|Re: U.S. Corporate Tax Rate (was: No more $5 footlongs at Subway in SF) (926483)|
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Re: U.S. Corporate Tax Rate (was: No more $5 footlongs at Subway in SF)
Posted by italianstallion on Sun Apr 1 21:54:51 2012, in response to Re: U.S. Corporate Tax Rate (was: No more $5 footlongs at Subway in SF), posted by Easy on Sun Apr 1 21:38:18 2012.Some things Train Crude left out from the Reuters article he posted to:
1.Japan and the United States have been tied for the top combined, statutory corporate rate, with levies of 39.5 percent and 39.2 percent, respectively. These rates include central government, regional and local taxes.
[In other words, our top rate includes state and local taxes.]
2. Some U.S. companies pay close to the 35 percent top corporate tax rate; some pay nowhere near that, thanks to tax breaks that let them lower their "effective" tax rates.
Of the 30 companies in the Dow Jones industrial average, 19 told shareholders their effective rate for their 2011 fiscal years, mostly ending Dec. 31, was below Obama's proposed new tax rate, according to a Reuters analysis of securities filings.
Of these companies, three - telecom company AT&T, Bank of America, and insurance company Travelers - posted a tax gain.
For the index's other 27 companies, effective rates reported ranged from 2.7 percent for telecom giant Verizon Communications to 43.3 percent for energy group Chevron Corp.
[I.e., many companies pay squat.]
3. In February, President Barack Obama proposed a corporate tax reform blueprint that included a 28 percent top rate.
Republican presidential hopeful Mitt Romney has said he wants to cut the corporate rate to 25 percent.
[Once again, we are arguing over 3 percentage points.]
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