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One of the more egregious falsehoods being peddled by the corporate tax cutters is that companies doing business in the United States are taxed at an exorbitant rate. Not so. Though the United States has one of the highest statutory rates on the books at 35 percent, the only fair way to canada goose factory outlet vancouver measure what companies actually pay is their effective rate what they ultimately pay after deductions, credits, and assorted write offs. By that yardstick, companies in the United States consistently pay taxes at rates lower than corporations in Japan and many nations in Europe.
During the 1950s, the decade in which more people joined the middle class than at any time in history before or since corporations paid 49 percent of canada goose uk site their profits in taxes. Last year, it was about half that rate, a decidedly more modest 26 percent. In 2010, corporate tax collections totaled $191 billion down 8 percent from $207 billion as recently as 2000.
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Canada Goose Parka In 2008, the latest year for which statistics are available, individuals and families with incomes between $25,000 and $50,000 paid nearly $2,500, on average, in individual income taxes a tax rate of 7.1 percent. Once again, because select corporations in America know the right people in Washington, they are doing better. Securities and Exchange Commission. Canada Goose Parka
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uk canada goose outlet It should be underscored that the financial statements filed with the SEC are different than those submitted to the IRS. That’s because corporations maintain so many different sets of financial records that they would keep a bookmaker’s head spinning for years. Hence, what corporate America tells the SEC is not exactly what it tells the IRS. income tax. Precisely how much, or more accurately, how little, will remain a secret. uk canada goose outlet
canadian goose jacket Exxon Mobil and GE have lots of company. A Government Accountability Office study of corporate tax returns for 1998 to 2005 found that in any given year the number of large foreign controlled domestic corporations that reported no income tax liability ranged as high as 54 percent. In short, one of every two big canada goose outlet store toronto corporations operating in the United States under foreign ownership canada goose outlet locations in toronto paid no taxes. citizens, a high of 38 percent reported they owed no federal income tax. canadian goose jacket
cheap canada goose uk As these and other government statistics show, the United States has two tax systems: A flexible, preferential one for multinational corporations and the rich; a rigid, nonnegotiable one for working people. In other words, if you’re not lucky enough to be a global business or a wealthy individual, you must pay pretty much what Congress dictates. If, however, you are among the privileged, well, your company makes billions for you and essentially operates tax free. cheap canada goose uk
buy canada goose jacket cheap To be sure, some corporations pay the maximum 35 percent rate. Like individuals, those companies, often medium size domestic operations, are unable to make use of the accounting gimmicks available to multinational and select other businesses. buy canada goose jacket cheap
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What kind of corporation escapes responsibility for any of these bills? Carnival Cruise Lines for one, a Miami company whose glitzy megaships have names like Carnival Fantasy, Ecstasy, Elation, and Paradise. From 2005 to 2010, Carnival the world’s largest cruise carrier racked up $13 billion in profits. The company’s tax bill for those years? Chump change of $191 million. That’s million. income tax, foreign income, and local income tax. The canada goose outlet jackets overall tax rate came in at 1.4 percent. This canada goose outlet sale even though the ships sail out of Miami and are inspected by the Coast Guard.
Canada Goose Outlet Middle America has not fared nearly so well, thanks to a Congress that likes to sock it to ordinary people, the same people who are and will be hammered even more as lawmakers target them to be a scapegoat for the ballooning deficits. Though corporate profits have continued to climb, the wages of working people remain frozen in time. In 2008, according to IRS data, 10 million working individuals and families filed tax returns reporting incomes of between $30,000 and $40,000. Their effective tax rate: 6.8 percent nearly five times the Carnival rate. Canada Goose Outlet
Canada Goose Jackets This helps explain how members of the Arison family who started Carnival have held membership in that exclusive club of global billionaires for two decades. Canada Goose Jackets
canada goose store Ted Arison was born in Tel Aviv, Israel, in 1924 and moved to the United States in 1952. In 1972, he formed a joint venture to establish a shipping business. His partner was Meshulam Riklis, who was born in Turkey but who also grew up in Tel canada goose parka outlet Aviv. Riklis, too, moved to the United States, where he eventually became one of the early canadagooseparks day corporate takeover artists, working alongside famed canada goose outlet parka junk bond king Michael Milken. His deals were so byzantine that even many on Wall Street had difficulty tracing the money, which seemed to end up in his pocket while others were left holding his debts. He pioneered the use of junk bonds and leveraged buyouts and corporate canada goose outlet in uk paper. Lots of paper. Sometimes he raised cash by raiding the pension funds of his employees, like those canada goose outlet uk fake who worked at McCrory Corp., one of the old five and dime chains that were fixtures in small town America, and where wages were little more than the minimum. Indeed, the wages were so low that many of Riklis’ McCrory employees did not even earn enough to qualify for a pension. canada goose store
cheap Canada Goose The Arison Riklis arrangement lasted only two years, when Arison canada goose outlet store near me bought out Riklis and formed Carnival Cruise Lines in 1974. From then on, he maintained tight control of Carnival. He systematically added ships, passengers, and amenities, like gambling. Each of his ships was a floating casino, featuring slot machines, roulette and “big 6” wheels, and tables for craps and blackjack. cheap Canada Goose
uk canada goose In 1987, Arison took the company public. Keeping with tradition, then and now, a canada goose outlet trillium parka black hefty chunk of the proceeds from the sale of stock canada goose outlet woodbury to the public went to Arison personally. The take, according to SEC records, was canada goose coats uk a special dividend of $81 million. The next year, Carnival canada goose outlet seattle immediately began paying dividends to its new shareholders in each quarter. As that suggests, there is nothing new about Carnival’s ability to avoid the tax collector and the Arison family’s attendant good fortunes. We first wrote about Carnival’s tax free status in November 1991 as part of our “America: What Went Wrong?” series. uk canada goose
At the time, we noted the fine print in a document filed with the SEC allowed that:
Canada Goose sale “The company is not subject to canada goose outlet uk sale United States corporate tax on its income from the operation of ships, and the company does not expect such income to be subject to such tax in the future. corporate income tax will remain in effect under current United canada goose outlet online uk States law for as long as the company retains its status as a controlled foreign corporation.” Canada Goose sale
buy canada goose jacket Even better for Arison and his family was yet another provision in the SEC public offering document that said: buy canada goose jacket
canada goose coats “The company intends to distribute dividends to all shareholders in at least such amounts as are necessary to enable the principal shareholders to pay the income taxes imposed on them with respect to those earnings.” canada goose coats
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