Posts Tagged corporate taxes
One of the worse lies perpetrated by Republicans for DECADES is that Corporate taxes in the US are among the highest in the world and they continue to heap this lie on top of so many others.
I think Larry said it best to paraphrase, you can always tell when a republican is lying by when their lips move.
To know how high – or low – the effective tax rate is, you have to go beneath the top-line rate and account for all the loopholes, subsidies and write-offs – and the way to do that is by looking at corporate tax revenues as a percentage of a country’s GDP. That way, you know how much corporations are actually paying as a share of your overall economy – in other words, you know the real corporate tax rate, not the fake one advertised by top-line numbers. And when you look at America’s tax structure through this lens, you see that even the Bush Treasury Department admits we have the second lowest effective corporate tax rate in the industrialized world (see page 42 of this report).
Watch one of McCain’s girls get paid to lie.
Indeed, this explains the dissonance between Republican claims of "highest corporate income tax rate in the world" and the recent
Government Accountability report showing that most corporations pay no corporate income taxes at all. The latter is the truth – most corporations don’t pay any taxes because of loopholes, writeoffs and subsidies that allow them to effectively reduce that 35 percent corporate tax rate to zero. In fact, many profitable corporations actually collect tax rebates. But as I told Fox News, we don’t hear criticism of that kind of "corporate welfare" from the Republican mouthpieces deriding Obama’s middle-class tax cuts as welfare.