The Progressive: How Corporations are the Biggest Tax Dodgers
http://www.progressive.org/how-corporations-are-the-biggest-tax-dodgers
“A comprehensive, five-year study of 288 profitable Fortune 500 companies finds that twenty-six paid no federal corporate income tax over the five-year period; 111 paid no federal corporate income tax in at least one of the last five years, and one-third paid a U.S. tax rate less than 10 percent over the same period,” says a recent study by Citizens for Tax Justice, a Washington, D.C.-based group.
Among the companies that paid not a single penny over five years, despite making huge profits, are household names such as Boeing, General Electric, Priceline.com, and Verizon.
“It’s a sorry situation when most Americans can rightly say, ‘I pay more in federal income taxes than General Electric, Boeing, Verizon, Pepco, Priceline, Duke Energy and twenty other big corporations, all put together!’ ’’ said the head of Citizens for Tax Justice, Robert McIntyre, riffing off a bumper sticker the organization had when I interned there in the 1990s.
Overall, the 288 companies in the study paid a mere 19.4 percent of their profits in corporate income taxes—far below the 35 percent rate on the books that Republican politicians use to incessantly complain that U.S. corporations are overtaxed.
So poor working People get to fund the entire military, which is used almost exclusively to protect corporate profits.
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