26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions

[Scuba]

Welfare moochers of the highest order ...


http://thinkprogress.org/economy/2012/04/09/460519/major-corporations-no-taxes-four-year/

26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions In Profits

Last year, Citizens for Tax Justice found that 30 major corporations had made billions of dollars in profits while paying no federal income tax between 2008 and 2010. Today, CTJ updated that report to reflect the 2011 tax bill of those 30 companies, and 26 of them have still managed to pay absolutely nothing over that four year period:

– 26 of the 30 companies continued to enjoy negative federal income tax rates. That means they still made more money after tax than before tax over the four years!
– Of the remaining four companies, three paid four year effective tax rates of less than 4 percent
(specifically, 0.2%, 2.0% and 3.8%). One company paid a 2008-11 tax rate of 10.9 percent.
– In total, 2008-11 federal income taxes for the 30 companies remained negative, despite $205 billion in pretax U.S. profits. Overall, they enjoyed an average effective federal income tax rate of –3.1 percent over the four years.

Amongst the 30 are corporate titans such as General Electric, Boeing, Verizon, and Mattel. The only four companies that slipped into positive tax territory were DTE Energy, Honeywell, Wells Fargo, and DuPont, with DuPont the only one that paid more than 4 percent over the four years.

[RC]

1. How many of those 30 major corporations profit from our wars?

Maybe we should start taxing companies that profit from supplying material and services to further our wars, ya think?

[Vinnie From Indy]

2. You can bet that the executives at these companies arrange

to have a good chunk of their income hidden in some offshore accountas well.

[Frustratedlady]

3. Why aren't they closing loopholes?

General Electric hardly ever pays income tax. They also cut back workers in our local plant and told them to take time off without pay.

[xchrom]

4. Du rec. Nt

[midnight]

5. This is truly the who's who of the entitlement list and those wealthy legislators should stop

blaming those who live on 300 dollars worth of food share a month....

[Bake]

6. I'll halve my meat consumption when GE starts paying taxes.

Let's get our priorities straight here first.

Bake

[indepat]

7. That 26 of 30 large, profitable corporations paid no Federal income taxes over a four-year

period, but politician on both sides of the aisle nonetheless clamor for deep cuts in social security and Medicare should infuriate every American of good will and prompt the electorate to remove every Congress-critter clamoring for such when next standing for re-election.

[Scuba]

8. +1,000

[kelliekat44]

9. And therefore the US does not have the highest corporate tax rates in the world.

When, where and how does it stop?

[kelliekat44]

10. My question is: If corporations are people, why don't they pay "people tax" like the rest of us? nt

[WinkyDink]

11. I thought they were "people". Arrest them!

[Mnemosyne]

12. And how many jobs did these welfare queens create during this time? nt

[HiPointDem]

13. kr

[jambo101]

14. Corporate vultures

These are the ones that are quick to blame the poor for what ails America all the while financially raping the country for every last nickle and dime they can squeeze out of it..