2/3 of US Corporations Pay No Income Tax

[Flopper]

Yep, nearly 2/3 of US corporations and 68% of foreign corporation pay no federal income tax.

Enjoying record profits and taxpayer-funded bailouts as the economy slowly recovers from a financial crisis, nearly two-thirds of US corporations don't pay any income taxes, instead opting to abuse tax loopholes and offshore tax havens. According to this study from the non-partisan Government Accountability Office, 83 of the top 100 publicly traded corporations that operate in the US exploit corporate tax havens. Since 2009, America’s most profitable companies such as ExxonMobil, General Electric, Bank of America and Citigroup all paid a grand total of $0 in federal income taxes to Uncle Sam. Tax havens alone account for up to $1 trillion in tax revenue lost every decade, money that could be invested in K-12 education, colleges, public health, job creation and hundreds of other worthy public programs.

But this is not good enough for the GOP. They are urging Obama to seek further corporate tax cuts while cutting 60 billion dollars out of education and programs that serve the poorest of the poor.

Majority of corporations avoid federal income taxes - study - Aug. 12, 2008
US Uncut

 

[georgephillip]

You Have More Money in Your Wallet Than Bank of America Pays in Federal Taxes:

"But it wasn’t teachers, fire fighters, policemen, and college students that caused the economic recession that has devastated government budgets — it was Wall Street.

"And as middle class workers are being asked to sacrifice, the rich continue to rig the system, dodging taxes and avoiding paying their fair share.

"In an interview with In These Times, Carl Gibson, the founder of US Uncut, which is organizing some of today’s UK-inspired massive demonstrations against tax dodgers, explains that while ordinary Americans are being asked to sacrifice, major corporations continue to use the rigged tax code to avoid paying any federal taxes at all.

"As he says, if you have 'one dollar' in your wallet, you’re paying more than the 'combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America'“

ThinkProgress>>

 

[Leweman]

I think exxon valdez paid like 27 billion dollars in federal taxes in 2008 and years before.

 

[Flopper]

With Corporate American's ability to contribute any amount to political campaigns, you can be sure they will buy enough congressman to insure further tax cuts and more loopholes for big business.

 

[JFK_USA]

Its ridiculous that happens in a country like ours. And they still take more and more. These freeloaders need to be sent a message, you do business in America, you pay the toll.

 

[StevenC]

Maybe you should read the whole article before posting?

But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income.

 

[JFK_USA]

With Corporate American's ability to contribute any amount to political campaigns, you can be sure they will buy enough congressman to insure further tax cuts and more loopholes for big business.

That was the whole point of the decision. Destroy America and what makes it great. I mean its obvious what their policy is. Republicans hate free thinking, or investigative journalism (why they call it the "liberal media" because they are the most corrupt).

Its time to stick up for Americans, republicans. It is time.

 

[Leweman]

Funny thing is these corporations contribute almost equally to dems and repubs alike. The corruption continues forever.

 

[Charles_Main]

Yep, nearly 2/3 of US corporations and 68% of foreign corporation pay no federal income tax.

Enjoying record profits and taxpayer-funded bailouts as the economy slowly recovers from a financial crisis, nearly two-thirds of US corporations don't pay any income taxes, instead opting to abuse tax loopholes and offshore tax havens. According to this study from the non-partisan Government Accountability Office, 83 of the top 100 publicly traded corporations that operate in the US exploit corporate tax havens. Since 2009, America’s most profitable companies such as ExxonMobil, General Electric, Bank of America and Citigroup all paid a grand total of $0 in federal income taxes to Uncle Sam. Tax havens alone account for up to $1 trillion in tax revenue lost every decade, money that could be invested in K-12 education, colleges, public health, job creation and hundreds of other worthy public programs.

But this is not good enough for the GOP. They are urging Obama to seek further corporate tax cuts while cutting 60 billion dollars out of education and programs that serve the poorest of the poor.

Majority of corporations avoid federal income taxes - study - Aug. 12, 2008
US Uncut

I got news for you, 100% of Cooperation's in effect pay no taxes. Any Taxes you put on them, they simply pass on to their customers in the form of Higher costs for their Products and services.

 

[boedicca]

Yep, nearly 2/3 of US corporations and 68% of foreign corporation pay no federal income tax.

Enjoying record profits and taxpayer-funded bailouts as the economy slowly recovers from a financial crisis, nearly two-thirds of US corporations don't pay any income taxes, instead opting to abuse tax loopholes and offshore tax havens. According to this study from the non-partisan Government Accountability Office, 83 of the top 100 publicly traded corporations that operate in the US exploit corporate tax havens. Since 2009, America’s most profitable companies such as ExxonMobil, General Electric, Bank of America and Citigroup all paid a grand total of $0 in federal income taxes to Uncle Sam. Tax havens alone account for up to $1 trillion in tax revenue lost every decade, money that could be invested in K-12 education, colleges, public health, job creation and hundreds of other worthy public programs.

