‘Silicon Six’ Dodged $100 Billion in Taxes Over Past Decade

They all probably loved Trump’s 20% tax cut. Hopefully Biden will jack up their rates, close all of their loopholes and then give the middle class a tax cut.

 

I haven't heard the phrase "middle tax cut" from any Democrat politician in my adult life. What makes you think Biden will come up with one now?

 

I am not a Democrat but I am in favor of giving the middle class a tax cut. People or households making $75,000 to $250.000. If Trump would have cut those taxes by 20%, I would have supported that.

 

Well then be prepared for tax increases and inflation like you've never seen because that's what the people voted for.

 

Didn't you hear. The world's richest capitalists are socialists. #6

 

I can only speak for myself - I don't have the power to close the loopholes. Do you? Kinda silly to hold me responsible. My post was about opinions - on the left, we want to close those loopholes. It seems folks on the right don't. We have several threads here in which righties don't think its fair to tax the wealthy more - and the righty politicians don't seem to want to either. So - back to you...

 

If anyone wants a glimpse into the permanent reality disconnect that is right wing America should dig up the PF threads on Biden pushing for an international minimum tax, Biden removing some (but not all) of Trump's corporate tax cut and Biden looking to put more money into the IRS so it can track down tax evasion. Trumper after Trumper lining up to attack Biden and 'the left'.

Today we have a thread on corporate tax evasion, the very thing Biden is making a concerted effort to stop, and the same people (and without checking I'm betting quite a few of the very same posters) are lining up to attack....Biden and the left. Pavlov's dog's weren't this well trained. All it takes is some Putinista to scream 'left bad' and the Trumpers start barking. No matter that it is rich corporations who are the bad guys in this story - the same people Trump & the Republicans have been helping for decades. Mindless opposition.

 

If they were not required to pay it, then they didn't "dodge" anything. BTW, if you think either party is really going to go after them, I've got some ocean front property in Idaho you may be interested in.

 

If giving money to the government produces better outcomes, why don't good socialists just start worker owned corporations that out compete privately owned competition and give all their profits to the government?

Wouldn't that solve the problem?

 

This is so weird. Corporate taxes are always based on profits and not revenue. Always. If taxes were based on revenue then no business could succeed. Let's say you have a company that sells widgets. You sell $1,000,000 worth of widgets. Your cost to produce and market those widgets is $800,000. Your profits are a well over average $200,000 and you pay 20% in taxes that's $40,000 or 4% of their gross sales. If you think they should pay 20% of the gross, $200,000 then their profits are zero and they go out of business.

By the OP these six are paying a much higher rate than average and people are getting bent out of shape over how little that is. OK, get ALL businesses to pay 23% of their profits and we'd have a budget surplus. Now.

 

Link please

 

You've been here long enough to know better than that.

 

The article in the OP is very dishonest.

It starts off talking about taxes as a percent of revenue then moves on to compare that to taxes paid as a percent of profit.

 

Business taxes are paid on net profit, not revenue. You are telling us that the their net profit was 3.6% of revenue. That sounds pretty normal to me. They are paying what the tax laws require. They don't pay more than the have to for the same reason you don't.

Since you don't understand how business taxes are assessed, you probably don't understand that raising them causes them to raise their prices to the extent that competition allows. In the end businesses and individuals down the line pay those taxes. I recommend you not pursue a career in accounting.[/QUOTE]

 

I am referring to the loopholes (laws written by Congress) that allow for companies with billions in revenue to pay no income tax.

 

ME? Read the OP! Are you not paying attention?

God!

 

That's exactly what I saw too. It's only meant to piss people off and demand tax increases based on sleezy reporting.
"... just 3.6% of their more than $6 trillion in total revenue"
"...which is 23.2% on nearly $1.4 trillion in profits"

The reporter should have to pay next years taxes on his total income before deductions as a penalty for the yellow journalism.

 

Then get mad at the congress if you don't like it.

 

An interesting post for a 'discussion board'. And a clear indication that you have no interest in my stated opinion - that dems want to see higher taxes on wealthy individuals and closing loopholes for corps, and Repubs don't.

 

Income tax isn't assessed on revenue. It is assessed on net income. This thread is about companies that paid normal taxes on normal net income. You are wandering off the point.

 

At no point have I suggested that taxation is based upon corp's revenues. I've stayed 'on point' throughout. You seem, however, to want to pigeon hole me as not understanding the basics of taxation and paint me as being 'angry'. Kinda wandering off the point.

 

What loopholes, exactly, do you want closed? As for Republicans not wanting loopholes closed, you'd be wrong. There are several that I'd like to see closed including solar credits, child tax credits, businesses owned by women and minorities, etc.

 

FYI, not sure on how you fill out your tax forms, but one is required to enter all revenue for the year. If one had losses, then one can claim them, but goes as part of ones deductions.

 

maybe because it doesn't make much sense for a corporation to pay tax on profits when a tax is already being paid when those profits become an individual's personal income?

The wealthy already pay over half their income (when it comes to earned income) with current tax rates.
Maybe we need to talk about exactly what sort of loopholes or deductions it is you want to eliminate.
Maybe stop treating investments differently under the tax law so they are no longer in the separate category of capital gains?

 

Close. Business tax returns are basic financial statements - P&L and balance sheet. One doesn't claim a loss. One calculates the P&L to a loss. That loss can be carried over to future tax returns. I don't fill out tax forms. I have an accountant do that. He is much better at it than I am.