Bacon’s Rebellion on “The Tax-Free Corporation”

    250
    2
    SHARE

    Check out Bacon’s Rebellion for yet another excellent, astute article by Peter Galuszka, this time on “The Tax-free Corporation.”  Galuszka refers to the New York Times article on how GE, with worldwide profits of $14.2 billion, not only paid ZERO taxes in the United States, the company actually “insisted on a tax benefit of $3.2 billion.” And no, this isn’t an isolated incident, it’s rampant among wealthy individuals and corporations who, as Galuszka notes, can afford “a first rate tax department.”

    Of course, the corporate shills out there will whine – as Galuzka points out – “that America’s tax rate of 35 percent is a major impediment to the prosperity of U.S. corporations whose good performance (not to mentioned outsized CEO salaries) trickle down to us lower in the food chain through taxes, jobs, etc.” The lesson from the New York Times article on GE? Don’t believe them for a minute!

    • libra

      they are whining already:

      http://thinkprogress.org/2011/

    • Teddy Goodson

      British subjects amassed a 200,000-person demonstration in the streets of London (according to a news item on WTOP this morning). They closed down stores, banks, and offices of companies which, they felt, had not paid their fair share in taxes, or had dodged paying taxes completely. This is the British Un-Cut movement (stop cutting taxes on corporations and stop socking it to the middle class). It is spreading to the U.S. now. The middle class is finally waking up to the fact that they have been the patsies, that Big Business has used the middle class, draining the class of its wealth, while refusing to contribute to the common sociaty—- that Big Business is, in fact, a parasite on the body politic. Hooray!