Nothing like having friends in high places! Nothing like getting those special deals from a Czar or two. No doubt similar to Obamacare and those who got “waivers”… anyone wonder why MSNBC has so many tingles for Obama? How about having Jeffrey Immelt on board these days? Note that evil United Health Group pays 35.4% and we have to try and figure out why our premiums are going up? These costs are passed on to us.
Source: From Tax Prof
NPR: Why Does GE Pay 3.6% Tax Rate, and Wal-Mart Pay 33.6%?
During his State of the Union address, President Obama said the current tax system is broken. “Those with accountants or lawyers to work the system can end up paying no taxes at all,” he said. “But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change.” Do you really think that Wal-Mart does not have spiffy Accountants?
Just how broken is the corporate tax system? Consider the tax rate paid by two of America’s biggest companies — Wal-Mart and General Electric. Wal-Mart paid 34 cents in taxes for every dollar of profit it made in the past three years. General Electric paid just 3.6 cents on the dollar.
Click on image to enlarge
That’s right; instead of concentrating on making light bulbs, power plants or whatnot, companies use the tax system to boost their profits. The source of the data in the chart to the right is the January 20 testimony of Martin A. Sullivan (Tax Analysts) before the House Ways and Means Committee