Companies such as General Electric and Government Motors (both Obama cronies) pay no taxes because of huge tax loss carryovers.<quoted text>"On paper, the U.S. has one of the highest corporate tax rates in the world. But in practice, corporations pay far less. The Government Accountability Office (PDF) estimated the average tax burden at 25.2 percent, and some of the largest corporations, such as General Electric and Wells Fargo, pay no taxes at all. This is possible because the tax code is riddled with exceptions and loopholes, created at the behest of lobbyists and exploited by teams of tax experts, many of whom used to work for the IRS and the Treasury. With the help of Citizens for Tax Justice, The Daily Beast rounded up some of the most egregious corporate tax loopholes.
Deferral of Overseas Income
Multinational companies dont have to pay U.S. income taxes on overseas profits until they transfer them back home. But in reality, companies just leave their profits in overseas tax havens, deferring taxes indefinitely. Not only that, an accounting scheme known as transfer pricing allows companies to move profits from the U.S. to offshore havens so theyre counted as overseas earnings. For example a pharmaceutical company could sell a drug patent to a subsidiary in the Cayman Islands for a nominal fee, then have the subsidiary charge the parent company huge licensing fees. The company can then deduct the licensing fees from its taxable income in the U.S. and send the profits to its foreign subsidiary, where taxes can be indefinitely deferred. Some 83 percent of top 100 publicly traded companies had tax-haven units in 2009, according to the GAO. General Electric, Google, Pfizer, and many other companies use this technique. The federal government loses an estimated (PDF)$100 billion a year through offshore tax abuses.
Deductions for Shipping Jobs Overseas
At first glance it doesnt seem particularly egregious that corporations can deduct moving expenses, but that changes when the break is applied to companies moving operations overseas. President Obama proposed ending this exemption for companies moving overseas while giving a credit to companies moving back to the U.S."
There's more but I know you never honestly read a link or anything else you don't like...BTW, maybe you'd better not wait until you have an "ailment" to avoid the appearance of health care, or not.
Many would agree with closing these loopholes in exchange for lower rates, leveling the playing field.
Accepting your figures,$100 billion is chickenfeed compared to the Obama deficits and giveaways like Rainstorm Sandy.