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  • February 23, 2011 at 5:00 PM #671421
    surveyor
    Participant

    http://www.realclearmarkets.com/articles/2008/08/do_corporations_really_pay_no.html

    “It shouldn’t be necessary to remind reporters and editors who cover such matters that businesses pay taxes on their profits, not sales. But I often read stories in which a reporter confuses the two, saying that a business “made” $50 million when the writer is referring to the company’s sales. Much of the press that the GAO report received revolves around blurring the distinction between these two. As Michigan Senator Carl Levin, a frequent critic of corporations, said of the study, “Twenty-five percent of the largest U.S. corporations [those with more than $50 million in revenues] had $1.1 trillion in gross sales in 2005 and yet paid no federal income taxes.” That statement suggests that Levin is either trying to mislead us or that he has made it into the world’s most exclusive club, the U.S. Senate, without knowing the difference between earnings and sales.

    The difference, of course, can be enormous. For one thing, many industries have extremely small profit margins because as soon as it gets too easy to make a buck in a free-market system, you’re sure to get plenty of competitors crowding in, driving down your margins. The average net margin in the supermarket business is just 1 to 2 percent of sales, for instance, which means that a company with $50 million in sales (to use the study’s definition of large businesses) would earn, on average just $500,000-to-$1 million annually and pay taxes on that money. Many firms in the industry, of course, would be below that average, and some would lose money in any year.

    Many businesses we regard as successful operate on small profit margins. After paying $5.8 billion in taxes in 2005, Wal-Mart earned $11.7 billion—a nice chunk of change. But those earnings were on revenues of $312 billion, a mere 3.4 percent net profit margin. Exxon Mobil earned $36 billion in 2005 after paying $23.3 billion in taxes on revenues of $371 billion. Looking at that result you realize that in America today, a ‘windfall’ profit is one that amounts to less than 10 percent of revenues.”

    …

    “the U.S. has the second highest corporate tax rate among 30 countries in the Organisation of Economic Co-Operation and Development. That matters because, as economists for the OECD recently concluded, the corporate tax is the most harmful to economic growth of all the levies most commonly used by member nations. ”

    Let’s also not forget that as part of the cost of doing business, corporations have to pay at least some of these taxes:

