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GE, Microsoft Top List of U.S. Companies Paying Less in Taxes | |
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| Time: 09:56 EST/14:56 GMT | News Source: Bloomberg | Posted By: Robert Stein | ||
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Many U.S. companies regularly -- and legally -- minimize their income taxes. In 2001, eight of the 30 companies in the Dow Jones Industrial Average, among them General Electric Co. and Microsoft Corp., paid taxes amounting to less than 20 percent of their operating profit, according to Bloomberg data. The top 2001 tax rate for individuals was 39.1 percent. `Companies use a variety of methods to reduce taxes, ranging from credits for research to breaks on employee stock options. | ||
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| #1 By 2231 (164.86.99.3) at 2/24/2003 11:03:20 AM |
| Getting the economy back on its feet will be dependent on these kinds of companies having the money for new products, additional hirings and R&D. |
| #2 By 7390 (63.211.44.114) at 2/24/2003 11:15:57 AM |
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I am sure that we are all for getting the economy back on track. And I am sure that we are all for these companies taking legal advantage of the laws on the books. But it just seems like there are too many legal loopholes. Those are billions of dollars in tax revenue that the government is loosing, while the mid class and the poor are being the brunt of the load.
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| #3 By 135 (209.180.28.6) at 2/24/2003 11:26:29 AM |
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schwit - I don't think Microsoft is hard up on money to spend on R&D.
Corporations paying income taxes is an issue I'm somewhat torn on. On the one hand I feel it is something of a double taxation. But that implies that the corporations are actually going to divy up the income to their shareholders and employees. I don't see this happening, as the shift to stock price has become more important. Corporations are also afforded many rights which would normally only apply to individuals. Corporations also have very strong voices in the government in the form of lobbying which effects the laws such as to protect their profitabilities. So from a fairness standpoint, given the protections they are afforded by Government, they ought to be paying their fair share to support said Government. Now I don't know what that fair share is... 20% seems adequate. 0% definately does not, and companies paying 0% towards taxes should not benefit from Government. That is, they should not be allowed to lobby our government, or bid for government contracts. |
| #4 By 2231 (164.86.99.3) at 2/24/2003 11:27:10 AM |
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It's not the government's money to begin with, so nothing is 'lost'.
And the brunt of the load is being borne by the upper class. Between 1975 and 1999, the top 5 percent of taxpayers went from 36.6 percent to 55.5 percent of taxes, the top 10 percent went from 48.7 percent to 66.5 percent, the top 25 percent went from 72 percent to 83.5 percent, and the top half of taxpayers went from 92.9 percent to 96 percent. The bottom 50 percent of taxpayers now pay just 4 percent of federal incomes taxes. http://www.ncpa.org/edo/bb/2002/bb012102.html |
| #5 By 1124 (165.170.128.68) at 2/24/2003 1:19:54 PM |
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"Roberts showed that the top 1 percent of taxpayers, those earning more than $59,338 in 1975, paid 18.7 percent of all federal income taxes, up from 17.7 percent 5 years earlier."
These questions are for schwit: Is it correct that in 1975 the top 1% started at $59,338? Where does the top 1% start today? Good points jvmahon!! |
| #6 By 135 (209.180.28.6) at 2/24/2003 1:45:49 PM |
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schwit - "It's not the government's money to begin with, so nothing is 'lost'. "
Why are you talking about the government as if it's some third party entity? We are the government... you, myself, sodajerk, GhostRider... We are all the government. We elect representatives because it is more efficient than having everybody involved in every little aspect. This argument about the wealthy paying more in taxes as being unfair has already been discredited I cannot fathom why you would bring it up. Economists since Adam Smith have pointed out why this must be and why it is desirable. |
| #7 By 1124 (165.170.128.68) at 2/24/2003 2:26:20 PM |
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soda,
It is a typical trick of certain people to take the obvious, turn it around 180 degrees and repeat over and over until it is accepted as fact. The sad thing is that it works :( Trickle down economy works, Trickle down economy works, Trickle down economy works, ... |
| #8 By 2231 (164.86.99.3) at 2/24/2003 3:54:59 PM |
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Anybody who believes that ‘we‘ are the government is naïve. The DMCA, the Patriot act and the current budget process prove otherwise. ‘The Government’ is of, by and for those people that can get the current politicians reelected, namely special interest. Money talks. Sorry if that sounds cynical.
How can a free society justify the taking of something from others just because they have more? The whole may be better off in many ways, but do we want to try and enhance the whole at the expense of individual? This sounds too much like socialism. Where’s the incentive to excel? |
| #9 By 7390 (198.246.16.251) at 2/24/2003 5:02:27 PM |
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Anybody who believes that ‘we‘ are the government is naïve.
Damn, I guess I can consider myself to be naive. |
| #10 By 135 (208.50.206.187) at 2/24/2003 11:40:43 PM |
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schwit - "This sounds too much like socialism. Where’s the incentive to excel? "
Where's the incentive to not excel? |
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