course you work in a tax free profession so what does that say about you? T. Roosevelt said it was patriotic to avoid paying unnecessary taxes.

Lets look at how corporate taxes work Deb. You offer your services for $200 an hour. Out of that 200 you deduct car fare, makeup, clothing, and food as part of your overhead. You need all of that to be the person you are and the product that you're selling. They legalize prostitution and come down so hard that it is much better to pay taxes than to go to jail for not. So now you have to deduct taxes (unemployment, SS, medicare, etc.) from your 200. This leaves you less to ilve on so what do you do? Easy you pass along those taxes to the customer and raise your rates to $250 an hour. You, yourself, are not paying one red cent more because you've charged your tax burden to your customer. Same for a business. They make $100 million a year and out of that they pay salaries, bonuses, insurance, utilities, healthcare costs, new equipment costs, training, plus taxes (I'm not going to go into all the taxes that they pay). What is left over is profit to the owner or stock holders. Guess what? They get to pay taxes on that money too. Yes, that money is taxed twiced. So along comes some communist politician with an idea of a for new project and they need money. So thinking that money grows on trees they pass a bill that raises corporate taxes only 5%. That works out to 5 million dollars for our compnay. Do they take the hit meaning do they tell their stockholders that their asset is less valuable? No, they raise their prices if they can and pass that tax on to Joe and Cindy six pack.

As Sins said, corporate taxes should be low. Did EW mention that the US has the highest corporate taxes in the civilized world? Did EW mention why jobs are going overseas? Did EW mention that she is thinking about running for president and making her socialist dreams a reality?

[marathonrunner]

I agree with the original poster 100%.

And wish there were more people like HoustonMilfDebbie in America.

[Guest123018-4]

I am in full support of changing the corporate tax structure so it is more reasonable and corporations would not have to keep their earnings outside of the grasp of the idiots in DC.

[LexusLover]

Originally Posted by marathonrunner

And wish there were more people like HoustonMilfDebbie in America.

She is hot looking, and has sexy legs.

[CuteOldGuy]

Excellent point. This is why we must abolish the income tax.

[Old-T]

We must abolish income tax because Debbie has long, sexy legs?

I missed that one.

[pyramider]

Originally Posted by CuteOldGuy

Excellent point. This is why we must abolish the income tax.

And replaced that revenue with what? And what services/entitlements would be abolished?

[boardman]

The IRS?

[CuteOldGuy]

Originally Posted by Old-T

We must abolish income tax because Debbie has long, sexy legs?

I missed that one.

Whatever works. I'll go with that.

Replace it with something else. As everyone on here knows I'm a strong proponent of the FairTax, but I'm willing to consider other options. There are plenty out there.

[LexusLover]

"How Huge Multi-National Corporations are Dodging Taxes"

Ask John Kerry AKA Secretary of State.



Here is how he does it.

[JD Barleycorn]

About 30 years ago Ted "Captain Outrageous" Turner gave an interview where he bragged about avoiding taxes. Seems he "sold" his companies to a holding company in which he had a controlling interest then he hired himself to be a consultant and CEO. His salary was in the low six figures and he paid taxes on that as personal income. His holding company also "gave" him an expense account which was without limit. He could buy a yacht, and did, using his expense account. The taxes were far lower and could be included with losses by the company to mitigate his tax burden even lower. He laughed that he paid about the same amount of taxes as an upper middle class American but spent millions on his hobbys. Need I remind you which political party owns Turner?

There is a similar story for Warren Buffet only he wasn't laughing about it. Turner is just a turd.