[Report Abuse]
[Login to Blog] PoliticsNation's Blog
It's time for real talk!! I'm calling you out.

Take Me To Post Comment Form

30 Major Corporations Paid No Income Taxes In The Last Three-Five Years, While Making $160 Billion...

Citizens need to understand that social welfare, Affordable Health care and food-stamps is something to keep you occupied and off track while they suck in millions. The GOP spends billions of dollars to keep you in the dark.. It's time for America to wake up.

CTJ looked at 280 companies, all of them members of the Fortune 500, and found that “while the federal corporate tax code ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in the study paid only about half that amount.” And those who paid even half the statutory corporate tax rate paid far more than many of their competitors.

In fact, in the last three years, 78 corporations had at least one year where they paid no federal income tax at all, while 30 corporations paid not a dime over the entire three years. Those 30 corporations paid nothing, even though they made $160 billion in profits over that period:

Seventy-eight of the 280 companies paid zero or less in federal income taxes in at least one year from 2008 to 2010…In the years they paid no income tax, these companies earned $156 billion in pretax U.S. profits. But instead of paying $55 billion in income taxes as the 35 percent corporate tax rate seems to require, these companies generated so many excess tax breaks that they reported negative taxes (often receiving outright tax rebate checks from the U.S. Treasury), totaling $21.8 billion. These companies’ “negative tax rates” mean that they made more after taxes than before taxes in those no-tax years.

Thirty corporations paid less than nothing in aggregate federal income taxes over the entire 2008-10 period. These companies, whose pretax U.S. profits totaled $160 billion over the three years, included: Pepco Holdings (–57.6% tax rate), General Electric (–45.3%), DuPont (–3.4%), Verizon (–2.9%), Boeing (–1.8%), Wells Fargo (–1.4%) and Honeywell (–0.7%).

As CTJ’s report put it, “just as workers pay their fair share of taxes on their earnings, so should successful businesses pay their fair share on their success. But today corporate tax loopholes are so out of control that most Americans can rightfully complain, ‘I pay more federal income taxes than General Electric, Boeing, DuPont, Wells Fargo, Verizon, etc., etc., all put together.’ That’s an unacceptable situation.” And its one that lawmakers could fix, if they were willing to stand up to the nation’s biggest corporations.

Latest Activity: Sep 24, 2013 at 12:37 PM

Bookmark and Share
Forward This Blog
Print Blog
More Blogs by PoliticsNation
Send PoliticsNation a Message
Report Abuse

Blog has been viewed (535) times.

Log In to post comments.

Previous blog entries by PoliticsNation
My Conspiracy Theory-John Kelly Is Taking A Leak!
March 21, 2018
I believe the leaks in the White House are coming from John Kelly. John Kelly is a plant. He was sent to the WH to keep Trump from getting us all killed. People keep saying that John Kelly isn't the man they once knew, he's changed and they can't believe ...
Read More »
Shep Smith-Calls Out Fox News -Entertainment News!
March 18, 2018
Shep Smith, a Fox News anchor, on his thoughts of Fox News: "I wonder, if I stopped delivering the facts, what would go in its place." Over the past few years, Smith has come to define the divide that has grown at the network in the wake of Donald Trump’s ...
Read More »
Trump Admits He Lies (this week) & It Is On Tape!
March 15, 2018
People wake up. I have a video that was released today and recorded earlier this week. He admits he lies to Americans & other countries because he can. This is not fake news-it's on tape. Must watch the video. Trump reportedly says he made up facts in meeting with Justin ...
Read More »
Trump Lost Trump Country!
March 15, 2018
If you haven't heard; Trump lost a state/district he won by 20 points in 2016 this week. The Blue Wave is real and it's going to wipe the Republicans out in November. Keep in mind. Democrats could not win this seat alone. Republicans had to vote for the Democratic candidate ...
Read More »
Trump Gets Richer Scam- Teachers & Guns Training !
March 12, 2018
Does anybody wanna bet that Erik Prince will now go into the Teacher Arms Training business and win a "no-bid" contract by the Federal Government because of the "urgent need" to get teachers trained? All at the expense of the US Taxpayers. Anybody wanna take that bet? Erik Prince Is ...
Read More »
[View More Blogs...]

Powered by
Morris Technology