A new study being heralded by economists across the USA found that 30 of some of Fortune’s 500 largest corporations did not pay income taxes from 2008-2010. The study was done by a group called Citizens for Tax Justice.
Here are a few things you need to know about this study. First of all, the study was NOT of Fortune’s 500 largest corporations. The study only focused on 280 companies on Fortune’s list. Of these 280 businesses, 30 were found to pay zero corporate income taxes. In other words, about 10% of the businesses included in the study did not pay federal income taxes from 2008-2010. By the way, compare that to the individual income tax, where nearly 50% do not pay any income taxes
The corporations and these individuals who are not paying any taxes are only one half of the story. The other half of the story is the politicians and the government bureaucrats who draft these tax laws, which allow for this to occur. (Bush Tax Cuts)
After-tax profits peaked in 2006 at $780 billion, and then collapsed with the recession to $607 billion in 2008.
Governor Christie has given out over $1.5 billion in corporate subsidies since taking office. Yet, New Jersey’s unemployment rate hovers at nine percent above the rest of the nation. This is all happening while Governor Christie’s budget is asking working families to pay more and get less through higher transit fares, tolls, tuition costs and higher property taxes.”
“When you see what Mr. Christie has done, I see him as the opposite of Robin Hood. I see the Governor one percent as a Robbing Hood who takes money from the working people to give to the rich.”
using example figures, if his secretary is paid $50000 and her tax is 20% that would still be less tax paid than his $1000000.00 at 5%.
As far as Socialist Europe goes, congratulations to Francois Holland and the Left Coalition Party of Greece for their victories. after Socialist PASOK received a vote of no confidence.
I have been to Europe, it is nice to see a new University being built, new roads and airports in once barren areas reviving tourist and agricultural trade. Kids go to school free, have organic lunches, and Socialist Finland now ranks number three in Education, while good ole Capitalist USA finishes number Thirty.
Socialist Denmark frequently turns away Immigrants saying that even though people wish to live in there society, they have too many requests by people who want to live there. People love the quality of life.
By the way, during the Banking Crisis it was the Conservatives who where in charge of the bank deregulations, like here that is causing the economic collapses. And a Centrist Pime Minister in Argentina has just Nationalized the Banks