    1. Accounts Receivable Tax
    2. Accounting and Tax Preparation (cost to taxpayers $300 billion)
    3. Accumulated Earnings Tax
    4. Accumulation Distribution of Trusts
    5. Activity Fee (Dumping Permit Fee)
    6 . Air Tax (PA coin-operated vacuums)
    7. Aircraft Jet Fuel Tax
    8. Aircraft Excise Tax
    9 . Alcohol Fuels Tax
    10. Alcoholic Beverage Tax
    11. Alternative Minimum Tax – Amt
    12. Ambulance Services (Air Ambulance Services, SD)
    13. Ammunition Tax
    14. Amusement Tax (MA, VA, MD)
    15. Animal Slaughter Tax (WI, others, Per Animal)
    16. Annual Custodial Fees (Ira Accounts)
    17. Ballast Water Management Fee (Marine Invasive Species)
    18. Biodiesel Fuel Tax
    19. Blueberry Tax (Maine)
    20. Bribe Taxes (Pay If You Dare)
    21. Brothel licensing fees
    22. Building Permit Tax
    23. Capital Gains Tax
    24. California Interstate User Diesel Fuel Tax
    25. California Redemption Value (Can and Bottle Tax)
    26. CDL License Tax
    27. Charter Boat Captain License
    28. Childhood Lead Poisoning Prevention Fee
    29. Cigarette Tax
    30. Cigarette Tax Stamp (Acts) (Distributors)
    31. Compressed Natural Gas Tax
    32. Commercial Activity Tax (OH – for Service Providers)
    33. Corporate Income Tax
    34. Court Fines (Indirect Taxes)
    35. County Property Tax
    36. Disposable Diapers Tax (Wisconsin)
    37. Disposal Fee (Any Landfill Dumping)
    38. Dog License Tax
    39. Duck Hunting Tax Stamp (PA, others)
    40. Electronic Waste Recycling Fee (E-Waste)
    41. Emergency Telephone User Surcharge
    42. Environmental Fee (CA – HazMat Fees)
    43. Estate Tax (Death Tax, to be reinstated)
    44. Excise Taxes
    45. Facility Fee (CA – HazMat Fees)
    46. FDIC tax (insurance premium on bank deposits)
    47. Federal Income Tax
    48. Federal Unemployment Tax (FUTA)
    49. Fiduciary Income Tax (Estates and Trusts)
    50. Fishing License Tax
    51. Flush Tax (MD Tax For Producing Wastewater)
    52. Food License Tax
    53. Fountain Soda Drink Tax (Chicago – 9%)
    54. Franchise Tax
    55. Fresh Fruit (CA, if Purchased From A Vending Machine)
    56. Fuel Gross Receipts Tax (Retail/Distributor)
    57. Fuel Permit Tax
    58. Fur Clothing Tax (MN)
    59. Garbage Tax
    60. Gasoline Tax (475 Cents Per Gallon)
    61. Generation-Skipping Transfer Tax
    62. Generator Fee (Recycled Waste Fee)
    63. Gift Tax
    64. Gross Receipts Tax
    65. Habitat Stamp (Hunting/Fishing in some states)
    66. Hamburger Tax
    67. Hazardous Substances Fees: Generator, Facility, Disposal
    68. Highway Access Fee
    69. Household Employment Taxes
    70. Hunting License Tax
    71. Illegal Drug Possession (No Carolina)
    72. Individual Income Tax
    73. Inheritance Tax
    74. Insect Control Hazardous Materials License
    75. Insurance Premium Tax
    76. Intangible Tax (Leases Of Govt. Owned Real Property)
    77. Integrated Waste Management Fee
    78. Interstate User Diesel Fuel Tax
    79. Inventory Tax
    80. IRA Rollover Tax (a transfer of IRA money)
    81. IRA Early Withdrawal Tax
    82. IRS Interest Charges
    83. IRS Penalties (Tax On Top Of Tax)
    84. Jock Tax (income earned by athletes in some states)
    85. Kerosene, Distillate, & Stove Oil Taxes
    86. Kiddie Tax (Child’s Earned Interest Form 8615)
    87. Land Gains and Real Estate Withholding
    88. Lead Poisoning Prevention Fee (Occupational)
    89. Lease Severance Tax
    90. Library Tax
    91. Liquid Natural Gas Tax
    92. Liquid Petroleum Gas Tax
    93. Liquor Tax
    94. Litigation Tax (TN Imposes Varies With the Offense)
    95. LLC/PLLC Corporate Registration Tax
    96. Local Income Tax
    97. Lodging Taxes
    98. Lump-Sum Distributions
    99. Luxury Taxes
    100. Make-Up Tax (Ohio, applying in a salon is taxable)
    101. Marriage License Tax
    102. Meal Tax
    103. Medicare Tax
    104. Mello-Roos Taxes (Special Taxes and Assessments)
    105. Migratory Waterfowl Stamp (addition to hunting license)
    106. Minnow Dealers License (Retail – For One Shop)
    107. Minnow Dealers License (Distributor – For One+ Shops)
    108. Mobile Home Ad Valorem Taxes
    109. Motor Fuel Tax (For Suppliers)
    110. Motor Vehicle Tax
    111. Music and Dramatic Performing Rights Tax
    112. Nudity Tax (Utah)
    113. Nursery Registration (Buying and selling plants)
    114. Occupancy Inspection Fees
    115. Occupation Taxes and Fees (Various Professional Fees)
    116. Oil and Gas Assessment Tax
    117. Oil Spill Response, Prevention, and Administration Fee
    118. Parking Space Taxes
    119. Pass-Through Withholding
    120. Pay-Phone Calls Tax (Indiana)
    121. Percolation Test Fee
    122. Personal Property Tax
    123. Personal Holding Company (undistributed earnings)
    124. Pest Control License
    125. Petroleum Business Tax
    126. Playing Card Tax (Al)
    127. Pole Tax (TX – A $5 Cover Charge On Strip Clubs)
    129. Property Tax
    130. Property Transfer Tax (DE, ownership transfer between parties)
    131. Prostitution Tax (NV – Prostitute Work Permits)
    132. Poultry Registered Premises License (Sales License)
    133. Rain Water Tax (Runoff after a Storm)
    134. Rat Control Fee (CA)
    135. Real Estate Tax
    136. Recreational Vehicle Tax
    137. Refrigerator and Freezer Recycling Fees
    138. Regional Transit Taxing Authority (Trains)
    139. Road Usage Tax
    140. Room Tax (Hotel Rooms)
    141. Sales Tax (State)
    142. Sales Tax (City)
    143. Sales And Use Tax (Sellers Permit)
    144. School Tax
    145. Service Charge Tax
    146. Self Employment Tax
    147. Septic And Drain Field Inspection Fees
    148. Sex Sales Tax (UT, when nude people perform services)
    149. Sewer & Water Tax
    150. Social Security Tax
    151. Sparkler and Novelties Tax (WV Sellers of Sparklers, etc)
    152. Special Assessment Tax (Not Ad Valorem)
    153. State Documentary Stamp Tax on Notes (FL RE Tax)
    154. State Franchise Tax
    155. State Income Tax
    156. State Park Fees
    157. State Unemployment Tax (SUTA)
    158. Straight Vegetable Oil (SVO) Fuel Tax
    159. Stud Fees (Kentucky’s Thoroughbred Sex Tax)
    160. Tangible Personal Property Tax
    161. Tattoo Tax (AR Tax On Tattoos)
    162. Telephone 911 Service Tax (some states)
    163. Telephone Federal Excise Tax
    164. Telephone Federal Universal Service Fee Tax
    165. Telephone Federal Surcharge Taxes
    166. Telephone State Surcharge Taxes
    167. Telephone Local Surcharge Taxes
    168. Telephone Minimum Usage Surcharge Tax
    169. Telephone Recurring Charges Tax
    170. Telephone Universal Access Tax
    171. Telephone Non-Recurring Charges Tax
    172. Telephone State Usage Charge Tax
    173. Telephone Local Usage Charge Tax
    174. Tire Recycling Fee
    175. Tobacco Tax (Cigar, Pipe, Consumer Tax)
    176. Tobacco Tax (Cigar, Pipe, Dealer Tax)
    177. Toll Road Taxes
    178. Toll Bridge Taxes
    179. Toll Tunnel Taxes
    180. Tourism or Concession License Fee
    181. Traffic Fines (Indirect Taxation)
    182. Transportable Treatment Unit Fee (Small Facility)
    183. Trailer Registration Tax
    184. Trout Stamp (Addendum To Fish License)
    185. Use Taxes (On Out-Of-State Purchases)
    186. Utility Taxes
    187. Unemployment Tax
    188. Underground Storage Tank Maintenance Fee
    189. Underpayment of Estimated Tax (Form 2210)
    190. Unreported Tip Income (Social Security and Medicare Tax)
    191. Vehicle License
    192. Vehicle Recovery Tax (CO, to find stolen cars)
    193. Vehicle Registration Tax
    194. Vehicle Sales Tax
    195. Wagering Tax (Tax on Gambling Winnings)
    196. Waste Vegetable Oil (WVO) Fuel Tax
    197. Water Rights Fee
    198. Watercraft Registration Tax
    199. Waterfowl Stamp Tax
    200. Well Permit Tax
    201. Wiring Inspection Fees
    202. Workers Compensation Tax

