GREEDY COOOOORPORATIONS!!!
Remember, many on the left WANT to be lied to, and so many are willing to lie to them......
https://www.realclearmarkets.com/ar...m_that_corporations_pay_no_taxes_1182888.html
Every spring just in time for Tax Day Senators Elizabeth Warren and Bernie Sanders put out media releases touting a report by a liberal economic research group claiming that a long list of American companies have not paid any federal income taxes.
Their statements and the report get widespread media attention, drawing negative attention and criticism to many of America’s leading corporations. In reality, this report and the charges of widespread corporate tax evasion are totally false.
This year Senator Warren declared that “big corporations paid zero in federal income taxes.” She said U.S. corporations “cheat the system,” and “leave hardworking families holding the bag.” Senator Sanders called the findings of the report ‘a disgrace,” and the media parroted all the charges.
Politico, the AP, Newsweek, and USA Today have all covered the report. A Reuters story stated as fact that “experts find widespread corporate tax avoidance.” Fortunately there is a real financial expert who has shown how politicians and the media are using this flawed report to make false accusations against American companies.
Former Congressional Budget Office Director Douglas Holtz-Eakin wrote recently that the report and its findings are “entirely made up.” He said that there is “zero, zero, zero evidence of any tax evasion or tax shenanigans in the report,” and that the report was just “a political hit job disguised as a research report.”
Holtz-Eakin, who has had a long distinguished career as an academic economist, explained that the report arrived at its conclusions by looking at companies’ public financial statements filed with the SEC and then “guessing” at their taxable income and tax liability. He pointed out that the report’s authors made the claim the companies paid no taxes without having any access at all to their tax returns, which are confidential and protected.
The report mixes financial accounting profits and taxable profits, which any tax expert would say should never be done. His advice to readers is to “never waste a second reading the report.”
Remember, many on the left WANT to be lied to, and so many are willing to lie to them......
https://www.realclearmarkets.com/ar...m_that_corporations_pay_no_taxes_1182888.html
Every spring just in time for Tax Day Senators Elizabeth Warren and Bernie Sanders put out media releases touting a report by a liberal economic research group claiming that a long list of American companies have not paid any federal income taxes.
Their statements and the report get widespread media attention, drawing negative attention and criticism to many of America’s leading corporations. In reality, this report and the charges of widespread corporate tax evasion are totally false.
This year Senator Warren declared that “big corporations paid zero in federal income taxes.” She said U.S. corporations “cheat the system,” and “leave hardworking families holding the bag.” Senator Sanders called the findings of the report ‘a disgrace,” and the media parroted all the charges.
Politico, the AP, Newsweek, and USA Today have all covered the report. A Reuters story stated as fact that “experts find widespread corporate tax avoidance.” Fortunately there is a real financial expert who has shown how politicians and the media are using this flawed report to make false accusations against American companies.
Former Congressional Budget Office Director Douglas Holtz-Eakin wrote recently that the report and its findings are “entirely made up.” He said that there is “zero, zero, zero evidence of any tax evasion or tax shenanigans in the report,” and that the report was just “a political hit job disguised as a research report.”
Holtz-Eakin, who has had a long distinguished career as an academic economist, explained that the report arrived at its conclusions by looking at companies’ public financial statements filed with the SEC and then “guessing” at their taxable income and tax liability. He pointed out that the report’s authors made the claim the companies paid no taxes without having any access at all to their tax returns, which are confidential and protected.
The report mixes financial accounting profits and taxable profits, which any tax expert would say should never be done. His advice to readers is to “never waste a second reading the report.”
