How Corporations Avoid Paying Taxes
With Monday marking the income tax filing deadline in the U.S., there has been renewed interest in how some of the nation’s top corporations manage to pay just a small fraction of their earnings in taxes, sometimes owing nothing at all to the government. Here are some leading corporations’ tricks for minimizing their tax bills:
McDonald’s: Over 500 locations in major metropolitan areas classified as churches
Fisher-Price: Only employing war veterans
ExxonMobil: Investing in green technology by the hundreds of dollars
Nabisco: Claimed this year’s batch of Wheat Thins didn’t turn out well and lost the company millions, even though everyone knows this year’s batch was excellent
Hostess Brands: Chapter 11 bankruptcy
Kraft Foods: Underreporting net profits by claiming cost of producing each slice of cheese is $600,000
NBC: Consistently making and airing terrible programming that hasn’t earned company a single dollar in profit since 2003
The Boeing Company: Using 1040EZ form
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