{"id":8336,"date":"2024-04-15T20:00:35","date_gmt":"2024-04-15T17:00:35","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=8336"},"modified":"2024-04-15T20:00:35","modified_gmt":"2024-04-15T17:00:35","slug":"opinion-why-do-you-pay-higher-taxes-than-citibank-new-jersey-globe","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=8336","title":{"rendered":"Opinion: Why do you pay higher taxes than Citibank? &#8211; New Jersey Globe"},"content":{"rendered":"<p><span><strong><span>OPINION<\/span><\/strong><\/span><br \/>\nBy April 15, millions of Americans will have dutifully filed their tax returns, upholding what is widely regarded as a civic responsibility. More than 9 in 10 American taxpayers agree on this obligation to pay their fair share of taxes \u2013 a rare consensus in our polarized society.<br \/>\nBut one group lacks this sense of duty and fairness when it comes to paying taxes: giant corporations. While everyday Americans strive to meet their tax obligations, corporate behemoths like Nike and FedEx continually find ways to contribute less in taxes to the public services we all rely on despite earning record profits for their executives and shareholders.<br \/>\nLuckily, New Jersey is taking a step in the right direction with Governor Murphy\u2019s proposal to reverse a corporate tax cut for companies doing business in the state that make over $10 million in annual profits. The Corporate Transit Fee would use the money to bolster New Jersey\u2019s financially-strapped public transit system, which serves as a vital lifeline for those very corporations by moving people to and from work, school, doctor\u2019s offices, and grocery stores.<br \/>\nBased on the laments of the big business lobby, you might think corporations pay high taxes relative to you and me. But you would be wrong. Despite record-breaking profits, many of the world\u2019s most lucrative businesses pay a lower tax rate than the average household.<br \/>\nIn New Jersey, the average tax rate for individuals paying federal taxes is over 16 percent. Meanwhile, over the past five years, companies like AT&amp;T (2.6%), Bank of America (3.8%), and Citigroup (4.3%) have managed to pay federal corporate tax rates far below that. Keep in mind, these are taxes paid only on\u00a0<i>profits<\/i>\u00a0for corporations, while taxes paid by individuals are based on income before other expenses. Such corporations as Amazon and ExxonMobil have avoided paying taxes entirely in some years by reporting losses thanks to artificially-lowered profits.<br \/>\nThese low corporate tax rates stem from a complex network of tax avoidance strategies orchestrated by armies of lawyers and accountants. These strategies enable corporations to shirk their fair share of taxes while hoarding wealth for shareholders and executives. The disparity is so pronounced that many corporations end up with a negative tax rate \u2013 actually getting refunds from the government despite hefty profits.<br \/>\nOver the past decades, large multinational corporations have aggressively pursued all avenues to avoid or reduce their tax responsibilities, including further tax cuts during the Trump administration. Yet the trickle-down story sold to justify these cuts has not come to pass. Instead, nearly all the benefits went to already-wealthy executives and stockholders, not the working people whose labor generates the profits. And at the same time that corporate profits have been skyrocketing, New Jersey Transit and other critical public infrastructure programs have faced decades of disinvestment and stagnant funding.<br \/>\nNew Jerseyans recognize this basic injustice, overwhelmingly opposing the recent expiration of a Corporate Business Tax surcharge \u2013 by a nearly 2-to-1 margin \u2013 on profitable corporations to help pay for NJ Transit. That opinion about low corporate tax rates aligns with national attitudes: A Pew Research poll in 2023 found 8 in 10 Americans agreed it frustrates them that some corporations and wealthy people don\u2019t pay their fair share.<br \/>\nHolding corporations accountable to pay their fair share doesn\u2019t end with the Corporate Transit Fee, which still results in a tax cut for thousands of corporations. Even bringing back the full corporate surtax won\u2019t counteract corporations that hide their profits overseas. States must challenge decades-long corporate tax avoidance and claw back more of those record profits to invest in core infrastructure that helps people and communities thrive, like education, health care, and public transit.<br \/>\nUnlike people, corporations do not have patriotic pride or feel civic duty. They have one goal \u2013 maximizing profits for their owners, even at the expense of the public good through tax avoidance. But states don\u2019t need to let them keep getting away with it. This Tax Day, New Jersey\u2019s legislators need to stand up to Big Business, reinstate the full surtax on profitable mega corporations, and close tax loopholes that let them dodge their responsibilities. It\u2019s time for profitable corporations to pay their fair share in taxes \u2013 just like the rest of us.<br \/>\n<i>Peter Chen is a senior policy analyst at\u00a0New Jersey Policy Perspective, where his work centers on child and family policy issues.<\/i><br \/>\nSpread the news:<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Millions of Americans file their tax returns by April 15 as a civic responsibility<br \/>\n&#8211; Giant corporations like Nike and FedEx find ways to pay less in taxes despite earning record profits<br \/>\n&#8211; New Jersey is proposing to reverse a corporate tax cut for companies making over  million in annual profits<br \/>\n&#8211; Many large corporations pay lower tax rates than the average household, with some even avoiding taxes entirely<br \/>\n&#8211; Corporations use tax avoidance strategies to hoard wealth for shareholders and executives<br \/>\n&#8211; New Jerseyans oppose the expiration of a Corporate Business Tax surcharge on profitable corporations to help pay for NJ Transit<br \/>\n&#8211; States need to challenge corporate tax avoidance and invest in core infrastructure<br \/>\n&#8211; Corporations prioritize maximizing profits over the public good through tax avoidance<br \/>\n&#8211; New Jersey legislators are urged to reinstate the full surtax on profitable mega corporations and close tax loopholes to ensure corporations pay their fair share in taxes.<\/p>\n","protected":false},"author":6,"featured_media":8337,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[246,5800,1902,186,2536,33,4736,4498,4596,4061,5099,594,405,3644,1873,2459,5801,304,415,5098,210,2294,6403,2796,4484,4770,591,4920,2788,2628,4618,3331,3416,4344,634,4833,1215,4671,6058,6074,5515,720,433,1806,1065,1206,3358,6544,5906,6006,4556,5680,5799,1183,841,380,4928,18],"class_list":["post-8336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-amazon","tag-americans","tag-bank","tag-business","tag-communities","tag-companies","tag-corporate-profits","tag-corporate-tax","tag-corporate-tax-avoidance","tag-corporate-tax-rates","tag-corporations","tag-doctor","tag-education","tag-expenses","tag-fairness","tag-family","tag-federal-taxes","tag-funding","tag-government","tag-governor","tag-health","tag-income","tag-infrastructure","tag-issues","tag-labor","tag-large-corporations","tag-lawyers","tag-loopholes","tag-mind","tag-money","tag-multinational-corporations","tag-news","tag-nike","tag-nj-transit","tag-opinion","tag-policy","tag-poll","tag-proposal","tag-public-transit-system","tag-research","tag-responsibility","tag-rest","tag-school","tag-services","tag-tax","tag-tax-avoidance","tag-tax-cuts","tag-tax-day","tag-tax-loopholes","tag-tax-obligations","tag-tax-rate","tag-tax-rates","tag-tax-returns","tag-taxes","tag-trump","tag-us","tag-wealthy","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Opinion: Why do you pay higher taxes than Citibank? 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