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Administrator
I don’t buy that at face value, Deppity. I would like to see some numbers to show what we got for the $1.5 trillion dollar present we gave to American businesses. They weren’t exactly contributing much before and they sure as hell haven’t raised the bar much. I’ll use them as an example.
Verizon was good to me, but their record as a corporate citizen sucks.
Verizon made $19.3 billion in U.S. pretax profits from 2008 to 2012, yet didn’t pay any federal income taxes during the period. Instead, it got $535 million in tax rebates.
Verizon’s effective federal income tax rate was negative 2.8% from 2008 to 2012. The official corporate tax rate is 35%. This difference allowed Verizon to avoid $7.3 billion in taxes.
Verizon had $1.9 billion in accumulated offshore profits in 2012, on which it did not pay U.S. taxes.
While dodging federal taxes, Verizon pocketed $956 million in federal contracts in 2011 and landed a 9-year contract worth $5 billion.
Verizon shows that cutting taxes doesn’t create jobs. It pays nothing in taxes, but that hasn’t stopped it from slashing 28,500 jobs over the last four years.
Verizon isn’t the only example.
So what about this isn’t a gimme? And don’t give me the ‘we’re so overtaxed’ horse stuffins. we have a long list of wants in America and none of them are free.
Maybe we need to ship these deadbeats to Thumper’s farm too!
BKB
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