2/3 of US Corporations Pay No Income Tax

Discussion in 'Politics' started by Flopper, Feb 28, 2011.

  1. Flopper
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    Flopper Gold Member

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    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
     
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  2. georgephillip
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    georgephillip Gold Member Supporting Member

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    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>>
     
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  3. Leweman
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    Leweman Gold Member

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

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    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.
     
  5. JFK_USA
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    JFK_USA Gold Member

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    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.
     
  6. StevenC
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    StevenC VIP Member

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    Maybe you should read the whole article before posting?

     
  7. JFK_USA
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    JFK_USA Gold Member

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    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.
     
  8. Leweman
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    Leweman Gold Member

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    Funny thing is these corporations contribute almost equally to dems and repubs alike. The corruption continues forever.
     
  9. Charles_Main
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    Charles_Main AR15 Owner

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    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.
     
  10. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    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
     

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