Who Takes the Gold for Corporate Tax Avoidance in 2011?

[Better Believe It]

Who Takes the Gold for Tax Avoidance in 2011?
by Paul Buchheit
April 9, 2012

This is tax time, or in the case of many big businesses, just another time without taxes. These companies deserve to be recognized. With the help of SEC data and the results of several excellent research studies, PayUpNow.org has selected the 'winners' of the 2011 Tax Avoidance Awards.

First a review of last year's results. The top spot went to General Electric, which made pre-tax profits of $44 billion from 2008 to 2010 but received almost $5 billion in refunds. A GE spokesperson added, "We are committed to acting with integrity in relation to our tax obligations."

A close second was Exxon, notable for having the nation's highest pre-tax earnings three years in a row, a 2% federal income tax payment rate, and hubris comparable to that of GE: "Any claim we don't pay taxes is absurd...ExxonMobil is a leading U.S. taxpayer."

There were numerous other candidates, each no less unworthy than the next. Verizon and Boeing and Dow and DuPont all made profits three years in a row, but all paid zero taxes over the three-year period. Banking leaders Citigroup and Bank of America, with a combined $8 billion of pretax earnings in 2009 and 2010, each paid zero taxes two years in a row. From 2008 to 2010, Chevron paid less than 5% a year. Merck paid 5%. Hewlett-Packard 3%. IBM 2%. Carnival 1%.

Read the full article at:

http://www.commondreams.org/view/2012/04/09-3

For more information on corporate tax avoidance go to:

http://payupnow.org/

As you can see, corporate taxes are way too high and they need some major tax relief! BBI

[ProSense]

1. Yeah, but

do you know this:



http://www.democraticunderground.com/1002518466

[Sarah Ibarruri]

2. The U.S. is beginning to sound like Greece - a tax evader's paradise currently in bankruptcy. nt

[former9thward]

3. I would give the gold to General Motors.

They still owe the U.S. $40 billion in corporate welfare bailout money that they have no expectation to ever pay back. And they are going to use losses in previous years to avoid taxes for years to come.

[Egalitarian Thug]

4. In 1945 American corporations paid 45% of all federal taxes. Today, it's less than 3%.

I wonder how that could have ever happened?

[Better Believe It]

5. One might think that Wall Street and big business wrote the tax laws!

Oh .... that could never happen here.

This is a representative democracy in which everyone is represented equally .... some are just a little more equal than others.