What SPECIFIC "tax breaks" do corporations and the wealthy get that you find objectionable?

Question

Truth seeker - I want specifics, not generalities?

Answer 1

I gotta see this one. I was apalled when i learned what the company I work for paid in taxes last year - it was astronomical

Answer 2

Citizens for Tax Justice , 202-626-3780 January 17, 2002
Less Than Zero: Enron's Income Tax Payments, 1996-2000
Click here to see this analysis in PDF format.

http://www.ctj.org/pdf/enron.pdf

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A January 17 analysis of Enron's financial documents by Citizens for Tax Justice finds that Enron paid no corporate income taxes in four of the last five years-- although the company was profitable in each of those years.

Over the five-year period from 1996 to 2000, Enron received a net tax rebate of $381 million. This includes a $278 million tax rebate in 2000 alone.
Over the same period, the company’s profit before federal income taxes totaled $1.785 billion. In none of these years was the company’s pretax profit less than $87 million.
Federal Income Taxes Paid by Enron, 1996-2000
($-millions)
2000 1999 1998 1997 1996 96-00
U.S. profits before federal income taxes $ 618 $ 351 $ 189 $ 87 $ 540 $ 1,785
Tax at 35% corporate rate would be: $ 216 $ 123 $ 66 $ 30 $ 189 $ 625
Less tax benefits from stock options –390 –134 –43 –12 –19 –597
Less tax savings from other loopholes, etc. –104 –94 –36 –1 –173 –409
Federal income taxes paid (+) or rebated (–) $ –278 $ –105 $ –13 $ 17 $ –3 $ –381
At the 35 percent tax rate, Enron's tax on profits in the past five years would have been $625 million, but the company was able to use tax benefits from stock options and other loopholes to reduce its five-year tax total to substantially less than zero.

Among the loopholes used to reduce the company’s tax liability was the creation of more than 800 subsidiaries in “tax havens” such as the Cayman Islands.



To read ITEP’s October 2000 report on Corporate Income Taxes in the 1990s, which discusses the use of stock options and other loopholes to reduce corporate income taxes, click here.


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Answer 3

I find every tax break a corporation and the wealthy get that the average American doesn't get objectionable.

Warren Buffet said that in 2006 he paid a lower percentage on his taxes that his secretary did. There is something very wrong with that picture.

Warren Buffett also offered a million dollars to any fellow magnate who could prove he had higher tax rates than his secretary. That is specific enough for me. Why won't you admit there is a problem here.

Answer 4

1) the coal subsidies of the energy act of 2005.
2) the oil subsidies of the energy act of 2005.
3) the ban on brazilian sugar cane.
4) the $10 billion a year that go to united states corn subsidies.

Answer 5

Corporations don't pay taxes. They pass it on to the consumer or ship jobs overseas.

Answer 6

Reagan reduced the capital gains tax rate from 70%, to 28%, when he took office. It is way to low, and, has produced budget deficits, and, has dis-incentivized the wealthy to CREATE wealth, instead of gathering paper profits.

Answer 7

Great question! I cannot wait to see more of the answers. I don't find any objectionable as they provide a corp. enough funds to expand and add on jobs. It is also promotes growth of the economy.

Answer 8

And there you have it. They have managed to parrot a few things and not one person could come up with anything objectionable on their own.

Answer 9

TOO many, retitements and too many pinchins at once time.Us poor are only allowed one or the other , not many and more. I SAY WHATS GOOD FOR ONE IS GOOD FOR THE OTHER

Answer 10

I think 'truthseeker' pretty muched summed up this one.

Another best answer by truthseeker.