Taxes, Taxes We All Pay -- Well not Everyone

Tax day is upon us and 50 % of us will pay federal taxes (state and local tax systems are a bigger mess) while the rest of Americans and some American corporation pay nothing (this does not include property taxes, Social Security, Medicare and other payroll taxes).  Since I am one of the 50% that must pay taxes I thought, Who ‘isn’t’?  I am not rich, yes I am educated (with allot of student loans no free ride here) so on paper you would think I make allot of money and shouldn’t complain but I am under employed, I am the perfect example of the American woman hit by the recession. 

In doing research for this article I learned that the American tax system is a mess and very complicated.  From my research I really don’t think any elected official has an idea of what is going on and very few ‘so called experts and talking heads’ have a clue.  The information is very complicated and everyone thinks they understand the process.

My biggest confusion came in the fact that corporations can make millions if not billions and not pay taxes well I mean the organizations have no ‘tax liability’.  I think that means our elected officials made some bad decisions within the laws that regulate our tax system.  I hear the arguments that companies need their money to re-invest to create more jobs, I don’t buy it.

Corporate tax rate is 35 percent, one of the highest in the world but there are so many subsidies, tax credits and shelters for companies we all suffer.  Organizations that have no ‘tax liabilities’ or very little compared to profits:

GE

Bank of America

Host Hotels & Resorts Inc.

Amazon.com

TECO Energy, Inc.

Range Resource Corporation

and the list goes on…

The most interesting story I found ;

GE CEO Jeffrey Immelt gets named as the head of a Council on Jobs and Competitiveness, what does he really understand and/or know about creating jobs and competitiveness?  Running a business is easy when you don’t have to pay federal taxes; taxes come out of the bottom line that effects the creation of jobs and competitiveness.  Yes, he is a smart man and a professional or else he would not be a CEO and it’s not his fault our elected official have created a tax system that hurts average Americans.   

Now let’s just not have the spot light on President Obama and the current administration, other Presidents and administrations have done the same dirty dealings.

Women need to speak up about the following:

How can elected officials justify raising any Americans personal taxes and small and medium size businesses taxes?

How do we hold our elected official accountable for their actions?

How can the federal tax system change?

Concerns for women:

Can you ‘trust’ your elected officials with your money?

What expert do you ‘trust’ to give you information about the federal government tax system?

 

References:

Yes, 47% of Households Owe No Taxes. Look Closer

16 More Profitable Companies That Pay Almost Nothing In Taxes 

Obama Names GE CEO Immelt As Economic Adviser

 Chamber Chief Economist Clarifies Business Tax Data

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