the 30 corporations which paid NO INCOME Taxes 2008-2010 - Citizens for Tax Justice

[Bill USA]

(chart listing all 30 corporations, with profits and taxes actually paid ([font color="red"]frequently a negative number[/font]) can be found at link)

(emphases my own)
http://ctj.org/pdf/revenueraisers2012.pdf

[font size="3"]Some corporate lobbyists complain that the U.S. statutory corporate income tax rate of 35 percent is one of the highest in the word. They fail to mention that the effective corporate income tax rate, the percentage of profits that corporations actually pay, is far lower because of the loopholes that reduce their taxes. In fact, some corporate profits are not taxed at all.[/font]

A recent report from CTJ examined 280 corporations (most of the Fortune 500 companies that were profitable for each of the three years from 2008 through 2010) and found that 30 of them paid no federal corporate income taxes over the three-year period. Seventy-eight of the companies had at least one no-tax year during that period. The average effective tax rate for the 280 companies was only 18.5 percent over the three-year period.3


Of course, corporate income taxes are ultimately borne by human beings — the corporate shareholders
and owners of business assets, who are concentrated among the wealthiest Americans.4
As already explained, the richest Americans are not overtaxed, even when you account for all of
the taxes, including corporate income taxes, that they ultimately pay.

Below are eleven examples of the many reforms Congress could pursue to close loopholes and
ensure that wealthy individuals and profitable corporations pay their fair share of taxes. They
are summarized in the table on page one.


> Eliminate the tax preferences for capital gains.
10-year revenue impact: at least +$533 billion5

> Repeal the rule allowing U.S. corporations to “defer” U.S. taxes on their offshore profits.
10-year revenue impact: +$583 billion11

> Enact the Buffett Rule.
10-year revenue impact: +$171 billion20

> Enact a financial crisis responsibility fee on large financial institutions.
10-year revenue impact: +$61 billion24

(more)

This information is important to remember when President Obama talks about lowering Corporate income tax rates!