Negative effective tax rate for many companies

Discussion in 'General Discussion' started by Alfalfa, Apr 16, 2019.

  1. Alfalfa

    Alfalfa Well-Known Member

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    I'm sure you've heard of the report released today about the effects of Trump's tax cuts on business tax rates.

    https://itep.org/notadime/

    Not only did many highly profitable companies pay $0 in taxes, but many got an astounding amount back! They are literally stealing the our money. Literally. But hey, they provide jobs!

    Build that wall! Build that wall!
     

  2. tonstermits

    tonstermits Well-Known Member

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    I should open up a lemonade stand
     
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  3. fishonjazz

    fishonjazz Well-Known Member Contributor 2019 Award Winner 2018 Award Winner

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    Consider the swamp drained. Another campaign promise fulfilled by Trump.
    I'm sure Mexico will be writing us a 5 billion dollar check for the wall soon too.

    Sent from my ONEPLUS A6013 using JazzFanz mobile app
     
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  4. Alfalfa

    Alfalfa Well-Known Member

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    This is honestly crazy. If Trump wins another term, the top 1% will have ALL the money.
     
  5. NPC D4617

    NPC D4617 Well-Known Member

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    Yep. That makes sense.
    We will all just be working our jobs and the 1% will be the only ones buying anything. We wont even be able to eat because we wont have any money to buy food. We will become breatharians. And all the the good and services we produce will go in the giant basements of people with houses the sizes of cities
     
  6. NPC D4617

    NPC D4617 Well-Known Member

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    Wait.

    You actually thought that MAGA meant racist things and not boosting the greatness of American industry?
     
  7. idestroyedthetoilet

    idestroyedthetoilet Well-Known Member

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    From what I understand, GM obtained their massive tax loss carry forward under Obama's special deal for them, when the government owned 60% and the union owned 17.5%.

    Reporting loss against profit isn't exactly tax avoidance now is it.
     
  8. Douchebag K

    Douchebag K Well-Known Member

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    Envy is one of the seven deadly sins
     
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  9. Saint Cy of JFC

    Saint Cy of JFC Well-Known Member

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    Lmfao
     
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  10. Douchebag K

    Douchebag K Well-Known Member

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    Gtfo Idgaf. Lolz
     
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  11. fishonjazz

    fishonjazz Well-Known Member Contributor 2019 Award Winner 2018 Award Winner

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    Its all good though, i mean ya these wealthy corporations are getting to keep more money than ever but thats a good thing cause that means they can give us all awesome raises! I got a 25 cent raise this year! My health insurance went up by almost 100 dollars per month and my mortgage increased along with basically the price on everything else so the 25 cent raise is actually more like a dock in pay. But at least i can work even more overtime than i already was to make up for the loss in pay! Yippee!


    Sent from my iPad using JazzFanz mobile app
     
  12. Alfalfa

    Alfalfa Well-Known Member

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    And all of those other companies that aren't GM?
     
  13. Alfalfa

    Alfalfa Well-Known Member

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    The CEO of the company I work for consumes around 15% of the entire payroll for one of the largest companies in the state. Bet yours is the same. They don't have money for raises after that!
     
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  14. moevillini

    moevillini the Chief Old D'oh Staff Member

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    and then do an IPO

    LOL
     
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  15. Bulletproof

    Bulletproof All-Jazzfanz First Team! Contributor 2018 Award Winner

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    [​IMG]
     
  16. Harambe

    Harambe Well-Known Member Contributor

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    Record low taxes being brought in
    Record high in spending

    This is fine.
     
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  17. moevillini

    moevillini the Chief Old D'oh Staff Member

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    this guy makes a great point in his podcast about the salary structure of big business and how companies could pay high wages to everyone if they wanted - - to paraphrase
    "fast-food companies could pay $20 per hour minimum wages to all their employees - MacDonald's might not be able to do it and stay in business, but the good thing about capitalism is that someone else will find a way to do it - it's not like we have to worry about running out of hamburgers."

    He also gives an interesting history of the change in corporate philosophy beginning with Milton Friedman in the 1970's

    KCRW - To the Point podcast - Dec. 20
    https://www.kcrw.com/news/shows/to-...economic-inequality-means-the-next-revolution
     
  18. One Brow

    One Brow Well-Known Member

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    https://freethoughtblogs.com/stderr/2019/04/05/let-me-stake-this-out/
     
  19. idestroyedthetoilet

    idestroyedthetoilet Well-Known Member

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    Well said.

    When was the last time you looked corporate tax receipts and calculated % of federal level and % of GDP? Whitehouse.gov has some downloadable tables that are very useful and insightful. Google federal budget + pick a year and you'll find them easy enough.
     
  20. Bulletproof

    Bulletproof All-Jazzfanz First Team! Contributor 2018 Award Winner

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    I've never looked. Sounds like you have. Can you summarize?
     
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