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In reply to the discussion: Corporation That Paid Nothing In Taxes For Four Years Tells Congress It Pays Too Much In Taxes [View all]LiberalFighter
(50,856 posts)33. Here is a good response from CTJ Citizens for Tax Justice
Its unclear how Ms. Ford comes up with a 36 percent rate, but clearly one thing shes doing is counting Cornings deferred U.S. taxes (taxes not yet paid) as well as current taxes (U.S. taxes actually paid in 2011). Of course, those deferred taxes may eventually be paid. If and when they are paid, they will be included in Cornings current taxes in the year(s) they are paid.
But current taxes are what Corning actually pays each year, and Corning has amassed an impressive record of paying nothing, or less than nothing, in current U.S. taxes. CTJ and ITEPs November 2011 corporate tax avoidance report found that between 2008 and 2010, Corning didnt pay a dime in federal corporate income taxes, actually receiving a $4 million refund to add to its $1.9 billion in U.S. profits during this period. And a more recent CTJ report found that in 2011, Corning earned almost $1 billion in U.S. pretax income, and once again didnt pay a dime in federal income tax. These data paint a dramatically different picture from the 36 percent claim made by Corning before Congress today.
But current taxes are what Corning actually pays each year, and Corning has amassed an impressive record of paying nothing, or less than nothing, in current U.S. taxes. CTJ and ITEPs November 2011 corporate tax avoidance report found that between 2008 and 2010, Corning didnt pay a dime in federal corporate income taxes, actually receiving a $4 million refund to add to its $1.9 billion in U.S. profits during this period. And a more recent CTJ report found that in 2011, Corning earned almost $1 billion in U.S. pretax income, and once again didnt pay a dime in federal income tax. These data paint a dramatically different picture from the 36 percent claim made by Corning before Congress today.
In fact, over the 2008-2010 period, Corning paid a higher effective corporate income tax rate to foreign governments than it paid to the US government. (Which wasnt hard to do, since it paid nothing to the U.S. government.) CTJs November 2011 report shows that over the 2008-2010 period, Corning paid -0.2 percent (negative 0.2 percent) of its US profits in US corporate income taxes, but paid 8.6 percent (positive 8.6 percent) of its foreign profits in foreign corporate income taxes.
[link:http://www.ctj.org/taxjusticedigest/archive/2012/07/corning_pays_zero_federal_taxe.php|
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Corporation That Paid Nothing In Taxes For Four Years Tells Congress It Pays Too Much In Taxes [View all]
Tx4obama
Jul 2012
OP
That's what internships are. I still get offered them after 20 years in my field.
slampoet
Jul 2012
#52
These people are the real villains of America. And Congress are their agents. nt
valerief
Jul 2012
#10
Congress writes the laws to make the crimes against humanity legal/possible. They're agents who get
valerief
Jul 2012
#13
It's the same as people bitching that Obama raised their taxes when they were reduced.
bulloney
Jul 2012
#18
A bit difficult to have an effective tax rate of 36 percent when they don't pay any taxes.
LiberalFighter
Jul 2012
#22
She's whining because Corning didn't get a larger negative tax rate (refund).
Snarkoleptic
Jul 2012
#30
I stopped listening to their shit long ago. Why would anyone want to waste their time listening to
lonestarnot
Jul 2012
#45
Corporations need to be given the tab for the chaos created by their greed and ungrateful free ride
midnight
Jul 2012
#43
Makes sense. They paid too much in comparison to what they have to pay in the Caymans....ZERO.
piperpibroch
Jul 2012
#51