    February 23, 2011 at 5:19 PM #670272
    Anonymous
    Guest

    I agree with gandalf that our tax policy is biased to benefit a small percentage of people at the top, but the article cited in the OP really doesn’t make a good case for this position.

    The debate is important, but unfortunately the argument made by the article is flawed. It is far more useful to look at aggregates over time than it is to pick and choose some years where a particular corporation did not pay taxes.

    On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.

    Perhaps we can all stand in agreement against pole taxes.

    February 23, 2011 at 5:19 PM #670334
    Anonymous
    Guest

    I agree with gandalf that our tax policy is biased to benefit a small percentage of people at the top, but the article cited in the OP really doesn’t make a good case for this position.

    The debate is important, but unfortunately the argument made by the article is flawed. It is far more useful to look at aggregates over time than it is to pick and choose some years where a particular corporation did not pay taxes.

    On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.

    Perhaps we can all stand in agreement against pole taxes.

    February 23, 2011 at 5:19 PM #670943
    Anonymous
    Guest

    I agree with gandalf that our tax policy is biased to benefit a small percentage of people at the top, but the article cited in the OP really doesn’t make a good case for this position.

    The debate is important, but unfortunately the argument made by the article is flawed. It is far more useful to look at aggregates over time than it is to pick and choose some years where a particular corporation did not pay taxes.

    On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.

    Perhaps we can all stand in agreement against pole taxes.

    February 23, 2011 at 5:19 PM #671082
    Anonymous
    Guest

    I agree with gandalf that our tax policy is biased to benefit a small percentage of people at the top, but the article cited in the OP really doesn’t make a good case for this position.

    The debate is important, but unfortunately the argument made by the article is flawed. It is far more useful to look at aggregates over time than it is to pick and choose some years where a particular corporation did not pay taxes.

    On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.

    Perhaps we can all stand in agreement against pole taxes.

    February 23, 2011 at 5:19 PM #671426
    Anonymous
    Guest

    I agree with gandalf that our tax policy is biased to benefit a small percentage of people at the top, but the article cited in the OP really doesn’t make a good case for this position.

    The debate is important, but unfortunately the argument made by the article is flawed. It is far more useful to look at aggregates over time than it is to pick and choose some years where a particular corporation did not pay taxes.

    On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.

    Perhaps we can all stand in agreement against pole taxes.

