tazzygirl
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quote:
What caused the drop from '08 to '09? Bush Tax Policy? Why are they lower in 2011 vs. 2010?
WASHINGTON—U.S. companies are booking higher profits than ever. But the number crunchers in Washington are puzzling over a phenomenon that has just come into view: Corporate tax receipts as a share of profits are at their lowest level in at least 40 years.
Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011, which ended Sept. 30, according to the Congressional Budget Office. That's the lowest level since at least 1972. And well below the 25.6% companies paid on average from 1987 to 2008.
Corporate income-tax receipts typically fall during recessions, and they declined sharply after the 2008 financial crisis, which wiped out big swaths of profits across the huge financial sector. But U.S. profits have rebounded sharply in recent quarters, while tax receipts have stayed low.
So where is the money? There are a lot of moving pieces, budget watchers say, but one view shared inside Washington is that a temporary tax break—supported by both political parties—is a key reason.
This tax break, known as "bonus depreciation," has allowed companies to write off investments in goods like industrial equipment, manufacturing machinery and computers in the year in which they're bought rather than over time. The White House estimates the subsidy has saved companies roughly $55 billion in corporate income taxes over each of the past two years.
Companies just reporting fourth-quarter earnings made clear they have aggressively taken advantage of the tax break, which lasted in full through December.
http://online.wsj.com/article/SB10001424052970204662204577199492233215330.html
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How many times should money get taxed?
How many times is our money taxed? Take your gross dollar, and send it through the system. See how well its sliced and diced to nothing.
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Actually, that's probably more due to the 2% reduction in payroll taxes from 2011. Whoops. Forgot. That was your guy's idea.
Your math is way off. Thats way more than a 2% reduction.
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Who really ends up paying excise taxes anyway? Answer: The Consumer.
And? It still doesnt correlate with your assumption.
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Making it only the 4th highest all-time. And, not quite $400M from the all-time high, btw.
4th highest doesnt make it "near record highs"
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Huh. When did the "Stimulus" start? Should we have a little chat about who makes the budgets and stuff, too? I mean, if Republicans are being blamed for spending now, since they run the House of Representatives, who ran the show from 2007 - 2011? Doesn't count in this argument, right?
The stimulus started with Bush.
http://www.kiplinger.com/businessresource/forecast/archive/Is_Economic_Stimulus_Enough_080118.html
The response of our economic planners in the Bush Administration was a $170 billion economic stimulus package which took the form of tax rebate checks of $500 per household. It had little or no stimulating effect. Nevertheless, the Obama administration came up with a similar gift to each householder with similar results. The Bush administration under Secretary of the Treasury Henry Paulson did come up with one successful program, the $700 billion fund, known by its initials TARP, the Troubled Asset Relief Program, which saved the entire U.S. financial system from bankruptcy. The public thinks of it erroneously as a bailout. Instead of buying the troubled mortgages and derivatives from the banks, et. al., it lent enormous sums to the banks and insurance companies which urgently needed to raise cash or succumb to bankruptcy. Much of the money TARP lent has been paid back. But it did not create a single job except for new TARP bureaucracy. Unfortunately, the banks still have hundreds of billions of troubled mortgages. If the economy should dip again, TARP will once again have to come to the rescue.
http://www.idealtaxes.com/post3165.shtml
that was signed into law by U.S. President George W. Bush on October 3, 2008
The TARP program originally authorized expenditures of $700 billion. The Dodd–Frank Wall Street Reform and Consumer Protection Act reduced the amount authorized to $475 billion.
http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
2008 outlays (from your source)
2,982,544
Receipts
2,523,991
Deficit
-458,553
Are you really going to try and tell me that that amount didnt get tacked onto the 2009 deficits as opposed to the 2008?
Do you really want to go there?
As of February 9, 2009, $388 billion had been allotted, and $296 billion spent, according to the Committee for a Responsible Federal Budget. Among the money committed, includes
Obama had been in office how long and you want to saddle him with something that had been already allocated and state its not the person who allocated the money who is fault, but the person sitting in the chair?
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Now, corporate refunds were at 27.9% for 2011.
While individual tax refunds were at 25.2%.
Interesting how many we see scream about the individuals and their refunds......
I have to add that I missed something in my data. Apparently you didn't catch it, either, but, I said all amounts were in millions of dollars... they were billions of dollars
Doesnt matter if its in millions or billions. Go back to your source.
http://www.irs.gov/uac/SOI-Tax-Stats---Collections-and-Refunds,-by-Type-of-Tax---IRS-Data-Book-Table-1
2011
Gross collections from individuals 2011
1,346,182,227
refunds
339,696,496
Business Income
242,848,122
Business Refunds (which arent really, but are effectively the same)
67,777,004
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Where did this non-tax money come from?
I would need the source for that.
< Message edited by tazzygirl -- 12/15/2012 9:34:40 PM >
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