OK If the Reds State TAX system is so fare why did Wachovia Bank make over $5B profit and get a $700M rebate??

Question

http://www.pbs.org/wgbh/pages/frontline/shows/tax/

Answer 1

Corporate welfare. Our entire system of government has been hijacked and is little more than a pathetic tool for big business.

Answer 2

Well lets see,

Offshore part of the operation
Hire folks from other countries on Foreign Visas
Tax breaks at local level
Invest in stocks/companys that will provide you tax breaks in return

Due to our messed up tax system, stuff like this happens. The nominal tax rate for businesses is supposed to be 35%, the REAL rate is much lower due to all of the tax breaks.

We need to totally scrap the IRS and go simple with either a flat tax or the fair tax.

Answer 3

The current tax system is not fair, and I know of nobody in either party that supports it (except for the politicians in D.C.).

But what is wrong with a private company making a profit and getting a rebate? That is irrelevant to the tax system being unfair and immoral.

Answer 4

It's a matter of corporate welfare. The current administration-actually especially since the Reagan administration-has increasingly taken the tax burden from the corporations and taxed individuals more.

Answer 5

who pays taxes .The only way to pay a tax is to make something of value and trade it for cash . when you make nothing such as a bank does then how can you pay a tax .
Corporations do not make anything it is the workers who do and the money people earn for this is taxes .A tax is nothing more then a persons ability to share with the nation what they have made .If you make nothing then you have nothing to tax .
Money can not make money it can only deprive those who make something of its true value .

Answer 6

To explain this would take 3 semesters of Banking colege. Go enroll, and get back to us.