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Tue Feb 19, 2013, 11:27 AM

26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions

Welfare moochers of the highest order ...


http://thinkprogress.org/economy/2012/04/09/460519/major-corporations-no-taxes-four-year/

26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions In Profits


Last year, Citizens for Tax Justice found that 30 major corporations had made billions of dollars in profits while paying no federal income tax between 2008 and 2010. Today, CTJ updated that report to reflect the 2011 tax bill of those 30 companies, and 26 of them have still managed to pay absolutely nothing over that four year period:

26 of the 30 companies continued to enjoy negative federal income tax rates. That means they still made more money after tax than before tax over the four years!
Of the remaining four companies, three paid four year effective tax rates of less than 4 percent
(specifically, 0.2%, 2.0% and 3.8%). One company paid a 2008-11 tax rate of 10.9 percent.
In total, 2008-11 federal income taxes for the 30 companies remained negative, despite $205 billion in pretax U.S. profits. Overall, they enjoyed an average effective federal income tax rate of 3.1 percent over the four years.

Amongst the 30 are corporate titans such as General Electric, Boeing, Verizon, and Mattel. The only four companies that slipped into positive tax territory were DTE Energy, Honeywell, Wells Fargo, and DuPont, with DuPont the only one that paid more than 4 percent over the four years.

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Arrow 14 replies Author Time Post
Reply 26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions (Original post)
Scuba Feb 2013 OP
RC Feb 2013 #1
Vinnie From Indy Feb 2013 #2
Frustratedlady Feb 2013 #3
xchrom Feb 2013 #4
midnight Feb 2013 #5
Bake Feb 2013 #6
indepat Feb 2013 #7
Scuba Feb 2013 #8
kelliekat44 Feb 2013 #9
kelliekat44 Feb 2013 #10
WinkyDink Feb 2013 #11
Mnemosyne Feb 2013 #12
HiPointDem Feb 2013 #13
jambo101 Feb 2013 #14

Response to Scuba (Original post)

Tue Feb 19, 2013, 11:38 AM

1. How many of those 30 major corporations profit from our wars?

 

Maybe we should start taxing companies that profit from supplying material and services to further our wars, ya think?

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Response to Scuba (Original post)

Tue Feb 19, 2013, 11:46 AM

2. You can bet that the executives at these companies arrange

to have a good chunk of their income hidden in some offshore accountas well.

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Response to Scuba (Original post)

Tue Feb 19, 2013, 11:46 AM

3. Why aren't they closing loopholes?

General Electric hardly ever pays income tax. They also cut back workers in our local plant and told them to take time off without pay.

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Response to Scuba (Original post)

Tue Feb 19, 2013, 12:46 PM

4. Du rec. Nt

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Response to Scuba (Original post)

Tue Feb 19, 2013, 12:51 PM

5. This is truly the who's who of the entitlement list and those wealthy legislators should stop

blaming those who live on 300 dollars worth of food share a month....

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Response to Scuba (Original post)

Tue Feb 19, 2013, 01:08 PM

6. I'll halve my meat consumption when GE starts paying taxes.

Let's get our priorities straight here first.

Bake

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Response to Scuba (Original post)

Tue Feb 19, 2013, 03:06 PM

7. That 26 of 30 large, profitable corporations paid no Federal income taxes over a four-year

period, but politician on both sides of the aisle nonetheless clamor for deep cuts in social security and Medicare should infuriate every American of good will and prompt the electorate to remove every Congress-critter clamoring for such when next standing for re-election.

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Response to indepat (Reply #7)

Tue Feb 19, 2013, 07:02 PM

8. +1,000

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Response to Scuba (Original post)

Tue Feb 19, 2013, 07:13 PM

9. And therefore the US does not have the highest corporate tax rates in the world.

When, where and how does it stop?

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Response to Scuba (Original post)

Tue Feb 19, 2013, 07:14 PM

10. My question is: If corporations are people, why don't they pay "people tax" like the rest of us? nt

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Response to Scuba (Original post)

Tue Feb 19, 2013, 07:14 PM

11. I thought they were "people". Arrest them!

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Response to Scuba (Original post)

Wed Feb 20, 2013, 01:46 AM

12. And how many jobs did these welfare queens create during this time? nt

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Response to Scuba (Original post)

Wed Feb 20, 2013, 02:28 AM

13. kr

 

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Response to Scuba (Original post)

Wed Feb 20, 2013, 03:05 AM

14. Corporate vultures

These are the ones that are quick to blame the poor for what ails America all the while financially raping the country for every last nickle and dime they can squeeze out of it..

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