Re:Cities don't have to offer huge subsidies to companies li...
by civilitty on Tuesday July 03, 2018 @04:31PM
(#17453404)
You're being no less misleading than he is.
> 258 profitable Fortune 500 companies paid an average effective federal income tax rate of 21.2%
So of the Fortune 500, 242 companies are unprofitable. Seriously? That ignores all the companies using legislation they helped craft to give themselves tax credits and the accounting tricks they use to bring their profits to "zero." Hell, the list itself is pathologically biased towards those businesses.
Seems the rest of the country has figured out Hollywood accounting.
Re:Cities don't have to offer huge subsidies to companies li...
by twblalock on Tuesday July 03, 2018 @04:48PM
(#17453505)
It sounds like your problem is with the article, not with me. I did not misrepresent what the article said.
Re:Cities don't have to offer huge subsidies to companies li...
by ErikVandeWater on Wednesday July 04, 2018 @10:56AM
(#17457587)
As a general rule, and this applies to me too, if the article is misleading and you quote the article, that misleading aspect of it should be noted in your comment. At least on Hacker News.
The way you quoted that Investopedia article is a bit misleading -- it says it identified 18 companies in the Fortune 500 that paid zero tax, and that 258 companies paid an average of 21.2%.
18 out of 500 companies paying zero tax is a pretty low bar for saying that paying zero tax is routine.
Here's the quote from the article:
> The Institute on Taxation and Economic Policy (ITEP), in a recent study, found that over the eight-year period from 2008 to 2015, 258 profitable Fortune 500 companies paid an average effective federal income tax rate of 21.2%. Over that same period, exactly 18 companies, including General Electric, International Paper, Priceline.com and PG&E Corp., avoided paying a single penny of federal income tax.