Tuesday, February 21, 2006

TAXES!

Who pays them

In 2004, the General Accounting Office reported that 60% of all US corporations paid NO tax between the years of 1996 through 2000. In 2004, corporate taxes made up less than 7.4% of federal revenues. And this was BEFORE* additional tax breaks implemented by the Bush Administration! As we prepare our convoluted papers to comply with Uncle Sam, let’s revisit why the tax code sucks this weekend.

Exhibit A-Citizens For Tax Justice, Date From Annual Reports and Forms 10-K:

Year 2000 Profits of Colgate Palmolive Corporation: 860,600,000
Tax Paid: -8,200,000 Tax rate: -0.9%
Tax Break: 309,400,000

Profits of General Electric: 24,574,000,000
Tax Rate: 13.3%

Profits of IBM: 11,299,000,000
Tax Rate: 12.4%

Profits of Microsoft: 21,866,500,000
Tax Rate: 1.8%

Exhibit B: Family of 4, Income of $30,000 a year
Tax Rate: 17%


* (I believe there has been another three rounds of tax cuts since then)

Why does Bush want to increase collection costs by almost 500%?

h/t PSOTD



We could sit around and compare our favorite shameful wasting of our tax dollars, everything from bridges to nowhere, the billions spent on domestic propaganda operations or Brewsters Millions.

What is your favorite wasteful scheme?
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