The nominal tax rate for corporations is 35 percent, but the fact is that the more profitable a corporation is, the less taxes they tend to pay. The most profitable corporations pay zero taxes or less (they actually get rebates) while laying off thousands of workers. According to a recent article published by Alternet, using SEC data as reported by the companies themselves in 2012, GE made $81 billion in profits over the last five years while receiving a $3 billion refund. Boeing reported $21 billion in profits, received a refund and ranked as one of the worst companies for cutting jobs, under-funding pensions and contractor misconduct. These are not isolated incidents.
How much more money do we have to give the so called “Job Creators” before they start creating jobs?
If you are the CEO of a large corporation you are making more money than ever. If you are heavily invested in the stock market you are having a great year, as the stock market is at a record high. These are the true takers, who feel entitled to immense wealth while giving nothing back to the country that provided the infrastructure, the know-how and the hard work that made it possible for them to become so rich in the first place.
And we are paying their taxes.