Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010

[Tennessee Gal]

Most Americans can rightfully complain, ‘I pay more federal income taxes than General Electric, Boeing, DuPont, Wells Fargo, Verizon, etc., etc., all put together.

NEW REPORT: 280 Most Profitable U.S. Corporations Shelter Half Their Profits from Taxes.

“These 280 corporations received a total of nearly $224 billion in tax subsidies,” said Robert McIntyre, Director at Citizens for Tax Justice and the report’s lead author. “This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”

* 30 Companies average less than zero tax bill in the last three Years, 78 had at least one no-tax year.

* Financial services received the largest share of all federal tax subsidies over the last three years. More than half the tax subsidies for companies in the study went to four industries: financial services, utilities, telecommunications, and oil, gas & pipelines.

* U.S. corporations with significant foreign profits paid tax rates to foreign countries that were almost a third higher than they paid to the IRS on their domestic profits.


http://ctj.org/corporatetaxdodgers/

[Philosopher King]

1. Which begs the question:

Why didn't Democrats modify the tax code to prevent this sort of thing when they had super majorities in 2009 and 2010?

[polichick]

2. Because they're corporate whores too - they just hide it better.

[Tennessee Gal]

5. No excuses. They should have.

This has to change.

[Philosopher King]

8. In saying "they just hide it better," you are essentially suggesting that they are better liars.

I would suggest that it is much more complicated than that.

[BR_Parkway]

4. Because they didn't have a supermajority in the Senate - they had conservative

sell outs - and as we've seen over and over again, conservative policies completely fail unless you are super wealthy.

[Tennessee Gal]

6. Agreed.

And don't forget that Byrd and Kennedy were very ill, missing votes, and unable to propose legislation.

It would have been an opportune time for the booming voice of Ted Kennedy.

[polichick]

7. And when liberals targeted those conservadems with ads, the WH...

...slammed the liberals.

So yes, there were more "sell outs" than there should've been.

[Philosopher King]

9. The bottom line is that they had a 255 to 180 advantage in the House

and a 60 to 40 advantage in the Senate.

[Tennessee Gal]

3. Press release with key findings:

http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersPR.pdf

Report: 280 Most Profitable U.S. Corporations Shelter Half Their Profits from Taxes; Thirty Companies Paid Less Than Zero in Taxes In The Last Three Years

Washington, DC – A comprehensive new study that profiles 280 of America’s most profitable companies finds that 78 of them paid no federal income tax in at least one of the last three years. Thirty companies enjoyed a negative income tax rate over the three year period, despite combined pre-tax profits of $160 billion. These are among the findings in “Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010,” released today by Citizens for Tax Justice and the Institute on Taxation and Economic Policy.

“These 280 corporations received a total of nearly $223 billion in tax subsidies,” said Robert McIntyre, Director at Citizens for Tax Justice and the report’s lead author. “This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”

[slipslidingaway]

10. kick for later n/t