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nanaofsix531
Corporations Calling To ‘Fix The Debt’ Want $134 Billion In Tax Breaks
November 13, 2012 at 7:26 PM

Here are the real takers.

Corporations Calling To ‘Fix The Debt’ Want $134 Billion In Tax Breaks

Ahead of negotiations over the so-called “fiscal cliff” and what promises to be another fight over raising the debt ceiling, 63 CEOs representing the largest U.S. corporations, including several Wall Street firms, launched a campaign to supposedly “fix the debt.” However, this campaign calls for additional corporate tax cuts by switching the U.S. to what’s known as a “territorial” corporate tax system, along the lines of that proposed by Mitt Romney.

According to a report by Institute for Policy Studies, the corporations involved could gain up to $134 billion in windfalls if Congress approves such a system, which exempts foreign earnings from the U.S. corporate income tax:

– The 63 companies that are publicly held could gain up to $134 billion in windfalls. The biggest potential winner is General Electric, which would earn $35.7 billion on its overseas earnings of $102 billion.

A territorial tax system actually rewards businesses that offshore jobs and investments. Corporate tax rates are already at a 40-year low of just 12.1 percent. Revenue from corporate taxes has plunged, despite a 60-year high in corporate profits.

Replies

  • Friday
    by Friday
    November 13, 2012 at 7:30 PM

    Gotta love those welfare queens. smh.

  • lylalane7275
    November 13, 2012 at 7:51 PM

    I would be okay with the tax break if it was contingent on them bringing ALL of their offshore jobs home. 

  • NancSBRN
    November 13, 2012 at 10:59 PM

    They will get Tax breaks IF they bring business back home.  They get this breaks for doinng nothing right now. They suck more of the Gov. Teat then any other type of so called entitlement programs.  STOP Corporate Welfare.

  • Billiejeens
    November 14, 2012 at 11:46 AM

    I can't really wrap my head around this, why do we care?

  • itsmesteph11
    November 14, 2012 at 1:05 PM

     Typical article that no one can understand.  All the facts are not even here. What is this 12.1% corporate tax rate. It's sure not a tax rate in the US.

    Corporate Tax Rate
    The corporate federal income tax rate is effectively 35%, but the rate varies from 15% to 35%, depending on the amount of income being taxed. Read this article on the corporate tax rate to see the corporate tax rate schedule and an example of how to compute your corporate taxes using the schedule.

    Most people don't understand these things and thats why the left is always demonizing. Lazy ass sheep  would prefer just to say  OH that must be awful and then follow along. 

     

  • itsmesteph11
    November 14, 2012 at 1:17 PM

     Another little tid bit. I wonder if Obama has given them any indications of what he will do on this issue.  They are asking for favors but that's no surprise. It's what businesses do.  In their meeting Obama has told them he wants to soak the rich for twice as much as the amount he and Boehner talked about last summer. 1.6 trillion dollars.   They are probably not to happy aboput that.  Obama is going off of his 2012 budget that got NO votes from either house.  Totally bipartisan, right?

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