Step Right Up and See Boeing’s Amazing Shrinking Tax Rate!
Last year, government contracting behemoth Boeing paid an effective tax rate of -1.4%.
Yes, you read that correctly – negative 1.4%.
According to a new report from the Center for Effective Government, one of America’s biggest corporations, with profits ranging from $1.6 to $5.9 billion over the last five years, found ways to whittle down its effective tax rate so much that it became, in effect, a source of revenue as they reaped a whopping $82 million tax refund on $5.9 billion in profits.
And this isn’t new.
As Scott Klinger at CFC points out, “Over the last six years, Boeing has reported $26.4 billion in pre-tax profits to its shareholders, while claiming a total of $105 million in refunds from the IRS [for] an effective tax rate of -0.4 percent.”
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http://original.antiwar.com/JP-Sottile/2014/02/23/step-right-up-and-see-boeings-amazing-shrinking-tax-rate/