12 Tax-Dodging Corporations Spent $1 Billion To Influence Washington Over The Last Decade http://thinkprogress.org/2011/04/13/tax-dodging-lobbying-congress/As ThinkProgress has been reporting, while Main Street Americans are having their services gutted and public investment is being slashed, some of the country’s most profitable corporations are getting away with paying little to nothing in taxes.
A new report by Public Campaign examines how these major corporations have influenced Congress to craft a tax code that lets them get away with making so much money and paying so little taxes in return. In its report, “The Artful Dodgers,” Public Campaign juxtaposes the limited tax liability of dozen major corporations with the companies’ campaign contributions and lobbying expenditures, which amount to more than a billion dollars over the last decade:
EXXON MOBIL: The oil giant that was the world’s most profitable corporation in 2008 has spent $5.7 million in campaign contributions over the last ten years and $138 million in lobbying expenditures. Its federal corporate income tax liabilities for 2009? Absolutely nothing. Not only did it pay nothing, but it also received a tax rebate the same year of $156 million.
CHEVRON:
CONOCOPHILLIPS:
VALERO ENERGY:
BANK OF AMERICA:
CITIGROUP:
GOLDMAN SACHS:
BOEING:
FEDEX:
CARNIVAL:
VERIZON:
GENERAL ELECTRIC:
(snip)
The amount of money that taxpayers are losing from the tax dodging by these major corporations is enormous. For example, if five of the nation’s biggest banks paid their taxes at the full rate, we could re-hire every single one of the 132,000 teachers laid off during the recession — twice.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
