Finley @ ESPN: Good times are over

[richard]

It seems to me that government siphoning off huge dollars from our sport to lavish funds on the "education" establishment is the biggest problem . Governmental interference in the free flow of business is the biggest culprit.

[freddymo]

Originally Posted by richard

It seems to me that government siphoning off huge dollars from our sport to lavish funds on the "education" establishment is the biggest problem . Governmental interference in the free flow of business is the biggest culprit.

Don't all business's pay substantial tax on profits?

[Clip-Clop]

Originally Posted by freddymo

Don't all business's pay substantial tax on profits?

Small businesses like mine are pretty much in business to pay taxes and insurance.

[OldDog]

Originally Posted by Clip-Clop

Small businesses like mine are pretty much in business to pay taxes and insurance.

The company that I work for had two good years in a row. Taxes paid were around 21% the first year and 24% the second. That's only federal.

[richard]

Originally Posted by freddymo

Don't all business's pay substantial tax on profits?

The 2.75% surcharge on purses in NY has nothing to do with profits.

[GenuineRisk]

Originally Posted by freddymo

Don't all business's pay substantial tax on profits?

No. While officially the US has one of the highest corporate tax rates in the world (35%) in practice there are so many loopholes and politicians willing to be bought off that many of our large corporations pay very little tax. GE, for example, paid 3.6% in taxes:

http://www.minyanville.com/dailyfeed...ing-corporate/

Companies like Wal Mart pay more in federal tax than GE, as they have a much smaller overseas presence, but they have some effective strategies for reducing what they owe in state tax. Corporate taxes levied by the states average about 7 percent, and Wal Mart pays, on average, about half of that.

http://www.uic.edu/classes/actg/actg...ate%20Taxes%20[Q].htm

I'm not trying to open up an argument on the US corporate tax rate; I just get really irritated when the mainstream media yammers about the highest corporate tax rate in the world without also yammering about what is the effective rate corporations actually pay. As always, theory is very different from practice.

[Cannon Shell]

Originally Posted by GenuineRisk

No. While officially the US has one of the highest corporate tax rates in the world (35%) in practice there are so many loopholes and politicians willing to be bought off that many of our large corporations pay very little tax. GE, for example, paid 3.6% in taxes:

http://www.minyanville.com/dailyfeed...ing-corporate/

Companies like Wal Mart pay more in federal tax than GE, as they have a much smaller overseas presence, but they have some effective strategies for reducing what they owe in state tax. Corporate taxes levied by the states average about 7 percent, and Wal Mart pays, on average, about half of that.

http://www.uic.edu/classes/actg/actg...ate%20Taxes%20[Q].htm

I'm not trying to open up an argument on the US corporate tax rate; I just get really irritated when the mainstream media yammers about the highest corporate tax rate in the world without also yammering about what is the effective rate corporations actually pay. As always, theory is very different from practice.

Corporations didn't write the tax codes

[Cannon Shell]

http://m.daytondailynews.com/dayton/...ex=0&pn=0&ps=8

LOL. Dayton Downs

[Cannon Shell]

Originally Posted by freddymo

Don't all business's pay substantial tax on profits?

Since when is takeout considered profit?

[joeydb]

Originally Posted by richard

It seems to me that government siphoning off huge dollars from our sport to lavish funds on the "education" establishment is the biggest problem . Governmental interference in the free flow of business is the biggest culprit.

As it always is. The money goes to the hungry bureaucracy, which in the end cannot guarantee anything in terms of results.

i.e. "If we get $100 million more, I GUARANTEE little Johnny will know his times tables!" He'll still be driven to school in a school bus that hasn't changed in design in 80 years, too. He might not even get a new textbook, but the union will be happy...until next year anyway.