That Sucking Sound? It’s The 73 Billion-Dollar Corporate Robbery of The States

[marmar]

from the Working Life blog:


That Sucking Sound? It’s The 73 Billion-Dollar Corporate Robbery of The States
Posted on 20 March 2014.


What I really like about corporate skullduggery is that at least it’s usually done with big numbers, as in billions of dollars. Nothing on the cheap (except, of course, when it comes to paying workers). In another installment of “how can we fill our coffers, pay our CEO millions of dollars and fleece the public” comes today’s news: Corporate-based America is robbing the states of billions of dollars by dodging taxes.

Once again, Citizens for Tax Justice (now there’s an organization that deserves the Medal of Freedom) has another in-depth study, which is quite detailed but I’ll summarize it here:

* 90 companies paid no state income tax at all in at least one year, and 38 companies avoided taxes in two or more years.
* 10 companies, including Boeing, Merck, Rockwell Automation, paid no state income tax at all over the five-year period covered by the study.
* The average weighted state corporate income tax rate is 6.25 percent, but the 269 companies paid an average rate of just 3.06 percent.
* The companies examined collectively avoided paying $73.1 billion in state corporate income tax.

And the kicker:

In 2012 alone, 25 companies paid no state income tax. Another 127 of the companies paid less than half the weighted-average statutory state corporate tax rate that year, meaning that more than half of the companies in our sample paid less than half the average legal state tax rate in that year

....................(more)

The complete piece is at: http://www.workinglife.org/2014/03/20/that-sucking-sound-its-the-73-billion-dollar-corporate-robbery-of-the-states/#sthash.5RMnov0W.dpuf

[xchrom]

1. du rec.

[CrispyQ]

2. We get these artificial behemoths under control or they will be the demise of us all. --nt

kick

[Overseas]

3. Sad K&R.

[L0oniX]

4. Stop all corporate subsidies and let capitalism run it's course.

If every state and town refused to give tax breaks the corporations couldn't threaten to go somewhere else in the US.

[Overseas]

5. Meanwhile states are taking money out of their retiree funded pension plans

Then having officials claim that those pension obligations are hurting their states and cities.

[Trust Buster]

7. And funding for colleges is drying up...

....shifting more burden to students and causing a $1 trillion plus student loan debt to qualify for jobs that corporate America would rather pay squat for.

[adirondacker]

6. Occupy! Albany...

Protestors are arrested by New York State troopers during a protest at the Capitol on Thursday, March 20, 2014 in Albany, N.Y. The protestors were demanding a New York that works for all, not just the rich. (Lori Van Buren / Times Union


http://www.timesunion.com/local/article/59-protesters-arrested-amid-state-budget-talks-5335995.php

[Enthusiast]

8. Kicked and recommended a whole bunch.

[dickthegrouch]

9. Why isn't there an AMT for Companies?

"Corporations are people, my friend"

Therefore they deserve to be blindsided by Alternative Minimum Tax too.


:disgust:

[joeglow3]

10. We are fucked no matter what.

You would not believe the people here at DU jumping to the defense of amazon's business practices simply because they save money at amazon. Toss the peasants scraps and they will be happy. Companies have figure this out, but the sheople have not.