Voices from Russia

Sunday, 28 October 2012

28 October 2012. A Dose of Truth to Counter Brazen Republican Lies


If corporations and the rich paid taxes at the same level as in the 1960s, the debt would disappear in a decade,” according to a study by the Institute for Policy Studies.

  • In the 1940s, corporations paid 43 percent of all federal income taxes collected in the USA. In 2010, that percentage was only 8.9 percent.
  • The USA raises less corporate tax revenue than most developed countries.
  • The top statutory tax rate is 35 percent, but companies pay an average effective tax rate of about 25 percent. Some large companies paid nothing in taxes in 2010.
  • Twelve major corporations made 171 billion USD (5.38 trillion Roubles. 132 billion Euros. 106 billion UK Pounds) in profits from 2008 to 2010, yet had a negative income tax rate of 1.5 percent.
  • In 2010, the tax bill of General Electric, with reported worldwide profits of 14.2 billion USD (447 billion Roubles. 11 billion Euros. 8.8 billion UK Pounds) (5.1 billion USD (160.5 billion Roubles. 4 billion Euros. 3.2 billion UK Pounds) from its operations in the USA) was: ZERO.

During this pre-election period, many corporations seem to be busy brazenly intimidating their employees and telling them how to vote, as opposed to reading credible economic analysts. Not for just the last decade or so, but well before, the American public has learnt that Wall Street and Big Business aren’t where you look for the best economics or the best ethics. Let’s not forget their role in the Great Depression of the 1930s, a human catastrophe brought on by the greed and lack of government regulation in the Gilded Age and the Roaring Twenties. The current fiscal crisis also belongs primarily on Wall Street’s doorstep. Only careful regulatory policies by the federal government, combined with smart counter-recessionary government spending, can get the American economy back on its feet.


Editor’s Note:

I need add nothing. These vulture capitalists pay less tax than many of us do. It’s time to change that, kids. However, voting for Romney will only bring the Visigoths and Yahoos into the Forum, and we’ve got to prevent that. That’s all that one needs to say, no?




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