Friday, June 21, 2013

Office Max Inc. seeking more Corporate Tax Dodging Laws

Corporations love the fact that Conservatives and Liberals battle over abortion because it allows them to control the Government.

While people focus elsewhere Corporate Boards and CEOs lobby, cajole, pressure and bully local, State and the Federal Government to write into law any number of loop-holes and tax deferments to aid the Corporations in avoiding paying their fair share of taxes.

Corporations don't "succeed" these days by rewarding their workers or by efficiency or superior products but by legerdermain and lobbying.

Office Max Inc. mergered with Office Depot now the new company, with an estimated yearly revenue of $18 Billion is looking towards playing Illinois and Florida against one another to see which State will offer them the best tax avoidance loopholes.

Illinois State Senator Thomas Cullerton has offered up Illinois House Bill 3271 which would allow Office Max to claim at least $30 Million in tax credits over 10 years against withheld employee income taxes.

Thus, Workers Pay Taxes Corporations Don't.

There's been a lot of bullshit rhetoric by economists that U.S. Corporate Tax Rates are too high.
"The lower the tax rate, the less incentive there is for companies to engage in sophisticated gamesmanship to get around the rate," argues Victor Fleischer, a professor at the University of Colorado Law School.
The economists making the argument are Corporatists through and through. Claiming that is that since the Corporations are going to cheat, buy politicians and illegally influence laws well we should give into them and allow them their way.

These Corporatists claim the lower Corporate rate and tax free repatriation holiday may entice Company's to bring the money back to the U.S. Of course, this is just the Race-to-the-Bottom that Corporations love. Because creating lower rates will just create a new round of tax avoidance, of loop hole creation and the adoption of a lower tax rate cycle.

Ultimately what Corporations want is to have a Zero Tax Rate on Corporate Earnings while their Wage Slaves cover the costs of which benefit them.

Thomas Cullerton claims Illinois' strengths as a transportation hub with a well-educated workforce will entice Office Max/Office Depot into moving it's Corporate HQ to Illinois. But, how is that transportation network and educated workforce being maintained?

In Illinois, 15 bridges are in "critical" need of repair across the six collar county Chicago metropolitan area, and nearly 300 more are considered structurally deficient, according to the Illinois Department of Transportation (IDOT). This Daily Herald Story has Zero Comments despite the story's claim that, 317 of the 3,759 bridges in the six counties that IDOT lists as "structurally deficient," where one of the three main components of the bridge — the driving surface, horizontal supports and vertical supports — is rated as being in poor or worse condition by inspectors.

Additionally, as we've seen with the Chicago Public School System. The reason the Schools are underfunded is because of Corporate Tax Dodging which Office Max wishes for themselves has received in the past and which other Corporations in Illinois; such as Sears Holdings Corp., Navistar International Corp., Ford Motor Company and Motorola Mobility, have profited off of in the past.

Information like this are glossed over because the blinkered anti-taxers have a truncated view of taxes. You didn't build that was more accurate than most people want to give President Obama credit. 

But, hey actually delving into the matter of responsibility for the crumbling infrastructure and broken education system requires more thought than mindlessly blaming the Evil Government or Greedy Union Thugs.

And thus Corporations continue to sidestep their fair share.

1 comment:

the yellow fringe said...

I just hope OM doesn't want to move to my state since we threw out tax on corporations a few days ago. I don't think we can afford any more millionaires.