30 Major Corporations Paid No Income Taxes In The Last Three Years, While Making $160 Billion

[ProSense]

30 Major Corporations Paid No Income Taxes In The Last Three Years, While Making $160 Billion

By Pat Garofalo

One of the driving forces behind the ongoing Occupy Wall Street protests is the fact that corporations have not been paying their fair share in taxes. A new report from Citizens for Tax Justice will no nothing to alleviate the protesters’ frustration.

CTJ looked at 280 companies, all of them members of the Fortune 500, and found that “while the federal corporate tax code ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount.” And those who paid even half the statutory corporate tax rate paid far more than many of their competitors.

In fact, in the last three years, 78 corporations had at least one year where they paid no federal income tax at all, while 30 corporations paid not a dime over the entire three years. Those 30 corporations paid nothing, even though they made $160 billion in profits over that period:

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[RockaFowler]

1. Look at the energy companies

And none of them want Solar power to survive. They're making a ton of money without it. Such a shame

[trotsky]

2. Obscene.

There is really no other word for it. Especially when these same one-percenters want EVEN MORE of our tax dollars to "create jobs."

[Puzzledtraveller]

3. track the campaign contributions

[olleander]

4. Personhood

Corporations are people, too.  If they have the rights of
citizens, they should have the responsiblities of citizens and
that means paying taxes.  We should repeal the separate
corporate tax code and allow all corporations ( synthetic,
eternal people) to file all taxes - including SS and Medicare
- just like organic people.  That would reduce the tax laws
and regulations considerably and free up tons of money now
used on compliance and tax evasion for productive investment.

[liberal N proud]

5. How many of them are hiring?

And how many of them have offshored most of the labor force?

[Scuba]

6. So end corporate taxes altogether...

...and tax capital gains at the same rate as payroll taxes.

[leveymg]

10. If they want political personhood they should accept the taxes that go along with it

Good point.

[exboyfil]

11. Of course they have the ultimate tax dodge for

capital gains. Set up a "charitable foundation". It would be curious to walk through how much taxes are actually paid by these individuals.

[SpiralHawk]

7. "Fabulous. Just wonderful. Smirk." - RepubliCorp, Inc. (R)

"Too bad about you sucker American proles paying OUR FAIR SHARE. Bwaaa ha ha ha. Keep watching Fox Propaganda(R), paying your cable fees to us, and listening to Rush DraftDodger Limbaugh (R). Sneer. Bwaaa ha ha ha ha. Smirk. Suckers..."

- RepubliCorp, Inc. (R)


http://republicorp.us/

[tk2kewl]

8. love to see net job creation in that chart too

:kick:

[opihimoimoi]

9. If Ya can MAKE the RULES,,,Ya can STACK the DECK

[BlueCaliDem]

12. But-but-but corporations are people, too!

Except, they're immortal, never have to pay taxes, have exuberant tax loopholes, can buy everything wholesale, are capable of having multi-nationalities, are allowed to call their kids "divisions" and their grandkids, "subsidiaries", and the kicker is, they can be reincarnated simply changing their names by adding a simple letter, number, or word to it in order to avoid debt.

(sing to the Oscar Meyer Wiener tune):

Oh I wish I were a U.S. Corporation. That is what I'd truly like to be-ee-ee. And if I were a U.S. Corporation, every pol would be in love me!

[lonestarnot]

13. Bookmarking! Thanks.

K & R!

[socialindependocrat]

14. There should be a minimum tax

I think that based on a company's earnings
they should pay a minimum no matter how many
exemptions they have.

You earn - you pay

Look at the numbers in that list.

If everyone paid something we would be a lot closer to
reducing the debt.

Here's one to start.
I would imagine that the bonuses paid to corporate leaders are considered salaries
and reduce the company's taxable income - WHY?

Start by taxing the company for the bonuses ("extra money") they hand out.

Am I right or does someone have another take on this??

[zabet]

15. I retired from one of these companies...

and when EPA fines (one time in my yrs there) were placed upon the facility, the company was sued yrs later because they never paid it, and got off only paying a small percentage of the original fine. While all the while continuing the practices that caused the fines in the first place.