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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: puborectalis who wrote (758077)	12/15/2013 11:05:29 PM
From: i-node	2 Recommendations Recommended By Brumar89 Tenchusatsu Read Replies (2) \| Respond to of 1589436

>> Citizens for Tax Justice found that 30 major corporations had made billions of dollars in profits while paying no federal income tax between 2008 and 2010. Today, CTJ updated that report to reflect the 2011 tax bill of those 30 companies, and 26 of them have still managed to pay absolutely nothing over that four year period: This is a misleading error only a neophyte would make. Anyone who has dealt with corporate tax returns knows that it is downright commonplace for corporations to lose money in some years, and make money in others, and those losses generate NOLs that can offset corporate profits. Just like with individuals; however, most individuals don't lose money on a frequent basis as corporations do. Corporations may also purchase or merge with other corporations which have tax losses, again, commonplace. Not allowing those deductions would be totally inequitable and everyone knows it. Except for "Thing Progress.org", the object of which is to slander American corporations. As Fortune 500 corporations, it is all but certain that NOT ONE OF THEM violated the tax law in any way; that in fact, they played by the very rules Congress has set up for them to play by. Judge Learned Hand once famously said (in a footnote to a tax case), "If Congress doesn't mean what it says, it should say so." That applies today. Barack Obama had two years during which he could literally have made any tax changes he and the Democrats could agree upon, and there would have been nothing anyone could have done to stop him. Yet, he didn't. If you don't like the tax law as it stands, talk to Obama. (By the way, I've treated you as though you were an adult with this post. Please don't abuse it).