That is sure symbolic the way the flag is draped - of the state of our Union! Really liked the diagram too, very good post and I appreciated it!!!
As a guy who owned a multi-state public accounting firm, I can tell you that the whole tax system needs to be overhauled to get rid of the special interest groups and go to a flat tax model (or VAT tax) because our system is broke and we just need something new.
I'm sorry * I pay the TAXES on my DIVIDENDS from the corporations including GE/NBC * DIS/ESPN * XOM. It is a falsehood that these corporations do not pay taxes....their shareholder/OWNERS pay taxes......and yes, I have been fortunate to have INVESTED IN REAL ESTATE so I can shelter a good bit of that income and those taxes.....
Wallace: So, you are just fine with corporations paying less taxes than you do, in spite of making billions from American consumers, all the while transfering more and more of their plants and factories overseas?
Ostensibly, the U.S. federal tax code requires corporations to pay 35 percent of their profits in income taxes.
But of the 275 Fortune 500 companies that made a profit each year from 2001 to 2003 and for which adequate information to draw conclusions is publicly available, only a small proportion paid federal income taxes anywhere near that statutory 35 percent tax rate. The vast majority paid considerably less.
In fact, in 2002 and 2003, the average effective tax rate for all of these 275 companies was less than half the statutory 35 percent rate. Over the 2001-2003 period, effective tax rates ranged from a low of -59.6 percent for Pepco Holdings to a high of 34.5 percent for CVS.
Over the three-year period, the average effective rate for all 275 companies dropped by a fifth, from 21.4 percent in 2001 to 17.2 percent in 2002-2003.
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