Categories Uncategorized NYT: The Muddled Road to Overhauling Corporate Taxes Post author By Philip Lane Post date August 7, 2014 4 Comments on NYT: The Muddled Road to Overhauling Corporate Taxes The political economy of reforming the US corporate tax code is reported here. Related ← New research from Central Bank and ESRI → Justin O’Brien Interviews Patrick Honohan 4 replies on “NYT: The Muddled Road to Overhauling Corporate Taxes” Corporate dosh and huge corporate influence within Congress will ensure that this is a very slow process along the quiet lines of ‘The KochBros say NO’. The NYT has lost substantial cred on its reporting on Ukraine and Gaza recently … the alliance between a neocon state department and big corporates on the former and the alliance between neocon state department, other big corporates and Israel on the latter: investigative reporting it ain’t. from Patricia Cohen’s piece: According to a study of scores of Fortune 500 companies released this year by Mr. McIntyre’s group and the Institute on Taxation and Economic Policy, the average tax rate from 2008 to 2012 on utility, gas and electric companies was 2.8 percent. The rate for the industrial machinery sector was 4.3 percent, while the telecommunications industry averaged 9.8 percent. For the aerospace and military industry, it was 19.7 percent. Dozens of corporations including Verizon, Boeing and Corning paid the government absolutely nothing. ‘ No comment. A little (un)intended consequence of a neocon Butterfly effect. http://www.irishexaminer.com/breakingnews/ireland/russian-food-ban-wont-affect-most-trade-coveney-claims-638548.html It’s a bit rich to expect corporations to pay more taxation… when numerous nations are adjusting their taxation laws to gain an advantage over other nations. Until every country on the planet has exactly the same tax laws… corporations will continue to seek out various nooks and crannies to reduce their tax liability. It will be interesting to see if the OECD harmonization plan for tax codes will succeed or get bogged down by Govt minsters squabbling over the meaning of different words. Definitely interesting times ahead but Ireland should not be complacent, we should be developing strategies to move employment beyond what is created by foreign multinationals. Big opportunities lie in nano and robotic spheres, particularly the fusion of electronics into biology, i.e. cyborg technology. Comments are closed.