Yes, America, Corporations Do Pay Taxes

Mr. T

Mr. T

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American businesses have long complained that our 35 percent corporate tax rate—the second-highest in the developed world—makes them less competitive globally.


President Barack Obama has called for reducing the corporate tax rate but eliminating various loopholes. Many members of Congress agree this is needed, but Representative Dave Camp, the Michigan Republican who heads the tax-writing House Ways and Means Committee, thinks corporate tax reform needs to be done alongside individual income tax reform. Otherwise, small businesses—whose profits mostly are taxed at individual income tax rates—would be disadvantaged.
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Read more: http://www.portfolio.com/views/blog...rica-corporations-do-pay-taxes/#ixzz1YV4gPRUc

Apr 14 2011 2:26pm EDT And why does Obama want to reverse his tax strategy? Many believe its only because he is seeking reelection and is going back to the well of playing class warfare.

So is america better off since 2007 now that more than 1 out of every 5 workers are unemployed?
 
The corporate tax code - like the individual tax code - is complicated by too many credits and deductions that benefit a narrow set of taxpayers at the expense of the many.


As with the individual tax code, the law provides for a large number of credits, exemptions and deductions, which makes the effective tax rate paid by companies lower than the statutory rate.


With all the tax provisions benefitting U.S. companies, though, they paid an effective tax rate between 1994 and 2008 of 26%.


In 2008, a particularly low year for corporate income and tax revenues, total reported income for all firms was $978 billion.


The largest firms (those with assets over $2.5 billion) earned 75% of all taxable corporate income.



The total of federal corporate income taxes paid for all firms was $229 billion, with large firms paying 68% of that total.



Of the 2,582 largest firms, one quarter were unprofitable and thus paid no income tax.



http://taxfoundation.org/news/show/27597.html
 
In 2008, a particularly low year for corporate income and tax revenues, total reported income for all firms was $978 billion.
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Didn't we give the banks more than that amount?
 
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