3 Biggest Lies Corporate Lobbyists Will Use to Push Lower Corporate Taxes

[zeos3]

http://www.alternet.org/3-biggest-lies-corporate-lobbyists-will-use-push-lower-corporate-taxes

Lie #1: U.S. corporate tax rates are higher than the tax rates of other big economies. Wrong. After deductions and tax credits, the average corporate tax rate in the U.S. is lower. According to the Congressional Research Service, the United States has an effective corporate tax rate of 27.1%, compared to an average of 27.7% in the other large economies of the world.

Lie #2: U.S. corporations need lower taxes in order to make investments in new jobs. Wrong again. Corporations are sitting on almost $2 trillion of cash they don’t know what to do with. The 1000 largest U.S. corporations alone are hoarding almost $ 1 trillion.

Rather than investing in expansion, they’re buying back their own stocks or raising dividends. They have no economic incentive to expand unless or until consumers want to buy more, but consumer spending is pinched because the middle class keeps shrinking and the median wage, adjusted for inflation, keeps dropping.

Lie #3: U.S. corporations need a tax break in order to be globally competitive. Baloney. The “competitiveness” of American corporations is becoming a meaningless term because most big U.S. corporations are no longer American companies at all. The biggest have been creating way more jobs abroad than in the U.S.

[Koios]

1. Absolutely

Plus #4: Businesses create wealth. Wrong. Businesses exploit and consolidate wealth. Try going to a VC with a plan to create a business for which no market exists (customers with dough to spend), which will create its own wealth. They'll laugh you out of their offices, then attend a business luncheon where the speaker says, "Businesses create wealth ..." and applaud the speaker.

[zeos3]

2. Yes.

I'll speak with local small business owners and hear them spout these lines straight out of Fox News. They don't seem to realize they run their businesses much differently than the propaganda from Fox. For example, they'll hire employees when they need them instead of "waiting" to hire because of "uncertainty".