Given that it is my purview professionally, I'm always fascinated when candidates equivocate on personal and business taxation in this country, without any understanding of existing tax code. A perfect example. From Form 1120 [which I fill out often]:
Tax Rate Schedule
If taxable income (line 30, Form 1120) on page 1
is:
Over —Not over— Tax is:
0 50,000 15% + $0
50,000 75,000 7,500 + 25% above 50,000
75,000 100,000 13,750 + 34% above 75,000
100,000 335,000 22,250 + 39% 100,000
335,000 10,000,000 113,900 + 34% 335,000
10,000,000 15,000,000 3,400,000 + 35% 10,000,000
Where exactly does Mccain's 35% business tax rate come from? Oh - those 'family' businesses that have net taxable gains above $10 million dollars. A little heads up - if you show a net taxable gain above $10 million on your books, you should really reconsider your accounting department.
American businesses contribute the least to taxes of any demographic. That was a study in 2000. I only wonder what it is now.
And by far, they contribute the least of any western country.
It is easy, regardless of the size of the business, to show a net loss - and this is yet another element in the financial meltdown. Year after year, US businesses showing losses for tax purposes based on legal, but fraudulent transactions, taking on debt.
They're fucking corporations. They exist at the permission of the state. They are not people. They have no rights protected in the bill of rights. They should be abolished when they break the law - and the individuals responsible for the private polices, like executives at JP Morgan, who invented credit default swaps, and Sanford Weill at Citibank who lobbied to remove all restrictions from the banking industry, should be forced to pay for it - personally.
Alas, most people still have their heads up their ass, and think hedge funds based on nothing material are the greatest things since sliced bread...
Meet me on a commune brother, when you're dying for some food and a fresh water bath.