[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 (197) times.


Log In to post comments.

Previous blog entries by PoliticsNation
 
GOP Just laid a heavy one on the American People
July 30, 2014
BREAKING: Senate Republicans filibustered the Bring Jobs Home Act today July 30 ,2014. The bill received 54 votes, short of the 60 needed. Senate Republicans Vote Against American Jobs By Blocking Bill To End Outsourcing Tax Breaks Senate Republicans blocked a bill today that would potentially bring millions of jobs ...
Read More »
 
You smell like Government Cheese
July 30, 2014
More than seventy-five percent of U.S. conservatives believe that “poor people have it easy because they can get government benefits without doing anything,” according to a recent Pew Research Center poll. Today, I'm going to educate you-how the Rich get Richer and the Poor get Poorer. Yes, most of the ...
Read More »
 
The Black Boogeyman in the White House
July 28, 2014
When I was a child my siblings would use a fear tactic called the (Boogeyman)to scare me. They would tell me stories about the Boogeyman at least once a day. After they scared me half to death, I would do what ever they wanted because I was afraid of the ...
Read More »
 
GOP-Rich Kids Are Worth More Than Poor Kids
July 25, 2014
Update, Friday July 25: On Friday, the House passed Rep. Lynn Jenkins' (R-Ks.) child tax credit legislation, which would expand the credit for upper-middle class American families. The bill received the support of 212 Republican and 25 Democrats. On Friday, the House will vote on a Republican bill that ignores ...
Read More »
 
Making it harder to vote in Long County?
July 25, 2014
Long County Commissioners recently laid out a plan to possibly change the locations of several voting precincts. The election supervisor said that consolidating Districts 3 and 7 is being looked into as is having one precinct at city hall (Coastal Courier). District 3 commissioner Willie Thompson said he opposes this ...
Read More »
 
[View More Blogs...]





 
Powered by
Morris Technology