Tue Sep 18, 2012, 06:33 PM
Bill USA (2,914 posts)
Mr. Rmoney since u consider corporations people, note that ~2/3rds pay no Fed income taxes
Last edited Tue Sep 18, 2012, 06:57 PM - Edit history (1)
in any given year.
GAO study, (see page 12)
Note: FCDC = Foreign Controlled Domestic Corporation
and USCC = U.S. Controlled Corporation
"...about 72 percent of FCDCs and 55 percent of USCCs reported no tax liability for at least 1 year during the 8 years. About 57 percent of FCDCs and 42 percent of USCCs reported no tax liability in multiple years—2 or more years"
(also check out figure 1 on page 11)
and.... 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!
Corporate taxes in the U.S., contrary to the constant protestations of conservatives, are at a 40 year low, with many of the most profitable companies paying nothing at all. CTJ noted that “had these 30 companies paid the full 35 percent corporate tax rate over the 2008-11 period, they would have paid $78.3 billion more in federal income taxes.” And this is not a problem that only afflicts the U.S., as the UK found out last week that online retailer Amazon made billions in sales in 2011, while paying nothing in corporate taxes.
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Mr. Rmoney since u consider corporations people, note that ~2/3rds pay no Fed income taxes (Original post)
|Bill USA||Sep 2012||OP|