Thursday, November 03, 2011

Not Surprising, Still Infuriating

The next time some conservative tool tries to tell you that "businesses have a 30% tax rate", please show them this. Not only do many larger corporations pay NO taxes, they actually get "rebates" amounting to billions, in spite of already strong profits. I'm going to copy this article and send it to the corporate whores posing as our representatives on Capitol Hill. There is not a damn thing they can say to justify this, which is why they count on most people not finding out about it.
From Raw Story:

Study proves many U.S. corporations pay zero taxes
By Agence France-Presse

Dozens of US corporations paid no federal taxes in recent years, and many received government subsidies despite earning healthy profits, a new study showed Thursday.

The report by Citizens for Tax Justice and the Institute on Taxation and Economic Policy, which examined 280 US firms, found 78 of them paid no federal income tax in at least one of the last three years.

It found 30 companies enjoyed a negative income tax rate — which in some cases means getting tax rebates — over the three-year period, despite combined pre-tax profits of $160 billion.

“These 280 corporations received a total of nearly $223 billion in tax subsidies,” said the report’s lead author, Robert McIntyre, director at Citizens for Tax Justice.

“This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”

The study looked at 280 corporations from the Fortune 500 list, all of which were profitable in each of the last three years and provided sufficient data to analyst profits and taxes.

It found the average effective tax rate for the 280 companies in the study over the three years period was 18.5 percent, well below the statutory rate of 35 percent.

The study concluded that 78 of the companies had at least one year in which their federal income tax was zero or less... See the rest.

1 Comments:

Blogger Jon said...

There was a similar report on Reuters that 30 corporations paid no tax. And another Fox-hole from my area, same one you wrote to my paper about Anna (which wasn't published in a Right wing paper - imagine that?)claimed that 50% of Americans pay no tax.
Of course she ignores all the other taxes but why split hairs when you can be a right wing "moran."

However...didja ever wonder about the people working for those corporations in ANY capacity? Just how many are working for enough (less) to qualify to pay no taxes even though they're full time?

Wouldn't that be just a fantastic bit of hypocrisy to find out Corp A pays no taxes, the CEO and management bitch to the media that 50% of Americans pay no income tax, yet a goodly portion of their employees either pay no or little tax!

Gosh, Beav, wonder why that can happen?

It is to laugh!

(All the snark in the disappearing free world!)

FT

6:47 PM  

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