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Dam those public workers

 
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John Elmer Engel
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PostPosted: Tue Mar 29, 2011 6:43 pm    Post subject: Dam those public workers Reply with quote

"My first pass through the stressful 1040 process made it clear that I will owe a lot of money again this year, and that I can't avoid it without cheating, which I am opposed to for reasons of ethics and timidity.

So to get my mind off the unpleasantness, I turned on the news. A report states that Caterpillar threatens to leave Illinois because of a 2% increase in the state tax rate, which according to a spokesman would burden the company with an additional $40 million tax bill. It just so happens that members of US Uncut Chicago have been doing research on corporate taxes for PayUpNow.org. "To the files!," I exclaimed to myself, happy to take my mind off my own problems.

I went to the SEC website and looked up Caterpillar's 10-K, which would show their income and tax records in recent years. The company made pre-tax income of $3.75 billion in 2010. The Illinois state tax rate of 4.8% would mean a state tax of $180 million.

But they only paid $44 million. Could this be right? A company complaining about oppressive state taxes only paid a quarter of their required tax? I poked around the 10-K a little more, ending up at the section with federal tax figures. Over the past 2 years, according to Caterpillar's own carefully prepared income statement, the company made $4.3 billion, but it received almost $200 million in federal tax refunds.

I'm not a tax expert or financial engineer, but the data seemed pretty straightforward. There had to be an explanation for this. Under Caterpillar's "General and Financial Information 2010," p. A-24, I found this:
"We have recorded income tax expense at U.S. tax rates on all profits, except for undistributed profits of non-U.S. subsidiaries of approximately $11 billion which are considered indefinitely reinvested. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not feasible."

Oh, that steered me through the fog.

By now my mind was drifting back to my own disagreeable tax situation, but I felt the need to compare these findings to that of other corporations. Maybe I was being too hard on the company that had provided jobs in Illinois when conditions were right.

Other 10-Ks, dutifully prepared by corporate accountants, revealed the following:

-- Exxon Mobil, with over $87 billion of pretax earnings in 2009 and 2010, paid less than 1% in federal taxes.

-- General Electric, with over $24 billion of pretax earnings in 2009 and 2010, got a tax refund of over $4 billion.

-- Verizon, with over $26 billion of pretax earnings in 2009 and 2010, got a tax refund of over $1 billion.

-- Banking leaders Citigroup and Bank of America, with a combined $8 billion of pretax earnings in 2009 and 2010, both got tax refunds two years in a row.

-- Chemical giants Dow and Du Pont, with combined pretax earnings of over $9 billion in 2009 and 2010, both got more in refunds than they paid in.

Overall, the top 100 companies, with $5 trillion in 2010 revenue and $500 billion in pre-tax earnings, paid less than 10% in non-deferred federal taxes. If these 100 companies had paid the 35% tax designated by U.S. tax law, another $140 billion would have been collected. This is approximately equal to the total deficit for all 50 states.

By this time I wasn't in the mood to review my personal tax forms. So I had a few beers."


PAUL BUCHEIT FOR BUZZFLASH AT TRUTHOUT
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Uncle Steve
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PostPosted: Wed Mar 30, 2011 3:07 pm    Post subject: Reply with quote

Wink JEE, you and I very seldom agree on much if anything, However I must say, " a few beers " was the right thing for you to do .. Hang in there, you'll get your taxes done..
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Kevin Gibbons
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PostPosted: Mon Apr 04, 2011 5:36 pm    Post subject: Reply with quote

How true it is JEE. Isn't that fun to think of the largest corp in our good ole USA getting back tax dollars, more then they put in. Now they want to cut the budget by 62 billion dollars but, Only on the backs of the middleclass and the poor. Steve you shound like a good old republician rob it from the poor and give it to me.
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Uncle Steve
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PostPosted: Mon Apr 04, 2011 5:49 pm    Post subject: Reply with quote

Very Happy Kev, Why do I sound like a good old Republican ? Cuz I said JEE should drink Beer.. ?
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Right Guy
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PostPosted: Sat Apr 30, 2011 5:41 am    Post subject: Reply with quote

http://www.youtube.com/watch?v=661pi6K-8WQ&feature=player_detailpage
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John Elmer Engel
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PostPosted: Sun Jun 19, 2011 9:14 am    Post subject: Video Reply with quote

I Watched "Right guy's" video link:

Typical right/left extreme example spin. And this proves what?

That video actually makes a point that the "uber-rich" total cash out could actually finance our country for a year. Gee, I never heard this video guy tell how many days the country could run on the total transfer of all assets from those below $250 K. How bout that ludicrous statistic? How many days, or hours, or minutes would that amount of money finance the country? Perhaps it would actually put us further in the hole. What do you think, Right Guy?

Way too far to the "Right guy", seems to think this video justifies the governments corporate welfare , foreign welfare, and Fed bailouts since all that money really will not run the country for very many days.

He is just another "spin doctor" kissing up to a government that is waging war not only against several piss-ant third world countries but also against the freedom of all Americans...including Right Guy himself.

I bet right guy likes the TSA groping his ...junk. After all, all those billions financing the TSA really only would run the country for a day.

Grope on, Garp. More money to the rich since it really doesn't finance that much anyway. That is the best spin I've heard lately. Thanks Right guy.
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