Lie number 3) U.S. corporations are over-taxed.
Example: Republican presidential candidate Tim Pawlenty
We have the highest corporate tax rate, or one of them, in the OECD nations.
Actually, as measured in terms of share of GDP, the U.S. has the
lowest corporate tax burden of any OECD nation. While the official tax bracket may seems high -- 35 percent -- if one takes into account various loopholes and tax dodges, the
effective tax rate
is considerably lower, or around
27 percent, which comes in as slightly higher than average for OECD members. And according to ace tax report David Cay Johnston, the bigger you are, the less you pay -- the effective tax rate for the biggest U.S. corporatio
ns
is only about 15 percent.
There you have it, for future handy reference. Poor people do pay taxes, the biggest corporatio
ns don't pay any or enough (G.E. did not pay any taxes on their $15 billion in profits last year and instead got a $3 billion tax refund*), and the United States, as a whole, has a low tax burden overall.
*Exxon-Mob
il, Chevron, Bank of America, Goldman Sachs, Boeing and Carnival Cruise Lines all had high profits and paid no taxes. Over the last two years, Wells Fargo earned $37 billion in profits but got a $4 billion tax refund. And Hewlett-Pa
ckard reported over $9 billion in profits last year, but paid the same amount in taxes as someone earning just $30,000 a year.
About RepublicansRead the Article at HuffingtonPost
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