But this is not good enough for the GOP. They are urging Obama to seek further corporate tax cuts while cutting 60 billion dollars out of education and programs that serve the poorest of the poor.

Majority of corporations avoid federal income taxes - study - Aug. 12, 2008
US Uncut

How can a report from August 2008 include info from 2009 income taxes?

As to the tax burden paid by these EVUL Corporations, here are links to their income statements for 2009:

Exxon paid $15B in income taxes on $35M of EBIT, a net effective tax rate of 42% (which excludes the vast amount of income and payroll tqxes associated with its employees, and gasoline taxes).

XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

General Electric, run by Obama's close pal Immelt actually had tax credits, and a big decrease in revenue.

GE Income Statement | General Electric Company Common Stock - Yahoo! Finance

Bank of America likewise had a tax credit, likely due to all the machinations of TARP. It's MASSIVE NET PROFIT MARGIN was less than 3%.

BAC Income Statement | Bank of America Corporation Com Stock - Yahoo! Finance

Citigroup had a net pre-tax loss of $8B - so no huge profits here.

C Income Statement | Citigroup, Inc. Common Stock Stock - Yahoo! Finance

 

[whitehall]

Obama is hiring about 10,000 IRS agents to enforce the health care law. Maybe he can spare a few to investigate if the 2/3 of alleged corporations (unnamed) are allegedly violating the law.

 

[Care4all]

Yep, nearly 2/3 of US corporations and 68% of foreign corporation pay no federal income tax.

Enjoying record profits and taxpayer-funded bailouts as the economy slowly recovers from a financial crisis, nearly two-thirds of US corporations don't pay any income taxes, instead opting to abuse tax loopholes and offshore tax havens. According to this study from the non-partisan Government Accountability Office, 83 of the top 100 publicly traded corporations that operate in the US exploit corporate tax havens. Since 2009, America’s most profitable companies such as ExxonMobil, General Electric, Bank of America and Citigroup all paid a grand total of $0 in federal income taxes to Uncle Sam. Tax havens alone account for up to $1 trillion in tax revenue lost every decade, money that could be invested in K-12 education, colleges, public health, job creation and hundreds of other worthy public programs.

But this is not good enough for the GOP. They are urging Obama to seek further corporate tax cuts while cutting 60 billion dollars out of education and programs that serve the poorest of the poor.

Majority of corporations avoid federal income taxes - study - Aug. 12, 2008
US Uncut

How can a report from August 2008 include info from 2009 income taxes?

As to the tax burden paid by these EVUL Corporations, here are links to their income statements for 2009:

Exxon paid $15B in income taxes on $35M of EBIT, a net effective tax rate of 42% (which excludes the vast amount of income and payroll tqxes associated with its employees, and gasoline taxes).

XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

General Electric, run by Obama's close pal Immelt actually had tax credits, and a big decrease in revenue.

GE Income Statement | General Electric Company Common Stock - Yahoo! Finance

Bank of America likewise had a tax credit, likely due to all the machinations of TARP. It's MASSIVE NET PROFIT MARGIN was less than 3%.

BAC Income Statement | Bank of America Corporation Com Stock - Yahoo! Finance

Citigroup had a net pre-tax loss of $8B - so no huge profits here.

C Income Statement | Citigroup, Inc. Common Stock Stock - Yahoo! Finance

Is that a FEDERAL corporate income tax figure on that Exxon Financial Statement you linked to boe?

 

[georgephillip]

Don't forget our latest corporate crime spree

"Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted. Their names by now are familiar to even the most casual Middle American news consumer: companies like AIG, Goldman Sachs, Lehman Brothers, JP Morgan Chase, Bank of America and Morgan Stanley.

"Most of these firms were directly involved in elaborate fraud and theft. Lehman Brothers hid billions in loans from its investors.

"Bank of America lied about billions in bonuses. Goldman Sachs failed to tell clients how it put together the born-to-lose toxic mortgage deals it was selling.

"What's more, many of these companies had corporate chieftains whose actions cost investors billions — from AIG derivatives chief Joe Cassano, who assured investors they would not lose even 'one dollar' just months before his unit imploded, to the $263 million in compensation that former Lehman chief Dick 'The Gorilla' Fuld conveniently failed to disclose.

"Yet not one of them has faced time behind bars."

Why Isn't Wall Street...

 

[Flopper]

Maybe you should read the whole article before posting?

But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income.

Very small corporations can wright off most of their income. The small amount of income that is left is shifted to the individual to take advantage of lower rates. Larger corporation have a multitude of tax dodges not available to small businesses.

 

[Trajan]

from the link-

The GAO report, which did not name any specific companies, said that some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability, the GAO said.

