Guest Post by Stilton Jarlsberg
Political scandals aren’t what they used to be. As a case in point, the NY Times has gone front page crazy with a story screaming that over the past few years, Donald Trump may have paid all the federal income tax he legally owed – which possibly, and only possibly, equalled “none.”
Note to the apparently clueless NY Times: “Man Pays Correct Amount of Taxes” is not a scandal. In fact, it’s not even interesting.
This story, which Hillary Clinton very, very coincidentally alluded to prior to its publication during the debates (perhaps the result of the psychic visions she’s had since her violent head trauma), was written based on illegally obtained tax information which shows…no wrongdoing. Honest.
Rather, Trump’s business lost nearly $1 billion in 1995 and IRS regulations allow all businesses to apply such financial losses to their future taxes. In this way, our government encourages businesses to grow and take risks through active investment rather than just sitting on their assets. This results in “job creation”…and Hillary is against it.
As Trump has repeatedly stated, he has been audited many times since 1995 – and the IRS (which is hardly nonpartisan) has found absolutely nothing wrong. So what’s the big deal now?
The big deal is class envy, stoked to a fever pitch by the wildly (and mysteriously) wealthy Hillary, and the fact that Democrats are complete chowder heads when it comes to understanding anything at all related to business or finance. Moreover, the case against Trump is entirely speculative, unlike the known facts about the NY Times itself – which paid $0 in taxes in 2014 despite making a pre-tax profit of $29.9 million. Better still, they also got a $3.5 million tax refund paid for by working citizens who aren’t lucky enough to have a legal team on staff.
Frankly, Hope n’ Change is against paying even a penny more than we legally owe in taxes, and we salute Donald Trump and his accountants for having the same attitude. And let’s not forget that to get his tax breaks, Trump had to lose almost a billion dollars – and we’re guessing that’s not a tax strategy most people would enjoy employing.
As for Hillary, we can only hope that her new slogan, “We’ll Make You Pay More Than You Owe,” is clearly heard by every voter in the land.
The tax code is written by Gov’t for the benefit of International Corporations.
These 64 corporate teams paid just over 8% in taxes over the five-year period 2008-2012.
The Slink Sixteen:
General Electric: The worst tax record over five years, with $81 billion in profits and a $3 billion refund.
Boeing: In addition to receiving a refund despite $21.5 billion in profits, the company ranked high in job cutting, underfunded pensions, andcontractor misconduct.
Exxon Mobil: Made by far the largest profits in the group, but paid less than 1% in U.S. taxes, and yet received oil subsidies along with their tax breaks. Unabashedly reports a 2012 “theoretical tax” of over $27 billion, almost 90% of its total income tax expense. The company was also near the top in contractor misconduct.
Verizon: Second worst tax record, with a refund despite $48 billion in profits.
Kraft Foods: Received a refund from the public despite $13.5 billion in profits. Also a leading job-cutter.
Citigroup: One of the five big banks who are estimated to get a bailout/refund from the American public amounting to three cents from every tax dollar.
Dow Chemical: Received a refund despite almost $10 billion in profits.
IBM: Paid less than 3% in taxes while ranking as one of the leading job cutters, and near the top in contractor misconduct.
Chevron: In addition to a meager 4.3% tax rate and a share of oil subsidies, the company has been the main beneficiary of tax-exempt government bonds.
FedEx: The company paid less than 5% in federal taxes while relying on the publicly-funded Post Office to deliver thirty percent of its ground packages.
Honeywell: Less than 6% in taxes, a leading job cutter, near the top in instances of contractor misconduct, and run by the “Fix the Debt” CEO with the largest pension fund.
An 8% tax rate, a leader in job cuts and underfunded pensions, and in the top 20 of contractor misconduct instances.
Notable for an 8.4% tax rate, job cuts, offshore holdings, and the top U.S. spot on the contractor misconduct dollar list.
Apple: Where to begin? Avoiding federal taxes, avoiding state taxes, hiding overseas earnings, engaging in intellectual property schemes, using the “Double Irish” to transfer profits from Europe to Bermuda, and underpaying its store workers despite conducting most of itsproduct and research development in the United States.
Pfizer: One of the leaders in stockpiling untaxed profits overseas, and right behind Merck in contractor misconduct dollars.
Google: A master at the “Double Irish” revenue shift to Bermuda tax havens, while using tax loopholes to bring a lot of the money back to the U.S. without paying taxes on it. Recognized as one of the world’s biggest tax avoiders.
Microsoft: Named as one of the biggest offshore hoarders while using tax strategies to bring much of their untaxed money back to the U.S., where it also avoids state taxes.
The Fouling Four
GE, Boeing, Exxon, and Apple. Merck almost crashed the party, but the competition was too stiff.
Ref…..http://www.alternet.org/corporate-accountability-and-workplace/16-giant-corporations-have-basically-stopped-paying-taxes
… and this is why you will *NEVER* see a flat or fair tax implemented. Billions, even Trillions at stake.
Actually the “working citizens” do have a “legal team on staff”. Unfortunately they are now working for everyone except the “working citizens” despite the “working citizens” still paying their salaries, free, platinum health care and other executive bennies. How ANYONE cannot see the private fiefdom that grew up where our govt used to be is beyond me.