Posted on 01/31/2016 4:22:43 AM PST by Enlightened1
AT LEAST six of Britain's 10 biggest multinationals -- including Shell, British American Tobacco (BAT) and Lloyds Banking Group -- paid no UK corporation tax in 2014 despite combined global profits of more than £30bn.
The disclosure comes as the Tories are embroiled in a row over a deal with Google that allowed it to pay just £130m in corporation tax since 2005.
The other companies that paid no UK corporation tax in 2014 were Lloyds, brewer SABMiller and drugs company AstraZeneca. BP and drugs company Glaxo Smith Kline (GSK) declined to reveal how much UK corporation tax they paid, though GSK said it paid some.
(Excerpt) Read more at thesundaytimes.co.uk ...
Now you know why all these corporations are for taxes. It's because they have no taxes/
After all taxes, like penalties or fines, are for the little people only.
I guarantee you that each company followed the law as written. If they paid no taxes it was entirely legal.
What taxes did they pay in other countries? We hear this same ignorant, populist crap in America.
Certified corruption via the law but bribed politicians.
What about the price of beans in China on a late Wednesday night????
Everyone should play by the same rules, instead of being ta exempt and have diplomatic immunity.
You are endorsing Crony Capitalism banana Republic nonsense that eventually leads to economic collapse Socialism and Communism.
And that is true of our own corporate tax laws. We should cut the U.S. corporate tax rate to a flat 5%, but eliminate all carve outs and loopholes. That, along with the elimination of the EPA would make America a beacon for companies in search of new headquarters.
-Certified corruption via the law but bribed politicians.-
That may be. But nobody can fault a company from taking advantage of the law to lower expenses. (The stockholders would fire a -socially responsible- CEO who overpaid taxes.) Profit is not evil. Without profit we can not have a consumer economy and we all benefit from that consumer economy equally. Less tax means lower prices and lower fuel prices mean lower food prices and each worker who commutes takes home that much more if he is not paying a hidden tax in the cost of fuel.
I’m endorsing getting the facts.
Corporate taxes in the US should be zero. No corporate taxes, period. It’s communistic bs and directly hurts everyone. Passed on straight to the consumer. Me.
Since corporations are “people”, they should have the same tax rates as the rest is us.
I NEVER said profits are evil. You are using the Strawman Argument of saying something I never said then attacking that point as if I said it.
I said everyone should play by the same rules. Crony Capitalism leads eventually to economic ruin, fascism, Socialism and ultimately Communism.
So you should want to stomp out crony capitalism the moment you see it. Everyone should play by the same rules.
-So you should want to stomp out crony capitalism the moment you see it. Everyone should play by the same rules.-
I learned the way government was supposed to work in seventh grade civics. It was presented to us as the way government actually worked. But a short perusal of the newspaper blew that theory away. The rule is that unscrupulous people gain the power to make law and then use that power to feather their own bed; crony capitalism or simply corruption. A rule applying to everybody is not possible for as soon as it is made somebody is gaming the system for what Adam Smith called rent seeking.
Here is a case in point. Many years ago a cement salesman bribed the local politicians in Medina, Ohio to pass a law requiring all parking lots to be made from cement for -snow removal.- My uncle who owned a marginal business with a huge gravel parking lot visited the local Democratic party headquarters and told the manager that the cost of a cement lot was more than the business would earn in several years. Then he said he wanted to make a donation to the Democratic party and asked how much would be appropriate. Without batting an eye the man said, $5,000, which was exactly 10% of the cost of the new lot. My uncle stroked a check and the next day got his exemption by messenger. Now the first act of corruption was the council changing the law to favor a concrete supplier. How do you fight that? Apparently you fight corruption with counter corruption. And that is the way the game has been played since the beginning of governments.
I believe that crony capitalism was on the decline in the United States. But since Obama was elected it seems that is all we have.
Thanks and good post!
“despite combined global profits “
Stop right there.
This is a consequence of the tax law. If you are unprofitable in a country, you don’t pay tax there.
This is why countries in US keep profits off shore.
So this article is just another commie ploy to get increased taxes on corps.
Reporting the obvious in a hysterical way is a common propaganda technique. If it were something folks generally knew about, the absurdity of reporting on the story would be obvious, such as saying, “It’s very cold outside, despite the fact that the sun is up and it’s clear!”, when everybody knows that it’s winter.
and we’re forced to itemize and list any donations to Goodwill....
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