Skip to comments.In Florida, 99% of companies pay no corporate income tax — with lawmakers’ blessing | Special Report
Posted on 11/14/2019 6:50:15 PM PST by Tolerance Sucks Rocks
EBay Inc., the online auction company with 180 million buyers around the world, earned $34 million of profit in Florida in 2014, according to state auditors.
At Floridas official corporate income tax rate of 5.5 percent, eBay should have paid more than $1.8 million in state taxes -- enough money to hire 40 new teachers.
But records show eBay actually paid $18,810 -- not even enough to hire one.
Its not an isolated example. Auditors say Sanofi Pasteur Inc., one of the worlds largest vaccine manufacturers, earned an estimated $55 million of profits in Florida between 2008 and 2013 -- yet it didnt pay a dime in state income tax over that same period.
In recent years, Mastercard Inc. saved more than $20 million in Florida income taxes by claiming that none of its sales occur in Florida. Verizon Wireless saved more than $23 million by passing hundreds of millions of dollars of profits out of the state. And HCA Healthcare Inc. saved more than $28 million in large part by moving money through a maze of subsidiaries.
All of these moves are made possible by two things: Aggressive tax-avoidance tactics by big businesses -- and elected leaders who choose not to stop them.
The combination has left Florida with what national experts say is one of the easiest-to-avoid corporate income taxes in the nation. An estimated 99 percent of all businesses in Florida no longer pay any corporate income tax at all.
The Florida corporate income tax leaks like a sieve, said Richard Pomp, a law professor at the University of Connecticut and a leading authority on state taxes. Business has it pretty much the way they want it.
Companies that benefit under the tax structure say it is good for Florida.
(Excerpt) Read more at orlandosentinel.com ...
What’s wrong with that ? All corporate taxes are passed on to the consumer.
My solution to this whole mess would be to get rid of the corporate tax altogether. 0%, baby!
But the paper seems more worried about how many teachers don’t get hired, how many Medicaid applicants have to wait longer, etc. Just more whinging.
BTW, there’s no such thing REALLY as “Corporate Tax”. It’s just a hidden individual income tax. All corporate tax doe is raise the COGS for a business so it must charge higher prices and the consumer pays the price.
Only if you’r a lover of government tyranny and socialism.
Fails to mention how many are employed in FL and pay taxes due to those corporations
Or 10 new Directors of Paperwork For Toilet Paper Distribution in Palm Beach County
Yet they still don’t have a state income tax either.
Anyone know how much tax will be lost from the jobs that will be lost by trickle down taxation?
The ignorance . corporate taxes are passed to the price of goods and services morons.
How many teachers could be hired with the money zerobama sent to Iran?
Good. We don’t need more un-american socialist indoctrinators for big brother centers.
BINGO! How much in Social Security taxes, payroll taxes, family medical leave, etc... taxes are paid by these evil corporations. How many people are employed that earn salaries that support their families and such? Typical Communist coveting propaganda being spread.
Ive lived in Florida since the 50s. Ive paid a lot of taxes here. This doesnt bother me at all. The Communist Orlando Sentinel cant stand that the state, under decades of Republican governance, is in great financial condition even though there is no state personal income tax and low corporate income tax. Yet, the Sentinel is cheetleading for higher taxes.
And the media wonder why they are so hated.....
$1.8 million in state taxes — enough money to hire 40 new teachers.
That could have helped Hunter Biden for a week maybe????
Well aggressive levying and collecting of corporate income taxes would not change that at all.
Hellooooooo......100% of corporations around the whole world never pay a penny in taxes....they pass it on to the customers.
Most of the corporations named aren’t even headquartered in FL. eBay doesn’t even have a physical presence there, they’re incorporated in California.
Good. And better than in the pockets of filthy bureaucrats
How much taxes has ebay, for instance, paid in total to all jurisdictions?
How many jobs created and supported?
“Yet they still dont have a state income tax either.”
True, but this does not apply to corporations.
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