A little help on the News Corp -4.5bil tax "bill"

[Hobie]

Came across someone bitching about it on another site, naturally I'm interested that a company that uses it's outlets to tell us corporate tax rates are punitively high and entitlements are all bad is taking 4.5 bil from the US taxpayer.

Basically he was posting that Newscorp. had 10bil in profits and received 4.5 billion back from taxes.

I know that's not quite accurate, so I looked around, found this.

http://www.reuters.com/article/2011/07/12/column-dcjohnston-murdoch-idUSN1E76A1NH20110712

Still seems like they make out pretty well.

A dollar of tax deferred for 30 years, and invested at 8 percent real growth while inflation runs 3 percent, is worth more than $10 at the end of the period, while the real value of the tax when it is ultimately paid is just 40 cents.

[stevo]

The US has the highest (combined) corporate taxes in the world, which are 35% to 41.6% and if the obama regime gets its way, will go to a max of 46.2%.

You be the judge if that isn't punitively high.

Stevo

[SMEGMA STENCH]

Now hmm... what are other countries tax rates? Guess all these companies could always go there instead and ship stuff here. Imports are favored.

[Cannonball996]

yeah but who actually pays 35%?
many are paying less then 10%, and GE payed 0% last year thanks to loop holes.

[stevo]

Now hmm... what are other countries tax rates? Guess all these companies could always go there instead and ship stuff here. Imports are favored.

Japan -39.54%
Germany -38.9%
Canada -36.1%
France -34.4%
Brazil -34%
Italy -33%
India -33%
Australia -30%
United Kingdom -30%
Mexico -28%
China -25%,
Russia -24%
South Korea -22%
Switzerland -21.3%
Turkey -20%
Poland -20%
Iceland -18%
Ireland -12.5%

24 states in the US have combined corporate taxes that are higher than Japan, with Texas being the 47th cheapest in the US, at 36% combined, followed by Nevada, South Dakota, and Wyoming, each at 35%.

Stevo

[stevo]

yeah but who actually pays 35%?
many are paying less then 10%, and GE payed 0% last year thanks to loop holes.

Do you have a link to the information that shows many pay less then 10%?

Stevo

[Cannonball996]

Do you have a link to the information that shows most pay less then 10%?

Stevo

I said not many...not most.

Carnival Cruise Line paid 1.1%
Bowing paid 0.8% in 2009
Ford paid 2.3%
Google paid 2.4%
Boadcom 3.32%
Xcel energy paid 1.78%
Amazon paid 4.3%
Citi paid 0% (also got cash from the government)
Exxon mobil paid 0%

more at this link:

http://www.businesspundit.com/25-corporations-that-pay-less-taxes-than-you-do/

[stevo]

I said not many...not most.

As did I.

Carnival Cruise Line paid 1.1%
Bowing paid 0.8% in 2009
Ford paid 2.3%
Google paid 2.4%
Boadcom 3.32%
Xcel energy paid 1.78%
Amazon paid 4.3%
Citi paid 0% (also got cash from the government)
Exxon mobil paid 0%

more at this link:
http://www.businesspundit.com/25-cor...s-than-you-do/

You might want to re-read that article, as 8 of the 25 on it pay more than 10%, of those 8 most are between 15%-28%.

Next, most on that list were pulled from 2007-2010, which were of course recession years in which much of the loss in profit could be wrote off in taxes.

Anyways, the effective combined tax rate average (which averages total number of tax returns for corporations) for the US is estimated at 27%, which is still higher than most other countries effective corporate tax rates, except Japan.

Spin it any way you choose, we still pay more, and when the obama regime gets its way, it will go up.

Stevo

[Hobie]

The US has the highest (combined) corporate taxes in the world, which are 35% to 41.6% and if the obama regime gets its way, will go to a max of 46.2%.

You be the judge if that isn't punitively high.

Stevo

If it's not what is paid we're just throwing around irrelevant numbers that might as well be gibberish, no?

Now hmm... what are other countries tax rates? Guess all these companies could always go there instead and ship stuff here. Imports are favored.

You're thinking is analog in a digital world.

