Photo: davitydave on flickr
If your head didn’t explode from Reason’s awesome tax video, then take a look at the new list.
But they’re just two of many ridiculous facts that emerge in the bureaucratic mess of taxing the world’s biggest economy.
Most people are having a bad day. Thanks to inefficiency, everyone in America faces a rotten future.
Troop number as of Feb. 28, 2010.
Dividend stock investors get taxed twice... first the company pays taxes on earnings, then you pay taxes on dividends.
700 wealthy Americans are donating their tax breaks this year back to the U.S. government... such as Bill Gates
CORPORATE TAX EVASION: GE made $10.3 billion in pre-tax income in 2008, but didn't have to pay a single cent in taxes
Here's how: GE has two divisions, one being the part that is a manufacturing and media company, the other its financial arm. GE Capital is U.S. based and had significant losses, which allowed it not to pay taxes, while the company's offshore divisions made gains it did not have to pay taxes on.
Source: Motley Fool
BUSTED: In 1997, Wesley Snipes reported his adjusted income as $0, when according to the government his income was over $7 million.
CORPORATE TAX EVASION: Bank of America paid no taxes in 2009, even though it made $4.4 billion income.
CORPORATE TAX EVASION: Molson Coors paid no taxes in 2009, and was actually paid $14.7 million by the government.
BUSTED: In 2009, Treasury Secretary Timothy Geithner stumbled through his confirmation after it was revealed he failed to pay taxes of $42,000 on IMF income.
Here's why the rich are carrying more of the tax burden: because they are gaining wealth faster than the tax rate is declining!
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