Wednesday, February 18, 2015

From a Sunday NYT article about overhauling U.s. tax code:
"....the official corporate income tax rate is 35%. This is second highest in the world behind only France. But there are so many loopholes and tax dodges that the effective rate is 27.9, according to World Bank.
....However, a GAO study of profitable US companies with at least $10m in assets put their tax rate at (only) 12.6 % in 2010. Many companies pay NOTHING (my emphasis).
....CBO reported in January that corporate tax receipts would shrink to 1.8 % of the economy in ten years, from 2.3% in 2016, and individual income tax rates would rise during that same period from 8.7 to 9.5 %."
Just exactly why, do any of us intelligent active voters put up with this? It means a lot of Fortune 500 companies, conglomerates that control many of the brands we buy, pay little or nothing of their fair share. Those missing tax dollars are missing from your child's schools; your libraries, your city governments, your state coffers, etc., etc. Yet, just try, just try not paying taxes yourself. The IRS will be all over you, for years.
It's a long, long article and much more worthwhile reading than Kim Kardashian's antics, or whomever. Your choice. Your life. Your children and grandchildrens' lives.

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