get ready for all our jobs to be shipped out of the country, because our employers wont be willing to pay the higher taxes your new president is suggesting.
Ahem ahem ahem......most corporations pay NO federal income tax....
The GAO (General Accounting Office) examined millions of tax returns from 1996 through 2000, the economic boom years. They found that 61 percent of US-based corporations paid no income tax. For foreign-controlled corporations that operate in the US, 71 percent didn't pay.
Most of the corporations that actually DO owe taxes pay a rate of less than 5 percent, even though the base rate for corporation entities is 35 percent.
To make sure these numbers weren't due to small businesses that broke even or went belly-up, the bean counters looked at stats for large corporations only. In this category, 82 percent of US-controlled companies and 76 percent of foreign-controlled companies paid less than 5 percent in taxes.
This failure to pay their fair share is killing the government's bottom line. The Wall Street Journal reports:
"Corporate tax receipts have shrunk markedly as a share of overall revenue in recent years, and were particularly depressed when the economy soured. By 2003, they had fallen to just 7.4% of overall federal receipts, the lowest rate since 1983, and the second-lowest rate since 1934, federal budget officials say".
So, WHYJAY, please........
help me understand what "higher taxes" you're referring to.