no Fair Share for War Taxes

[xchrom]

http://www.nationofchange.org/no-fair-share-war-taxes-1335015016


I am big fan of the post office in general and of my local post office in particular. I go there as often as I can (honestly, I do). But, when I needed stamps on Monday, I was not prepared for the line snaking out the door. I had completely forgotten about tax day! I girded myself for a long wait, but the clerks were the very picture of efficiency and I was in and out and all stocked up on bonsai stamps in ten minutes.

While I stood in line, I thought about the peculiarity of our tax system. For most Americans, April is a month marked by terrible stress, paper pushing and a last minute mad dash to get the taxes finished before April 15 (or the 17th, this year). People plan and pine and worry and most pay a sizable percentage (16-20 percent even for people of lower income brackets) of their annual income in taxes.

Corporations? Not so much. The New York Times reported last March that for 2010, General Electric paid no taxes on $5.1 billion in U.S.-based profits. Behemoth Bank of America made $4.4 billion in 2009 and got back a very tidy tax return from the federal government — $2.3 billion. Most Americans are lucky if they can pay off an overdue credit card bill (probably from Bank of America) or treat themselves to a nice dinner out or weekend away with their tax returns. Verizon (can you hear me now?) “earned” $12 billion in 2010. That should mean a sizable tax burden here. But, as of 2011, the company has not paid anything in taxes for two years running. The list goes on.

The corporate tax rate is supposed to be 35 percent. President Barack Obama is proposing lowering that to 28 percent. It kind of doesn’t matter, because it seems like no corporations pay anywhere close to 35 percent in taxes.

[CrispyQ]

1. Ok, they're all sickening, but this one is just fucking over the top:

snip...

Behemoth Bank of America made $4.4 billion in 2009 and got back a very tidy tax return from the federal government — $2.3 billion. ... But, as of 2011, the company has not paid anything in taxes for two years running.