[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 (163) times.


Log In to post comments.

Previous blog entries by PoliticsNation
 
Democrats Surging As Latest Poll Shows Them Up 6%
April 16, 2014
In a poll released by McClatchy/Marist on Tuesday, 48% of registered voters stated that they’d vote for the Democratic candidate for Congress this November. This contrasts with 42% of registered voters who said they’d go for the Republican candidate. 4% claimed they’d vote for an independent or third party candidate ...
Read More »
 
7 Lies We Need to Stop Telling About Black Males
April 10, 2014
Last week Long Island teenager Kwasi Enin captured national headlines after becoming part of an impressive club: high school seniors who have been accepted into all eight Ivy League schools. However, while many celebrated Enin's achievement, a bitter minority griped that the teenager had somehow gamed the system. The racial ...
Read More »
 
Nursing Home Hires Strippers for Residents
April 09, 2014
I'm speechless. What are your thoughts? An 85-year-old woman received a lap dance from a male stripper against her will, states a lawsuit filed against a Long Island nursing home. Franklin Youngblood filed a lawsuit against East Neck Nursing and Rehabilitation Center in West Babylon after finding a photo in ...
Read More »
 
Don't take my Viagra or Cialis !
April 03, 2014
The fact of the matter is that health insurance covers all manner of “things in the sexual realm that is counter to how things are supposed to be,” when it comes to men, and no one has any real complaints about insurance coverage that allows men to continue having sex ...
Read More »
 
Its Hard Out Here For a Pimp!
April 02, 2014
The Republican party has seduced the healthcare movement, made her their mistress, and then a prostitute. She gives them her 'favors' in exchange for empty promises. "They pimped the health care movement, raising millions of dollars with promises to 'repeal and replace' and protect their investors "Koch Brothers..etc;". The party ...
Read More »
 
[View More Blogs...]





 
Powered by
Morris Technology