As you drop your tax returns in the mail, you might be surprised to learn that Goldman Sachs may pay a lower tax rate than you this year. In fact, across Massachusetts and throughout the country, some of the richest corporations will be paying some of the lowest tax rates. From the Boston Herald:
The organizations also released a study estimating individual taxpayers forked over an extra $100 billion in 2010 due to corporate “offshoring,” in which companies book profits at foreign subsidiaries to minimize U.S. tax bills.
U.S. PIRG and MoveOn calculated that offshoring added $608 to the average Bay State tax filer’s bill this year.
The study found that Goldman, which didn’t return calls seeking comment, made $2 billion in 2010, but used 29 foreign subsidiaries to help cut its U.S. corporate taxes to just $14 million.
Other companies paid even less.
Does this make any sense to you?
Two words: Barney Frank. He and Chris Dodd, more than anyone else, are responsible for the housing bubble thanks to reckless enablement of Fannie Mae and Freddie Mack. It’s shameful to see community organizers taking advantage of uneducated people’s ignorance by trying to misdirect blame.
It isn’t “the rich” per se but union bosses and crony capitalists who are tight with the people in power — that would be mostly Democrats here in Massachusetts — who take the money out of the pockets of We the People to line their own pockets. Since you are pro-union, I’m wondering what is your plan to address this state of affairs?