For When You Have Some Time

[Minimalist]

Want to really see what  lying sacks of shit the WLB, McConnell, Ryan and the rest of the republicunts are?

https://itep.org/the-35-percent-corporate-tax-myth/

Profitable corporations are subject to a 35 percent federal income tax rate on their U.S. profits. But many corporations pay far less, or nothing at all, because of the many tax loopholes and special breaks they enjoy.

The report only includes corporations that were consistently profitable over the eight-year period from 2008 to 2015. In other words, if a firm had a loss in even one year, it is excluded from this report. By leaving out corporations that had losses (which means they wouldn’t pay any tax), this report provides a straightforward picture of average effective tax rates paid by our nation’s biggest and consistently profitable companies. Two hundred and fifty-eight Fortune 500 companies were consistently profitable in each of the eight years between 2008 and 2015.

Some Key Findings:

• As a group, the 258 corporations paid an effective federal income tax rate of 21.2 percent over the eight-year period, slightly over half the statutory 35 percent tax rate.
  

• Eighteen of the corporations, including General Electric, International Paper, Priceline.com and PG&E, paid no federal income tax at all over the eight-year period. A fifth of the corporations (48) paid an effective tax rate of less than 10 percent over that period.
  

• Of those corporations in our sample with significant offshore profits, more than half paid higher corporate tax rates to foreign governments where they operate than they paid in the United States on their U.S. profits.
  

Any corporation which ends up paying 35% corporate income tax needs a better accountant.

So the whole episode was bullshit.  Total misdirection for what the motherfuckers really wanted to do which was reward their biggest donors.

At least Lindsey Graham was honest about that.

Q: What happens if GOP isn't able to pass tax reform?

Graham: "The party fractures, most incumbents in 2018 will get a severe primary challenge, a lot of them will probably lose, the base will fracture, the financial contributions will stop, other than that it'll be fine!"

[Fake Messiah]

That's why they call it Disaster Capitalism.

[GUBU]

Oh and 9 times out of ten when a major company posts a loss it is an accounting loss only. They're allowed to deduct a lot of stuff including notional impairments to goodwill and "interest" from intra company loans from their profit figures. So if a major company posts a loss only believe them if it's on the lines before the PBIT line.

[Jackalope]

Oh and 9 times out of ten when a major company posts a loss it is an accounting loss only. They're allowed to deduct a lot of stuff including notional impairments to goodwill and "interest" from intra company loans from their profit figures. So if a major company posts a loss only believe them if it's on the lines before the PBIT line.

^^^

Or EBITDA.

Also note, regarding those "loopholes"? Largely, corporations got to keep theirs, unlike the proles.

[GUBU]

Oh and 9 times out of ten when a major company posts a loss it is an accounting loss only. They're allowed to deduct a lot of stuff including notional impairments to goodwill and "interest" from intra company loans from their profit figures. So if a major company posts a loss only believe them if it's on the lines before the PBIT line.

^^^

Or EBITDA.

Also note, regarding those "loopholes"?  Largely, corporations got to keep theirs, unlike the proles.

Yeah, companies get to deduct pretty much every expense before being taxed, self employed too (here in Ireland). Me, I get nothing, just a crummy €3,300 tax free allowance and €34,000 cut off point.

[Tiberius]

I really want to see the stats for small and medium sized businesses too. Small businesses probably do pay close to 35% in taxes. I don't see why there couldn't be revenue based tax bands like with individual income tax.

[Minimalist]

You'd  be surprised.

http://smallbusiness.chron.com/list-corp...58478.html

One of the advantages of structuring and operating your small business as a corporation is the significantly higher number of tax deductions you can take. With a sole proprietorship or general partnership, you deduct expenses on Schedule C of Form 1040. With a corporation, you complete Form 1120 or 1120S.

Note that even this article only mentions "depreciation" in regard to automobiles but the fact is that a business can depreciate any piece of equipment it buys and claim a deduction.

Then there is the Sub-Chapter S scam which is a whole different kettle of fish.