American Horse
AKA "Mustang"
Whirlpool Corporation recorded $18 billion in global sales and $619 million of earnings in 2010 but won't pay anywhere near the U.S. statutory tax rate of 35% on those profits. Its effective tax rate will be 0%. ...
Whirlpool has stockpiled more than $500 million in tax credits for making energy-saving "energy star" appliances—washers, dryers, refrigerators and so on. The firm gets a production tax credit of up to $200 per refrigerator, $75 per dishwasher, and $225 per washer and dryer. ...
Those credits can be carried over from one year to the next for up to 20 years. ...
Jill Saletta, Whirlpool's communications director [says] that "remaining competitive in today's global marketplace is a top concern for Whirlpool Corporation. Taxes, administrative and other costs are higher in the U.S. than in some other countries." ...
[C]ompanies without the right lobbyists or friends in Congress pay a punitive 35% rate that even Europeans have long since abandoned.
Special favors like these also create a business constituency against tax reform that would benefit the overall economy. ...
"This is why so many companies actually oppose lowering tax rates,"
Our liberal friends like to tell us that U.S. businesses pay too little in taxes, despite the world's second highest corporate tax rate. What they don't say is that one reason is because liberals keep writing loopholes.
Review & Outlook: Tax Reform Exhibit A - WSJ.com
Whirlpool has stockpiled more than $500 million in tax credits for making energy-saving "energy star" appliances—washers, dryers, refrigerators and so on. The firm gets a production tax credit of up to $200 per refrigerator, $75 per dishwasher, and $225 per washer and dryer. ...
Those credits can be carried over from one year to the next for up to 20 years. ...
Jill Saletta, Whirlpool's communications director [says] that "remaining competitive in today's global marketplace is a top concern for Whirlpool Corporation. Taxes, administrative and other costs are higher in the U.S. than in some other countries." ...
[C]ompanies without the right lobbyists or friends in Congress pay a punitive 35% rate that even Europeans have long since abandoned.
Special favors like these also create a business constituency against tax reform that would benefit the overall economy. ...
"This is why so many companies actually oppose lowering tax rates,"
Our liberal friends like to tell us that U.S. businesses pay too little in taxes, despite the world's second highest corporate tax rate. What they don't say is that one reason is because liberals keep writing loopholes.
Review & Outlook: Tax Reform Exhibit A - WSJ.com
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