America’s presumably anti-tax party wants to raise your taxes. Come January, the Republicans plan to raise the taxes of anyone who earns $50,000 a year by $1,000, and anyone who makes $100,000 by $2,000.
Wednesday, August 24, 2011
Harold Myerson at the Washington Post:
David Cay Johnston has an interesting column at Reuters about the distribution of GE's tax payments over the last decade that raises some questions about the impact of corporate tax rates on the company's activities. The US has offered GE lower effective tax rates than it's foreign operations, but GE has been reporting more of its profits overseas, where it's been paying higher taxes. (The fact that GE pays much lower taxes than the supposed US corporate tax rate is also instructive.) This trend of their reported profits shifting overseas where the corporate rates are effectively higher for GE counters the "conventional wisdom" about how taxes drive the investment decisions of a major global business: