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View Diary: It's the Tax Revenue, Stupid (88 comments)

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  •  US has a very high advertised corporate tax rate (3+ / 0-)
    Recommended by:
    mmacdDE, eXtina, Azazello

    but the EFFECTIVE corporate rate of taxation is very low thanks to deductions and loopholes. What difference does a 35% corporate tax rate make when no corporations actually pay that, and immensely profitable US corporations like ExxonMobil and GE actually pay no federal taxes.

    Its the effective tax rate, stupid.

    Trickle Down Economics 101: They get the golden parachute, we get the golden shower.

    by NoMoreLies on Wed Mar 09, 2011 at 09:06:54 AM PST

    [ Parent ]

    •  so what would you do? (0+ / 0-)

      If you don't let multinationals get a tax credit for taxes paid on foreign earnings what do you think they will do? Grin and bear it or pull up their tents?

      btw, American citizens get a tax credit for foreign taxes paid on their overseas earnings.   Should we get rid of that too?

      •  Door. Hit. Ass. They are killing the country (0+ / 0-)

        anyway.

        Trickle Down Economics 101: They get the golden parachute, we get the golden shower.

        by NoMoreLies on Wed Mar 09, 2011 at 01:02:25 PM PST

        [ Parent ]

      •  But if you have overseas earning (0+ / 0-)

        you STILL have to pay US taxes if they are more than the amount of overseas tax you paid. And you still have to file.  

        If you LIVE outside the US for more than 360 days in the year (I think it's still that), you get to exempt the first 100k or so of your overseas earnings (not sure of that amount, I'm sure somebody else is).

        Remember too - most overseas tax rates (at least for places where people WANT to live) are MORE than US rates. Often CONSIDERABLY more.

        Same with corporate taxes - a company in Europe will pay CONSIDERABLY more in taxes than they will here.

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