Taxes are AWESOME. Wars of aggression, Big Brother’s universal intrusion of privacy, and the police state are just SOME of the AWESOME stuff we get for paying it. ‘Extortion‘ comes to mind, but all these things really help us with…. Well I got nothing.
The US government will collect approximately $1.4 trillion from Americans this April 15th. And while it is true that 43% of US citizens don’t pay federal income taxes, 28.9% of those excluded are still subject to payroll taxes. These figures mean that just 14% of households pay neither income nor payroll tax and two-thirds of the exempt consist of the elderly. Even then, EVERYONE pays a sales tax on everything you buy. So everyone pays taxes….
It is commonly believed that the wealthy pay most of the taxes, and this is true to some extent.
The top 1% of Americans account for 22.2% of total income earned annually in the United States. This same group is responsible for 23.8% of taxes paid to the government. The bottom one-fifth of Americans receive 3.2% of total income earned and pay 2.0% of total taxes.
According to Citizens for Tax Justice,
“Each income group will pay a total share of taxes that is quite similar to each group’s total share of income.”
The shocking fact is that, unlike the richest 1%, there are 15 Fortune 500 Companies that do not pay any federal income tax. In fact, The majority of those corporations actually get a refund. These corporations include CBS, General Electric, Time Warner.
General Electric amassed a profit of over $33 billion from 2010-2014. They paid zero taxes. In fact, they received a hefty financial refund of $1.4 billion over the five-year period. The multinational corporation takes advantage of a cryptic loophole called “active financing”. This tax break allows an institution to escape paying income tax owed to any government based on their international activities.
CBS acquired a profit of almost $1.8 billion in 2014 alone. The mainstream media outlet received a refund of $235 million for the year.
Although opposing factions on both sides of the tax debate may not agree on where the tax code should end up, everyone should be able to concede that regardless of whether you believe that no one should pay taxes, if you believe in a flat tax, or would like to see only the wealthiest of Americans shoulder the taxation hardships… one thing is for certain: corporate entities are screwing all of us over by being the only “people” who don’t need to pay taxes.
Source: The Anti Media
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Rather ridiculous that companies complain about losing profits left and right but dont even pay up like everyone else. Loopholes need to be sealed.