    February 23, 2011 at 6:35 PM #670337
    surveyor
    Participant

    [quote=pri_dk]On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.
    [/quote]

    Assertion: “Businesses taxed too much? Not really…”

    Rebuttal: A list of approximately 200 taxes businesses pay (a lot of which are not paid by individuals).

    Conclusion: OWNED.

    February 23, 2011 at 6:35 PM #670399
    surveyor
    Participant

    [quote=pri_dk]On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.
    [/quote]

    Assertion: “Businesses taxed too much? Not really…”

    Rebuttal: A list of approximately 200 taxes businesses pay (a lot of which are not paid by individuals).

    Conclusion: OWNED.

    February 23, 2011 at 6:35 PM #671008
    surveyor
    Participant

    [quote=pri_dk]On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.
    [/quote]

    Assertion: “Businesses taxed too much? Not really…”

    Rebuttal: A list of approximately 200 taxes businesses pay (a lot of which are not paid by individuals).

    Conclusion: OWNED.

    February 23, 2011 at 6:35 PM #671148
    surveyor
    Participant

    [quote=pri_dk]On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.
    [/quote]

    Assertion: “Businesses taxed too much? Not really…”

    Rebuttal: A list of approximately 200 taxes businesses pay (a lot of which are not paid by individuals).

    Conclusion: OWNED.

    February 23, 2011 at 6:35 PM #671491
    surveyor
    Participant

    [quote=pri_dk]On the other hand, filling an entire page with the names of various taxes doesn’t really make for a meaningful rebuttal.
    [/quote]

    Assertion: “Businesses taxed too much? Not really…”

    Rebuttal: A list of approximately 200 taxes businesses pay (a lot of which are not paid by individuals).

    Conclusion: OWNED.

    February 23, 2011 at 7:27 PM #670347
    gandalf
    Participant

    ucodegen, appreciate the excellent remarks. Apologize if I get a bit abrasive from time to time. Mixing it up with the facist Fox News brown shirts brings out the best in all of us.

    In truth, I don’t know what the answer is. VAT? Flat? I know YOY valuation is impractical. Income is a decent approximation, if we could just tighten up the loopholes.

    Definitely not a ‘fair system’ right now. Public finance is a mess, GOP is starving the beast, while billionaires and corporations within corps within corps play shell games with asset growth.

    surveyor, what can I say? You lost your way a while ago. No ground control. You’re a sad and empty soul parroting twisted talking points handed down from GOP apparatchiks. Feel free to cut-n-paste more drivel…

    February 23, 2011 at 7:27 PM #670409
    gandalf
    Participant

    ucodegen, appreciate the excellent remarks. Apologize if I get a bit abrasive from time to time. Mixing it up with the facist Fox News brown shirts brings out the best in all of us.

    In truth, I don’t know what the answer is. VAT? Flat? I know YOY valuation is impractical. Income is a decent approximation, if we could just tighten up the loopholes.

    Definitely not a ‘fair system’ right now. Public finance is a mess, GOP is starving the beast, while billionaires and corporations within corps within corps play shell games with asset growth.

    surveyor, what can I say? You lost your way a while ago. No ground control. You’re a sad and empty soul parroting twisted talking points handed down from GOP apparatchiks. Feel free to cut-n-paste more drivel…

    February 23, 2011 at 7:27 PM #671018
    gandalf
    Participant

    ucodegen, appreciate the excellent remarks. Apologize if I get a bit abrasive from time to time. Mixing it up with the facist Fox News brown shirts brings out the best in all of us.

    In truth, I don’t know what the answer is. VAT? Flat? I know YOY valuation is impractical. Income is a decent approximation, if we could just tighten up the loopholes.

    Definitely not a ‘fair system’ right now. Public finance is a mess, GOP is starving the beast, while billionaires and corporations within corps within corps play shell games with asset growth.

    surveyor, what can I say? You lost your way a while ago. No ground control. You’re a sad and empty soul parroting twisted talking points handed down from GOP apparatchiks. Feel free to cut-n-paste more drivel…

    February 23, 2011 at 7:27 PM #671158
    gandalf
    Participant

    ucodegen, appreciate the excellent remarks. Apologize if I get a bit abrasive from time to time. Mixing it up with the facist Fox News brown shirts brings out the best in all of us.

    In truth, I don’t know what the answer is. VAT? Flat? I know YOY valuation is impractical. Income is a decent approximation, if we could just tighten up the loopholes.

    Definitely not a ‘fair system’ right now. Public finance is a mess, GOP is starving the beast, while billionaires and corporations within corps within corps play shell games with asset growth.

    surveyor, what can I say? You lost your way a while ago. No ground control. You’re a sad and empty soul parroting twisted talking points handed down from GOP apparatchiks. Feel free to cut-n-paste more drivel…

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