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Recommend "Paul Bucheit" - I Just Finished My Taxes. I Pay 18%. Some of the Biggest Companies Pay 0%. Something's Wrong. (Email)

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http://www.opednews.com/populum/linkrss.php?f=I-Just-Finished-My-Taxes--in-BuzzFlash-110329-67.html

Submitted by BuzzFlash on Mon, 03/28/2011 - 5:59pm.

PAUL BUCHEIT FOR BUZZFLASH AT TRUTHOUT

My first pass through the stressful 1040 process made it clear that I will owe a lot of money again this year, and that I can't avoid it without cheating, which I am opposed to for reasons of ethics and timidity.

So to get my mind off the unpleasantness, I turned on the news. A report states that Caterpillar threatens to leave Illinois because of a 2% increase in the state tax rate, which according to a spokesman would burden the company with an additional $40 million tax bill. It just so happens that members of US Uncut Chicago have been doing research on corporate taxes for PayUpNow.org. "To the files!," I exclaimed to myself, happy to take my mind off my own problems.

I went to the SEC website and looked up Caterpillar's 10-K, which would show their income and tax records in recent years. The company made pre-tax income of $3.75 billion in 2010. The Illinois state tax rate of 4.8% would mean a state tax of $180 million.


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