Of Course Trickle Down Works

Discussion in 'Political Opinions & Beliefs' started by Just A Man, Dec 16, 2017.

  1. FrankCapua

    FrankCapua Well-Known Member Past Donor

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    You are misinformed. Company's whose operations are purely domestic often pay at or even above the 35% rate.

    Retailers are an example. The average income tax rate for the last five years for Macy's was 36.3%, for Kohl's 36.4%, and for Ross stores 37.4%.

    There are certainly tax breaks given to some industries like oil and gas, but many large US companies pay at or near the top rate on their Domestic earnings and lower rates on their foreign earnings.

    If a company's profits were 50% US at 35% and 50% Ireland at 17% they would report an income tax rate of 25.5%
     
  2. FrankCapua

    FrankCapua Well-Known Member Past Donor

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    No, a demand needs to be ANTICIPATED.
     
  3. FrankCapua

    FrankCapua Well-Known Member Past Donor

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    I find it extremely unlikely that some making an income of $60,000 paid 30% in income taxes.
     
  4. Sallyally

    Sallyally Well-Known Member Donor

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    We don't know how much her income was. Forbes magazine guessed that it was a lot higher than 60 k.
     
  5. AFM

    AFM Well-Known Member Past Donor

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    Of course supply side economics works. There’s no such thing as trickle down economics.
     
    Last edited: Dec 21, 2017
  6. AFM

    AFM Well-Known Member Past Donor

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    That’s B2B. The sawmill was basically set up as a jobber. It operated on a job by job basis.
     
  7. FrankCapua

    FrankCapua Well-Known Member Past Donor

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    BINGO! The banking industry was pushed to make loans to people who couldn't possibly pay them back.
     
  8. sawyer

    sawyer Well-Known Member Past Donor

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    Well then we are in full agreement
     
  9. AFM

    AFM Well-Known Member Past Donor

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    Which is the case on many other things. ;)
     
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  10. FrankCapua

    FrankCapua Well-Known Member Past Donor

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    Where do you get this crap?

    GE does business in 180 countries and their overall income tax rate in both 2015 and 2016 was 25.2%
     
  11. Lesh

    Lesh Banned

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    Anticipated implies an assessment that is accurate based on consumption. Pretty much what I was saying.
     
  12. Lesh

    Lesh Banned

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    A sample of 258 Fortune 500 Companies

    • 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.
    These findings refute the prevailing view inside the Beltway that America’s corporate income tax is more burdensome than the corporate income taxes levied by other countries, and that this purported (but false) excess burden somehow makes the U.S. “uncompetitive.”

    Other Findings:

    • One hundred of the 258 companies (39 percent of them) paid zero or less in federal income taxes in at least one year from 2008 to 2015.
    • The sectors with the lowest effective corporate tax rates over the eight-year period were Utilities, Gas and Electric (3.1 percent), Industrial Machinery (11.4 percent), Telecommunications (11.5 percent), Oil, Gas, and Pipelines (11.6 percent), and Internet Services and Retailing (15.6 percent). Each of these industries paid, as a group, less than half the statutory 35 percent tax rate over this eight-year period.
    • The tax breaks claimed by these companies are highly concentrated in the hands of a few very large corporations. Just 25 companies claimed $286 billion in tax breaks over the eight years between 2008 and 2015. That’s more than half the $527 billion in tax subsidies claimed by all of the 258 companies in our sample.
    • Five companies — AT&T, Wells Fargo, J.P. Morgan Chase, Verizon, and IBM — enjoyed more than $130 billion in tax breaks during the eight-year period.
     
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