Sunday, January 19, 2014

It's tax time, for most of us

Wal-Mart pays the fifth largest amount of corporate taxes
The Hartford Financial Services pays the fifth least amount of tax
  You hear a lot of rumors if you pay attention to who pay what and how much in corporate taxes.  I've heard Wal-Mart, General Electric and some oil companies take a hit for being cheap.  In truth those companies are amount the highest payers of taxes.  Do they get some tax rebates too, yes.  Should they get tax rebates, maybe; some are reasonable, some not so much.
  Let's look at some sample numbers: Wal-Mart had $15.7 billion earnings before taxes, they paid $8 billion in local, county, state and federal taxes; almost 51%.  Apple, who most recently was rumored to be very bad, had before tax earnings of $50.2 billion and paid $13.1 in various taxes; that's 26%, they paid the third highest amount of federal taxes.
  How 'bout some "deadbeats"? Bank of America had $3.1 billion in earnings before taxes, they received tax breaks of $1.1 billion (money refunded), but they did pay local or country real estate taxes unless breaks were granted for those too.  AMR (American Airlines) Loss before taxes of -$2.4 billion dollars, and they received a break of $569 million.  Airlines have been hard hit by fuel costs, and usually receive government help.  They do, of course, pay income, social security and Medicare taxes.

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