Trump Had A Point About His Own Taxes In The Debate
The only two roles I could see for Trump in public accounting are client from hell or managing partner. Public accounting firms at the regional and large local level tend to be run by somewhat sociopathic dictators of greater or lesser benevolence. Hillary Clinton on the other hand could be the leader of a peer review team or one of the people in a national firm that has a job not involving direct client service coming up with nonproductive things for working people to do. Clinton is definitely the Big Four type. Trump not so much.
How Much Do Public Companies Pay In Income Taxes?
In computing its reported earnings under Generally Accepted Accounting Principles BH provided for a deduction from reported earning (pretax $34.9 billion) of $10.5 billion in income taxes – 30%. This is explained in some detail in Note 15 (Income Taxes), where you will find that the largest element in the difference in the provision from the hypothetical 35% is the special treatment of dividends received by corporations.
In Note 13 (Supplemental cash flow information) you will find that the amount actually paid for income taxes was $4.5 billion- 12.9%. The relationship between the provision and the amount paid is similar in the previous two years.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.