VIDEO ON MSN MONEY
"... Exxon Mobil () reported $31 billion in corporate income tax expenses"
"... Exxon Mobil, for one, earned more than $78 billion before taxes "
40% of income paid in taxes. Well, that seems to be a stake in the heart of a blog spew that won't die. If I had a dime for every time I have read on these blogs that Exxon pays no taxes I would be a VERY wealthy person.
I love how these articles only mention one type of tax a corporation pays. They leave out all of the other taxes they pay. They pay state taxes, environmental taxes, energy taxes, utility taxes, etc.
How about the payroll taxes they pay for each employee they have on their book? Those are the ones the pay into Social Security and Medicare.
Henry Ford understood so well the concept of paying a Living Wage that he Doubled the going Rate for his Workers compared to others and we saw a massive Boom to the Middle-Class. Today's workers Reward for working harder and being more Productive is stagnant and or declining wages and benefits with the Result being record number of workers on Food Stamps and other Gov't assistance programs.
So while Taxes are actually historically low, even the recent rise has been mostly deflected by the huge Income increases for the SuperRich. The Working Poor and Fading Middle-Class are not seeing such deflections and in fact are seeing massive erosion in their actual take home pay. So as the Right to Work for Less takes hold in many states, the Race to the Bottom has taken America to a status reserved for places like Mexico. When people lose all hope, Society breaks down and Mobs take over. Then Wealth can become worthless. We can quickly become no better than a Mexico run by the Cartels. How well is that working out for the average Mexican?
Many believe that corporate taxes are to high and it hurts our economy, the fact is that the average U.S. corporation pays about a 15% effective tax rate. Ronald Reagan raised the corporate tax rates to off set revenue loss from his individual tax rate cuts, this just raised cost for consumers who have to pay more for products, while allowing the super rich to thrive. In 1981 the top 1% earned 9% of our nations income, today they earn 23%. This massive shift of wealth to those who are already wealthy needs to be reversed, it's simply not healthy for any economy when the wealth is sucked out of the consumer classes and pools at the top where it can't increase demand for goods and services.
As Warren Buffett said " Stop coddling the rich " and our economy will grow.
Wow... And these rocket scientist are gonna tell ME how to invest.....
I dont think so Tim......
Oh, I guess I'm not a business or a politician, so my loss doesn't count.
In 2011, we Spent nearly a Trillion DOLLARS on Defense Related issues. If a company like Apple decides it wants to keep all it's Currency offshore, I am quite certain other Countries cannot give such Safety Guarantees as America can due to it's Fiat Based Money System which allows all these Massive Corporate Cash Hoards and Profits. Which allows for our Protection, Globally. Yet these same morons lied us into Two Unfunded Wars while simultaneously creating $500-700Trillion in Fake Derivative Scams. Yet folks are lining up to defend Exxon types. Typical.
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