Taxation
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Who Pays the Corporate Income Tax

Who Pays the Corporate Income Tax | Taxation | Scoop.it
With the prospect of a Congressional debate on corporate taxes, there is no agreement even among economists about the extent to which customers, workers or shareholders bear the ultimate cost when companies are taxed, an economist writes.
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Students pay hefty price for corporate tax breaks | Education Votes | NEA.org

Students pay hefty price for corporate tax breaks | Education Votes | NEA.org | Taxation | Scoop.it

A comprehensive new study shows some of the nation’s most successful businesses paid little or no taxes between 2008 and 2012.

 

Tax handouts to the 288 Fortune 500 companies that were profitable each of those five years cost the nation $362 billion, according to the study by Citizens for Tax Justice and the Institute on Taxation and Economic Policy.

 

Corporate tax subsidies are part of the reason there is never enough money to pay for critical programs and services that benefit us all–things like universal early childhood education, grants for all hard-working students to access higher education, and full funding of the Individuals with Disabilities Education Act.

 

Because state corporate income taxes are typically based on federal taxable income, state revenues suffer in turn. And that results in cuts to state education budgets that jam students into larger classes with fewer resources and supports, like classroom aides.

 

For decades, corporate interest groups like the American Legislative Exchange Council (ALEC) have worked to stack the deck–in this case the tax code– in favor of the nation’s richest corporations and CEOs at the expense of the middle class. But these top-grossing companies still aren’t satisfied.

 

“Corporate lobbyists incessantly claim that our corporate tax rate is too high, and that it’s not ‘competitive’ with the rest of the world,” said Robert McIntyre, director of Citizens for Tax Justice and lead author of the report.

 

“Most of the biggest companies aren’t paying anywhere near 35 percent of their profits in taxes and far too many aren’t paying U.S. taxes at all.”

 

Here are other jaw-dropping facts from the report:

 

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Via Chuck Sherwood, Senior Associate, TeleDimensions, Inc
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IRS spent $10,000 to make a parody video of “The Apprentice”

IRS spent $10,000 to make a parody video of “The Apprentice” | Taxation | Scoop.it
Donald Trump Everyone's favorite tax collection agency is in hot water once again, this time for parodying a television show. On Friday, The Washington Times reported that the agency had spent $10,000 in 2011 to develop a ...
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10 Big Companies That Pay No Taxes (and Their Favorite Politicians) | Mother Jones

10 Big Companies That Pay No Taxes (and Their Favorite Politicians) | Mother Jones | Taxation | Scoop.it

Between 2008 and 2011, 26 major American corporations paid no net federal income taxes despite bringing in billions in profits, according to a new report (PDF) from the nonprofit research group Citizens for Tax Justice. CTJ calculates that if the companies had paid the full 35 percent corporate tax rate, they would have put more than $78 billion into government coffers.

 

Here's a look at the 10 most profitable tax evaders and the politicians their CEOs, employees, and PACs give the most money to.

 

Verizon Communications
Profits: $19.8 billion    Effective tax rate: -3.8%


Top recipients, 2011-2012
President Barack Obama: $51,493
Sen. Robert Menendez (D-N.J.): $24,450
Sen. Mitch McConnell (R-Ky.): $23,700
Rep. John Boehner (R-Ohio): $22,500
Sen. Kirsten Gillibrand (D-N.Y.): $15,000

 

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Via Chuck Sherwood, Senior Associate, TeleDimensions, Inc
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The taxing questions facing Scotland and England - The Guardian

The taxing questions facing Scotland and England - The Guardian | Taxation | Scoop.it
Following the Scottish independence referendum, it’s right the SNP should push for the greater fiscal powers promised. But what about overcentralised England?
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