Anyone who can report profits in a place like the Caymans that has 0% corporate tax already is.

yeah but who actually pays 35%?
many are paying less then 10%, and GE payed 0% last year thanks to loop holes.

Tax rates have varied wildly over the years. As you're thinking, effective rates are what's important.

My whole point, I find it wildly ironic that a company that tells us all how evil it is for others to take tax payer money does so itself. They will call that "good business" and IMO, along those same lines, so can the unemployed people at the welfare office. I prefer leading by example to hypocrisy.

"Money for tards, cripples, the elderly, mouth breathing kids, etc. BAD - money for billionaire, GOOD! MWAHAHAHAHA Do as I say, not as I do, it's hard being an oppressed billionaire!"

I understand the 4.5 billion figure is misleading so I didn't even bother quoting the pages/links referencing it.

Japan -39.54%
Germany -38.9%
Canada -36.1%
France -34.4%
Brazil -34%
Italy -33%
India -33%
Australia -30%
United Kingdom -30%
Mexico -28%
China -25%,
Russia -24%
South Korea -22%
Switzerland -21.3%
Turkey -20%
Poland -20%
Iceland -18%
Ireland -12.5%

24 states in the US have combined corporate taxes that are higher than Japan, with Texas being the 47th cheapest in the US, at 36% combined, followed by Nevada, South Dakota, and Wyoming, each at 35%.

Stevo

Why bother stating the obvious that's irrelevant to the thread? Stop being an ass and just read the article.

[Hobie]

I also feel that congress can't "punish" corporations no matter how hard they try. They're just too dumb.

Billion dollar multi-nationals have the world's best and brightest looking out for them. The people trying to tax them, US civil servants! PFFFT

I once heard this -

there is a difference between a thief and a criminal. Give a criminal enough rope and he'll hang himself. Give a thief enough rope and he'll tie you up and steal all that you've got.

It's easy to see which group is which.

[SMEGMA STENCH]

Japan -39.54%
Germany -38.9%
Canada -36.1%
France -34.4%
Brazil -34%
Italy -33%
India -33%
Australia -30%
United Kingdom -30%
Mexico -28%
China -25%,
Russia -24%
South Korea -22%
Switzerland -21.3%
Turkey -20%
Poland -20%
Iceland -18%
Ireland -12.5%

24 states in the US have combined corporate taxes that are higher than Japan, with Texas being the 47th cheapest in the US, at 36% combined, followed by Nevada, South Dakota, and Wyoming, each at 35%.

Stevo

I'm likin' ireland. Just don't earn the ire of...ireland. That's where the IRA is from.

[slow99]

I'm likin' ireland. Just don't earn the ire of...ireland. That's where the IRA is from.

Yeah, it's only one of the PIIGs.

[stevo]

If it's not what is paid we're just throwing around irrelevant numbers that might as well be gibberish, no?

Many people pay the percentages I listed, the average is above 27%, which is still nearly the highest in the world. I'm sorry you cannot understand that.

Why bother stating the obvious that's irrelevant to the thread? Stop being an ass and just read the article.

Reading comprehension. I was answering the post below. Maybe you shouldn't be so asshurt all the time.

Now hmm... what are other countries tax rates? Guess all these companies could always go there instead and ship stuff here. Imports are favored.

Stevo

[Cannonball996]

so why cant everyone pay 35%, no rebates, no refunds, no subsidies, no loop holes.

and how does a company like Exxon-Mobil pay no taxes, yet still posts amazing profits? who can honestly defend this?

[stevo]

so why cant everyone pay 35%, no rebates, no refunds, no subsidies, no loop holes.

and how does a company like Exxon-Mobil pay no taxes, yet still posts amazing profits? who can honestly defend this?

Exxon pays what it does mainly because of tax incentives to keep the jobs in certain states and in our country. If their taxes go up, it is probable that they will pack up their shit and move to where the taxes are cheaper, taking the jobs with them. That may be a different state, or a different country.

I don't like the fact that they pay so little, but that is what it took to persuade them to stay here where jobs help Americans.

Stevo