Chris M. sends me this link:
Think Progress » ExxonMobil paid no federal income tax in 2009.
“Last week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:”
OK, call me a fascist tool for asking this question, but if the Progressives are outraged that high levels of corporate taxation encourage firms to shelter profits offshore, does that mean that they believe in the Laffer curve? After all, the left has a wonderful time making fun of folks that believe the the optimal (from a revenue generating perspective sense) tax rate is below 100% and above 0% and that it is entirely possibly we are on the southeastern side of the Laffer curve. I tell you what lefty people, I already take measures to shelter my income from taxes, and the more you wish to make me a part of your super-cool, totally awesome cotton-candy and shiny toys progressive world, the more effort I will make to shelter it. Does that make me as evil as Exxon? Gosh, how dare I try to keep that which is mine!