Have Corporations Given Themselves a Tax Cut?
This of course explains why corporate
is anti-Obama. They just cannot stand the fact that they are doing well under a moderate Democratic President. America
As far as corporate taxes are concerned, everybody knows the
has the highest rates in the world and that corporate taxes are just crushing American business. Not so fast. U. S.
But corporate tax receipts, as reported by the Treasury Department, remain lackluster, even as the economy has gained some ground of late. Although they have trended higher in recent months, corporate taxes measured on a 12-month basis were still under $200 billion in November. That is well below a precrisis peak of about $380 billion and still far below the government's fiscal 2012 target of $332 billion.
How can this be? Well in part it is the fact that corporations are using past losses to offset current income, a perfectly reasonable and logical and correct position to take. It may be also because companies have kept profits overseas. The interesting part though is looking at the data and what it says about the effective corporate tax rate. Let’s see, about $2 trillion in profits, $200 billion in taxes, hm, that’s 10%. Yes the data shows that crushing
corporate income tax rate is 10%. U. S.
So nice going corporate
, you are just about done with paying your fair share of the bill. Now you can spend even more to elect candidates that will relieve you of the bill altogether. America