The 10 Most Corrupt Tax Loopholes

[xchrom]

http://www.villagevoice.com/2012-10-10/news/the-10-most-corrupt-tax-loopholes/



A year ago, Citizens for Tax Justice, a Washington, D.C., nonprofit, studied the tax returns of 280 corporations. What it found was a Beltway version of a Mafia protection scheme.

From 2008 to 2010, at least 30 Fortune 500 companies—including PepsiCo, Verizon, Wells Fargo, and DuPont—paid more for lobbyists than they did in taxes. They collectively spent $476 million sucking up to Congress, buying protection for tax breaks, loopholes, and special subsidies.

It didn't matter that these same 30 firms brought home a staggering $164 billion in profit during that three-year period. They not only managed to avoid paying taxes, but they also actually received $10.6 billion in rebates.

Welcome to the U.S. tax code, where companies like General Electric and Boeing contribute less to the federal treasury than a retired machinist living in Florida.

[NMDemDist2]

1. so i can find later n/t

[samplegirl]

2. Excellent Post

Thanks for sharing!

[lonestarnot]

3. And Exxon/Mobil is a small business.

[xchrom]

4. i'll give this 1 kick. nt

[KG]

5. AutoxchromDURec

[xchrom]

6. Why isn't this more interesting to people? Nt