But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income.

"Small businesses that are going to be liable for a lot of income tax are likely to use other tax forms so they only pay individual income taxes," said Eric Toder, a senior fellow at the Tax Policy Center.

 

[ClosedCaption]

They were likely small companies but for sure it includes the big Oil companies. See how you can throw in the word "likely" and people believe that to mean "it was".

 

[Flopper]

Yep, nearly 2/3 of US corporations and 68% of foreign corporation pay no federal income tax.

Enjoying record profits and taxpayer-funded bailouts as the economy slowly recovers from a financial crisis, nearly two-thirds of US corporations don't pay any income taxes, instead opting to abuse tax loopholes and offshore tax havens. According to this study from the non-partisan Government Accountability Office, 83 of the top 100 publicly traded corporations that operate in the US exploit corporate tax havens. Since 2009, America’s most profitable companies such as ExxonMobil, General Electric, Bank of America and Citigroup all paid a grand total of $0 in federal income taxes to Uncle Sam. Tax havens alone account for up to $1 trillion in tax revenue lost every decade, money that could be invested in K-12 education, colleges, public health, job creation and hundreds of other worthy public programs.

But this is not good enough for the GOP. They are urging Obama to seek further corporate tax cuts while cutting 60 billion dollars out of education and programs that serve the poorest of the poor.

Majority of corporations avoid federal income taxes - study - Aug. 12, 2008
US Uncut

How can a report from August 2008 include info from 2009 income taxes?

As to the tax burden paid by these EVUL Corporations, here are links to their income statements for 2009:

Exxon paid $15B in income taxes on $35M of EBIT, a net effective tax rate of 42% (which excludes the vast amount of income and payroll tqxes associated with its employees, and gasoline taxes).

XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

General Electric, run by Obama's close pal Immelt actually had tax credits, and a big decrease in revenue.

GE Income Statement | General Electric Company Common Stock - Yahoo! Finance

Bank of America likewise had a tax credit, likely due to all the machinations of TARP. It's MASSIVE NET PROFIT MARGIN was less than 3%.

BAC Income Statement | Bank of America Corporation Com Stock - Yahoo! Finance

Citigroup had a net pre-tax loss of $8B - so no huge profits here.

C Income Statement | Citigroup, Inc. Common Stock Stock - Yahoo! Finance

I left one of the links off. It has more current links.

US Uncut

 

[kaz]

Yep, nearly 2/3 of US corporations and 68% of foreign corporation pay no federal income tax

It's a start. 100% shouldn't pay corporate income tax. It's double taxation. Investors pay tax again when they take the money out of the corporation. And again when they spend it. It's triple taxation...

 

[Flopper]

Yep, nearly 2/3 of US corporations and 68% of foreign corporation pay no federal income tax.

Enjoying record profits and taxpayer-funded bailouts as the economy slowly recovers from a financial crisis, nearly two-thirds of US corporations don't pay any income taxes, instead opting to abuse tax loopholes and offshore tax havens. According to this study from the non-partisan Government Accountability Office, 83 of the top 100 publicly traded corporations that operate in the US exploit corporate tax havens. Since 2009, America’s most profitable companies such as ExxonMobil, General Electric, Bank of America and Citigroup all paid a grand total of $0 in federal income taxes to Uncle Sam. Tax havens alone account for up to $1 trillion in tax revenue lost every decade, money that could be invested in K-12 education, colleges, public health, job creation and hundreds of other worthy public programs.

But this is not good enough for the GOP. They are urging Obama to seek further corporate tax cuts while cutting 60 billion dollars out of education and programs that serve the poorest of the poor.

Majority of corporations avoid federal income taxes - study - Aug. 12, 2008
US Uncut

I got news for you, 100% of Cooperation's in effect pay no taxes. Any Taxes you put on them, they simply pass on to their customers in the form of Higher costs for their Products and services.

No. All taxes are not just passed on to the consumer. A businessmen may try to pass all of his cost increases on to the buyer but that depends on the market. Sometime it works and sometimes it doesn't. Foreign competitors may not be subject to the same tax. Sometimes the market are inelastic and will not permit the cost increase.

 

[georgephillip]

I think exxon valdez paid like 27 billion dollars in federal taxes in 2008 and years before.

It's instructive to examine the behavior of the rich during the last two years of our Great Recession if you want to understand how cost is socialized and profit privatized by Republicans AND Democrats in times of manufactured crisis:

"EXXON-MOBIL: The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States.

"Although Exxon-Mobil paid $15 billion in taxes in 2009, not a penny of those taxes went to the American Treasury.

"This was the same year that the company overtook Wal-Mart in the Fortune 500. Meanwhile the total compensation of Exxon-Mobil’s CEO the same year was over $29,000,000."

ThinkProgress