Tag Archives: Corporate taxes

Why Main Stream Media Almost Always Sucks, by L. Reichard White

A real life example of the kind of pressures even less well-known organs of the mainstream media face, from L. Reichard White at lewrockwell.com:

How Las Vegas casinos eclipsed The Sun

I don’t like to admit I have role models, but, well, in Bill’s case, maybe just a little.

That’s “Wild” Bill Kaysing.

He lives in a camper, writes really odd things, and no one knows where he is, what he’s writing or when he’ll show up next. That’s probably where the “Wild” came from.

So Jimmy calls and wants Larry and me to go with him to a meeting with Hank Greenspun, legendary maverick ground-floor Israeli freedom-fighter and owner and publisher of The Las Vegas Sun, the smaller of the two major Las Vegas newspapers at the time.

This is seriously unusual. Larry and I’ve been doing a lot of the Nevada L.P. media work and Mr. Greenspun is unavailable except to V.I.Ps, crack feature writers, and star reporters, which we aren’t.

How did you manage that?” I ask Jimmy. That’s James Libertarian Burns, by the way. He added the middle name because that was the only way he could get “Libertarian” on the ballot.

I didn’t. He called me.”

Jimmy had met both Kaysing and Greenspun before. This was my first exposure.

Both men struck me as sincere. Greenspun had a certain smoldering but controlled fire going on somewhere. Part of it at least was an old grudge against the I.R.S. from when they’d interfered with his freedom-fighting.

As far as the I.R.S. goes, join the crowd.

Wild Bill came complete with scruffy western boots — riding heels — and a bolo string-tie with turquoise. He was extremely informal, relaxed, and personable. And dangerous. He didn’t like the I.R.S. either — and knew what to do about it.

The short version is that, as a flesh-and-blood American individual, you are NOT required to pay corporate income tax, which is what the I.R.S. collects from you. Or, I should say, which you volunteer to pay.

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Biden Admin Planning Corporate Tax Hike – Here’s Why The Only Losers Will Be Middle-Class Americans, by Jon Hall

Corporations are conduits. They don’t pay taxes, their shareholders and customers do. From Jon Hall at fmshooter.com:

After automotive giant Ford announced it’s moving a project worth almost $1 billion dollars from Ohio to Mexico, the Biden administration remains silent. In December, Biden vowed to be “the most pro-union President” but has revealed plans of raising the corporate tax rate. Whilst on the surface, an increase might seem of benefit to workers, it’s anything but. The new plant Ford built after Trump lowered the corporate tax rate is now moving to Mexico because of Biden’s tax increase. In the process of the plant moving, workers were laid off leaving scores for the unemployment line.

Biden announced he plans to raise the corporate tax rate from 21% to 28%. Despite corporations now being required to pay more taxes from their revenue once the increase goes into effect, the burden will only fall on the consumer. For instance, McDonald’s – or on a personal level, your favorite local restaurant – gets notice that material costs (supplies have to be ordered through official channels) will be increasing from anywhere between 10 and 30 percent in the near future. How will corporations be accounting for this increase other than raising prices, laying off workers, and cutting hours?

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State Corporate Tax Receipts Just Crashed The Most Since The Recession, by Tyler Durden

Put corporate tax receipts on the stack of indicators flashing yellow for the economy. From Tyler Durden at zerohedge.com:

After flatlining for the past year, US income tax receipts – both at the federal government and on a state and local level – have been disappointing, and have posted a sharp drop since the start of the year, which is “sounding an alarm about the health of the US economy” in BofA’s words (in addition to the countless other alarms about the health of the economy, which however are ignored due to the record stock market).

As Bank of America highlights something we warned about last September, according to the Rockefeller Institute and CBO, US federal income tax receipts have come in about 3% below expectations this year.

Digging deeper, the disappointment was largely in personal current tax receipts, with withheld tax receipts showing little growth over the prior two quarters. The story is a bit different for state and local governments where personal tax receipts were fairly stable, but there was a significant decline in tax receipts for corporate income.

In fact, corporate income tax receipts fell a sharp $7bn in 1Q, the biggest drop since the recession. Since corporate income tax receipts only make up about 14% of the total, there was still a modest gain in overall state and local tax receipts. While there has been particular weakness of late, the trend through last year was weak; according to the Rockefeller Institute, total state tax collections grew only 1.2% in FY16 (declined in real terms), the weakest performance since 2010.

In an attempt to explain away this otherwise troubling development, the CBO has proposed that the weakness in tax receipts may reflect the shift of taxpayer income into later years on the anticipation of legislation to reduce tax rates, which however is looking increasingly unlikely. Presumably this would have the biggest effect on high income and high net-worth individuals. And this will matter for the aggregate figures as the top 1% of earners account for almost 40% of federal personal income tax receipts.

To continue reading: State Corporate Tax Receipts Just Crashed The Most Since The Recession