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Posts Tagged ‘loopholes’

The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world, but over the 2008-2010 period thirty large companies while their profits were good avoided to pay their dues.
The average effective tax rate for the companies over the period was 18.5 percent, said Citizens for Tax Justice and the Institute on Taxation and Economic Policy, both think tanks.
Their report also listed General Electric Co, Paccar Inc, PG&E Corp, Computer Sciences Corp and NiSource Inc as among the 30 that paid no taxes. All 280 corporations examined were profitable over the period. Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied. Corporations will say rightly that the loopholes that let them slash their taxes were perfectly legal, the report said.
“But that does not mean that low-tax corporations bear no responsibility … The laws were not enacted in a vacuum; they were adopted in response to relentless corporate lobbying, threats and campaign support,” the report said.
As Congress and the Obama administration struggle with a sluggish economy and high deficits, corporations are pressing Capitol Hill for more tax breaks, including one that would let them bring home overseas profits at a reduced tax rate.
The congressional “super committee” tasked with finding at least $1.2 trillion in additional budget savings by November 23 is so far deadlocked across a familiar divide — Republicans refusing any tax hikes, Democrats defending social programs.
On Tuesday, a panel of budget experts warned super committee members that they would fail the country if they do not meet their goal. Financial markets have been waiting for many months for signs that Washington can get its financial house in order, but few have been forthcoming.
Patriots all of them, but talk of paying their tax see how they behave? These are the very epitome of American Capitalism while the old, young and the veterans are thrown to the gutter to fend for themselves. Bill of Rights was penned by an archangel but tax loopholes are the work of Mammon. The same horned Beast also keeps 1% of the nation to enjoy the best fruits of other’s labor and luxuries they don’t really need but money can buy. Did I hear at some quarters the following cry, ‘Occupy the Wall Street is Un-American?’
I am afraid this life in the bubble of corporate greed is a phenomenon, which shall soon be a thing of the past. How long can man’s indifference to fellow man endure?
benny

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“…for all wives and children were to be in common, to the intent that no one should ever know his own child, but they were to imagine that they were all one family; those who were within a suitable limit of age were to be brothers and sisters, those who were of an elder generation parents and grandparents, and those of a younger children and grandchildren…”(Plato-Timaeus)
The quote is from Timaeus in which Plato using Socrates as his mouthpiece advocates his views on the upbringing of children.  In order to bring up a perfect state he would strike at  the very idea of a family. Instead he argues for a  communal living which is not alien to us. In the turbulent 70s it was in vogue.  Looking at  the history of Sparta we know that such  a state came to ruin in a matter of 3 centuries.. There were many reasons but it suffices to say that bringing up a child under every citizen’s charge was not to have any, as illustrated in the story of Working Within Limits. (note: In Sparta a boy on reaching the age of seven was sent for military training which was run by the state. Women had far greater freedom than of Athens and could bear children from other men within marriage.) With so many fathers doing the office, which one has failed in the upbringing in any particular case? No one father in particular. But the fact remains the child failed in achieving the goal since Sparta was anything but perfect. It fact it was a failed state.
Who is to blame? None. So there is a fuzzy area by which anyone can escape blame.
Now let us look into recent crisis in consumer confidence. Who is to blame for the economic meltdown? Pundits may cite so many reasons but aren’t we all part of the cause since we played the game while stocks went higher and higher?
In our lives we interact with others where uncertainty is part of the deal and in falling with the general trends we give that uncertainty more mileage.
The only way we can be certain is in the way we conduct ourselves. Our actions should dispel whatever uncertainty others may have about us.
benny

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