Hat tip to ZeroHedge.
Wouldn't you just love to have a tax rate of about 3/4s of one percent? Make a hundred thousand and pay about 750 bucks worth of Federal tax? How about a company that makes 639 billion over six or seven years and paid only 5 billion in taxes? ZeroHedge claims that the real tax rate is a shade over 3%, but you get the point.
Think that's not possible? Think again.
The best part about that company is that it is General Electric. The parent company of those stock touts and drones on CNBC. Think you'll ever hear them spill those beans? Not a chance in hell. See the story here:http://www.zerohedge.com/article/how-ge-paid-total-5-billion-domestic-taxes-betwen-2002-and-2009-639-billion-domestic-revenue
Let me spin some numbers at you. We're going to keep it low and round and create a level playing field.
Obama wants to tax "wealthy" Americans. Those people making 250 grand a year or greater. Does he ever mention if that is a gross or net amount? What about those guys grossing 500k in some small company wherein the overhead eats up 425,000? Are they going to be subjected to some new tax hike? Or are we supposed to assume, those tax hikes only apply to federally adjusted gross income on a 1040 return?
You see I don't know. In fact, Obama and this Congress' lack of specificity on anything have us all running scared. This is a team that passed Obamacare without reading it. Now that the accountants have scrutinized it and seen all the misleading errors and omissions- well too bad. It's law. And this dude- and Congress- wonder why we are pissed? They are at best just stupid- maybe math challenged. Or perhaps apathetic. At worst, sinister.
So let's suppose GE had to pay 25% or 160 billion in taxes like the rest of us schmoes. Lets subtract the 5 billion they paid already. That leaves 155 billion owed. Now let's divide that by 7. That's roughly 22 billion a year they skated out on.
Now lets suppose that everyone making 250,000 a year had to pay the same amount of tax as poor GE. Or about 62,500. ( and they'd be damn glad to pay 25%) The question is, how many 250,000 dollar a year wage earners do we need to cover the amount of taxes GE is allowed to avoid? That yearly figure looks like this- 22,000,000,000.00.
I hope my math is correct here. We would need to add 352,000 workers making 250,000 every year for 7 years to make up for what GE was allowed to skate out on. Holy shit! I checked the math and the decimal point. (My calc didn't go that high) Are you getting the picture of just how ridiculous our taxing structure is? How could we possibly be broke? Can anyone in Congress pass a fucking math class?
That absolutely boggles my mind. It boggles my mind that GE is only one of thousands of companies pulling that shit. Is that GE's fault? Of course not. Just who has manipulated a tax code so complex and fucked up that the entire working class gets absolutely raped and thus allows corporate America to seize every available loophole-not available- to the schmoes? Who decides tax law?
Well of course. It has to be Congress. Those math wizards who devised a tax system that allows bankers and corporate America to find any available loophole and exploit it for maximum gain. To keep their friends and themselves in office and employed. The wealthy and the elite- greedy, fat, and happy.
So why doesn't Congress impose a flat tax and make everyone pay 20%?? Why not do away with deductions and loopholes? That 2500 page monstrosity of a tax code and an army of IRS agents and accountants? Hint...THEY DON'T WANT TO. They like the system just the way it is.