[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 (434) times.


Log In to post comments.

Previous blog entries by PoliticsNation
 
Breaking---NO Charges For Clinton
November 06, 2016
JUST IN: FBI Director James Comey tells Congress that the agency is still of the opinion that Hillary Clinton should not face criminal charges http://cnn.it/2f7APdV
Read More »
 
The Myth of Voter Fraud
October 26, 2016
Here's how you call out a Republican with Double Standards. You use his own words against him/her and let them see how uninformed and foolish they sound... Four studies out this year show that if voting is rigged it’s in favor of Republicans. The Bush Administration and recent studies conducted ...
Read More »
 
U.S. police chiefs group apologizes to Minorities
October 26, 2016
U.S. police chiefs group apologizes for ‘historical mistreatment’ of minorities. The president of America’s largest police management organization on Monday issued a formal apology to the nation’s minority population “for the actions of the past and the role that our profession has played in society’s historical mistreatment of communities of ...
Read More »
 
Republican NFL Patriots- Why Aren't U Raising Hell
October 25, 2016
If you posted a blog on this site or joined in the conversation to share your dismay with Colin Kapernick taking a knee for injustice during the national anthem but you're not showing that same outrage towards Josh Brown's behavior (beating and bullying his wife); you my Republican friend are ...
Read More »
 
Another Top Republican Dumps The GOP&Joins Clinton
October 25, 2016
(CNN)Former Republican Secretary of State Colin Powell said Tuesday he'll vote for Democratic nominee Hillary Clinton, a high-profile snub of his party's standard-bearer, Donald Trump. Powell, who also served in the Reagan and George H.W. Bush administrations, backed President Barack Obama in both the 2008 and 2012 campaigns. He announced ...
Read More »
 
[View More Blogs...]





 
Powered by
Morris Technology