Sunday, November 3, 2013

Corporate Taxes Actually Paid

Here's some info from Forbes Magazine from 2010.  www.forbes.com

Some friends were denigrating corporations again, so I chimed in with some facts as I know them: Average taxes paid by most corporations is about 35%. It is not $83 billion per year that the FED is injecting into the economy, it is $83 billion per month. Food stamp program went from 27 million people subsidized to 47 million in only 5 years and the cost doubled too.

If you don't like that the FED keeps printing money each month, then call the White House, where this plan originates. Get your budgets in order - inflation is coming.

I googled "what companies paid in taxes" as suggested and got the following links.  


Here is some perspective on GE's taxes. They just follow the rules made by Congress: ge-exxon-walmart-apple-corporate-taxes

For all the outcry over GE, a number of corporate titans are paying much higher rates than the average citizen.  Top 20: Many pay more that 35%. ge-exxon-walmart-apple-corporate-taxes_slide

My bet is that the majority of large and small US companies pay close to 30%. Also note how the top three (ExxonMobil, Conoco, Chevron) are the supposedly evil oil companies. Also note how much these companies pay to other countries. These top 20 form a significant part of the about $700 billion of total corporate income tax.

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