60 top corporations paid $0 federal taxes under Trump tax law

Mar 2019
2,574
590
Texas
Amazon, Netflix, Chevron, Eli Lilly, Delta Airlines, General Motors, IBM and Goodyear were among the tax-free corporate titans, according to an analysis by the Institute on Taxation and Economic Policy, a Washington think tank, released Thursday.

The study found that 60 of some of the largest publicly held companies paid no taxes — compared with an average of about 30 each year from 2008 to 2015, before Trump and congressional Republicans passed the tax law that took effect in 2018. The measure heavily favors corporations and the wealthy.
Yea corporations:vomit:

This is disturbing in some ways and in other ways it is a good start. Now lets end the irs.....

AOL
 
  • Like
Reactions: Sabcat
Mar 2019
2,574
590
Texas
How is it a good start?
If the goal is to eliminate all taxes then it is a good start. I am all for that.

However it is pisspoor policy for peeps to be paying and corporations to not pay especially with the rulings stating that corps are people and have 1st amendment rights.

I do not like corpro-capitolism

It is like a sporting event where the championship team gets to continually beat the rest of the teams forever.
 
  • Like
Reactions: right to left
Mar 2019
2,574
590
Texas
How do things get paid for? You're being completely unrealistic. Look at Kansas and Oklahoma for the reasons why you're being unrealistic.
Things do not get paid for.

Have you noticed the amount of debt we are in.

There are many who believe that income tax is illegal and that taxing corporations is the only legal tax on income.
 
  • Like
Reactions: Sabcat
May 2018
7,418
5,225
Chicago
Things do not get paid for.

Have you noticed the amount of debt we are in.

There are many who believe that income tax is illegal and that taxing corporations is the only legal tax on income.
Yeah, I did notice. Having corporations pay no taxes is one of the reasons we're so far in debt. Giving massive tax breaks to the 1% is another reason. Then giving tax breaks and borrowing and spending makes it worse. The solution is NOT to eliminate all taxes.
 
Mar 2019
2,574
590
Texas
Yeah, I did notice. Having corporations pay no taxes is one of the reasons we're so far in debt. Giving massive tax breaks to the 1% is another reason. Then giving tax breaks and borrowing and spending makes it worse. The solution is NOT to eliminate all taxes.
Eliminate all taxes is a good idea. Then pass a law where they have to get 100% vote count on passing any new laws and taxes.

At that point we could just get a flat tax of around 17% for corps and people's profit.
Let people make a hundred dollars a day and anything above that be considered profit. That would eliminate the income tax and we would only be taxing profit.
Only have one deduction for charity.
 
Dec 2016
5,815
2,941
Canada
If the goal is to eliminate all taxes then it is a good start. I am all for that.

However it is pisspoor policy for peeps to be paying and corporations to not pay especially with the rulings stating that corps are people and have 1st amendment rights.

I do not like corpro-capitolism

It is like a sporting event where the championship team gets to continually beat the rest of the teams forever.
Now we're talking! Even if someone is a capitalist, I've never been able to figure out the acceptance of crony capitalism that arises when corporations are large enough to create near monopolies in every important industry.

Going from 30 top corporations paying no taxes to 60 isn't a vote of confidence for the prior Obama Administration, since a lot.....maybe even most of this progression towards the rich living tax-free would have happened anyway under a Neoliberal Democrat regime.

I should permanently bookmark this site: Reclaim Democracy for their page advocating a return to the rules governing forming and maintaining corporate charters back when America was founded...it wasn't so easy for them:

Our Hidden History of Corporations in the United States
When American colonists declared independence from England in 1776, they also freed themselves from control by English corporations that extracted their wealth and dominated trade. After fighting a revolution to end this exploitation, our country’s founders retained a healthy fear of corporate power and wisely limited corporations exclusively to a business role. Corporations were forbidden from attempting to influence elections, public policy, and other realms of civic society.​
Initially, the privilege of incorporation was granted selectively to enable activities that benefited the public, such as construction of roads or canals. Enabling shareholders to profit was seen as a means to that end. The states also imposed conditions (some of which remain on the books, though unused) like these*:​
  • Corporate charters (licenses to exist) were granted for a limited time and could be revoked promptly for violating laws.
    • Corporations could engage only in activities necessary to fulfill their chartered purpose.
      • Corporations could not own stock in other corporations nor own any property that was not essential to fulfilling their chartered purpose.
      • Corporations were often terminated if they exceeded their authority or caused public harm.
      • Owners and managers were responsible for criminal acts committed on the job.
      • Corporations could not make any political or charitable contributions nor spend money to influence law-making.
For 100 years after the American Revolution, legislators maintained tight controll of the corporate chartering process. Because of widespread public opposition, early legislators granted very few corporate charters, and only after debate. Citizens governed corporations by detailing operating conditions not just in charters but also in state constitutions and state laws. Incorporated businesses were prohibited from taking any action that legislators did not specifically allow.​
States also limited corporate charters to a set number of years. Unless a legislature renewed an expiring charter, the corporation was dissolved and its assets were divided among shareholders. Citizen authority clauses limited capitalization, debts, land holdings, and sometimes, even profits. They required a company’s accounting books to be turned over to a legislature upon request. The power of large shareholders was limited by scaled voting, so that large and small investors had equal voting rights. Interlocking directorates were outlawed. Shareholders had the right to remove directors at will.​
In Europe, charters protected directors and stockholders from liability for debts and harms caused by their corporations. American legislators explicitly rejected this corporate shield. The penalty for abuse or misuse of the charter was not a plea bargain and a fine, but dissolution of the corporation.​
At the founding of the US of A, the primary cause of the settler rebellion against the English Government was likely the bad will after The Royal Proclamation of 1763, which banned the American colonies from expanding their borders west of the Mississippi River, and forbade American colonists from going past those boundaries to stake land claims and especially fight with Indian nations that the British Government considered as essential allies against the French and Spanish colonists to the south. But, the second big reason for the revolt would have been anger against British chartered corporations that were granted and guaranteed monopolies of production and distribution of certain products. And it took a long time afterwards before Americans were willing to increase the number of rights guaranteed to artificial citizens as a result. Today, corporations easily have more rights than flesh and blood humans have:

 
  • Like
Reactions: DeadEyeDick
Dec 2018
4,480
1,241
New England
One rate, zero deductions, zero credits, and corporations the world over would be beating down our door to be domiciled here.

And it won't happen. It would mean the end to K Street and, more importantly, far fewer favors for both Democrats and Republicans on The Hill to sell.
 
  • Like
Reactions: Sabcat