2/3 of US Corporations Pay No Income Tax

[kaz]

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."

Excellent news. Thank you for that uplifting story. That is a lot of money the Obama/Pelosi/Reid junta won't get their greedy hands on...

 

[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

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.

Yes they are.

A business needs to generate enough profit and cash flow to either attract investors or make a sufficient return on the owner's capital. Taxes are part of the cost structure which will be used to set prices. Either quality or service will be cut back (another for of "price" in terms of the value of what is purchased) or prices will be increased.

We're already seeing the impact of inflation (another for of taxation used by the government to repay debt with cheaper dollars) on consumer goods. Manufacturers are keeping prices stable, but shrinking the amount of product included for that price.

 

[Dont Taz Me Bro]

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

Why didn't the Democrats do something about the "thieving" corporations when they had two years of a super majority? If you have a problem with all the tax loopholes then stop voting for politicians that keep them in place. Sounds simple enough to me.

 

[Trajan]

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

Why didn't the Democrats do something about the "thieving" corporations when they had two years of a super majority? If you have a problem with all the tax loopholes then stop voting for politicians that keep them in place. Sounds simple enough to me.

there it is.....

 

[Dont Taz Me Bro]

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".

Big oil companies don't pay federal taxes?

 

[Political Junky]

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".

Big oil companies don't pay federal taxes?

ThinkProgress » ExxonMobil paid no federal income tax in 2009. (Updated)

 

[Dont Taz Me Bro]

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".

Big oil companies don't pay federal taxes?

ThinkProgress » ExxonMobil paid no federal income tax in 2009. (Updated)

Did you actually go and read the Forbes article they cite? It's not quite the picture your very biased blog painted.

 

[georgephillip]

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.

"BOEING: Despite receiving billions of dollars from the federal government every single year in taxpayer subsidies from the U.S. government, Boeing didn’t 'pay a dime of U.S. federal corporate income taxes” between 2008 and 2010.'"

Do you happen to recall the overall health of the US economy between 2008 and 2010?

ThinkProgress

 

[Momanohedhunter]

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>>

Middle class union workers are are being asked to sacrifice not the workers who actually contribute. And those corporations are pushed over seas because the unions made it to expensive to do business here. And the tax code is rigged. Its rigged for food stamp collectors and welfare cases. And I love Exxon Mobile. I have made crazy money working at one of there facility's

 

[Flopper]

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...

Not really. In some cases dividends are deductible by the corporation which means they are not double taxed. When you sell your interest in a corporation you pay capital gains tax which is the difference between your cost basis and your net proceeds from the sale. There is no direct relationship relationship with corporate taxes paid. Whether you pay sales tax or not depends on where you live and how you spend the money.

 

[JohnA]

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

Sure they do neither party could exist without corp contributions ,it will go on whomever is in the whitehouse
what makes me laugh is dimocrats who think that party is *for the people * and it will curb corporate profits ...... it will do nothing of the kind its just plays lip service to that idea to kid you along .

BP is one of the biggest contributers to democratic funds


the big corporations saw their profit margins shoot up the last two years obama was in power
its all a racket both parties are corrupt and big corp hold the strings stay tuned .

unions are a corporation

 

[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."

Excellent news. Thank you for that uplifting story. That is a lot of money the Obama/Pelosi/Reid junta won't get their greedy hands on...

Do you find INSANITY uplifting, as well?

"Take GE, for example.

"GE has $36Bn in sales and paid $431M in taxes (15% of net profits) in 2009.

"They also paid out $9Bn in dividends and over $24Bn in 2008 and 2007 and in 2007 they bought back their own stock but, in those three years, they paid -(NEGATIVE) $900M in taxes!

"Are you feeling victimized yet?

"Does GE use our infrastructure? Do they use our public airwaves?

"Are they protected by our police? Is our army out there fighting and dying to protect them? Do they take money from our government? Do we educate their employees?

"This is the INSANITY of the US tax system.

Phil's Stock World

 

[georgephillip]

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".

Big oil companies don't pay federal taxes?

"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

 

[LibocalypseNow]

The United States has the 2nd highest Corporate Tax Rate in the World. Even many Democrats are coming around to accepting that this rate must be lowered. Kind of blows your theory to shit no? Hmm?

 

[impalero]

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."

Excellent news. Thank you for that uplifting story. That is a lot of money the Obama/Pelosi/Reid junta won't get their greedy hands on...

Except that Obama and team are actually on the same side as these corporate crooks. Take notice of Wall Street and the circular door many go to and come back from as they loot more from the public for their own selfish gains.

Take not what Obama, Bush etc say, but what their actions really are, and its quite clear Bush and team, Obama and team are raping the American public for their masters at the expense of everyone else.

 

[LibocalypseNow]

The U.S. ranks only behind Japan in World Corporate Tax Rates. Japan's rates are currently at 39.5% while U.S. Rates are 39.1%. Canada has just lowered their Corporate Tax Rates and has seen some very promising economic improvement. So it is very likely we'll head in that same direction. Democrats & Republicans are agreeing on this. So your theory is now officially dead. R.I.P.

 

[Care4all]

The U.S. ranks only behind Japan in World Corporate Tax Rates. Japan's rates are currently at 39.5% while U.S. Rates are 39.1%. Canada has just lowered their Corporate Tax Rates and has seen some very promising economic improvement. So it is very likely we'll head in that same direction. Democrats & Republicans are agreeing on this. So your theory is now officially dead. R.I.P.

do you think anyone pays those rates? What is the Effective federal corporate tax rate in the USA, once they've taken all of their deductions...do you know? We have some really big guns paying ZERO from time to time, like Exxon and Ge.....so who IS PAYING the 39.1% you claim in federal corporate income tax?

 

[Dont Taz Me Bro]

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".

Big oil companies don't pay federal taxes?

"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

Oh my God are you people mind numbing. Your response is to link me to a hyper-partisan left wing blog that does not cite where it gets it information from? Blogs are not a credible source unless they show where they are getting their "facts" from. Anyone can write anything on the Internet.

Imagine how much more informed and intelligent you people could be if you stopped letting others think for you and did your own research.

 

[ClosedCaption]

Big oil companies don't pay federal taxes?

ThinkProgress » ExxonMobil paid no federal income tax in 2009. (Updated)

Did you actually go and read the Forbes article they cite? It's not quite the picture your very biased blog painted.

But does it state that Exxon paid no federal taxes because thats the subject at hand.

Either way, Coporations ducking their tax responsibilities does nothing but hurt everyday people. Exxon paying taxes doesnt hurt Pelosi, Reid, Boehner or any one else it hurts every single person that posts here. We're supposed to believe that debt and deficiets are wrong but dodging taxes is to be applauded?

Seems like SOME of you will applaud anything as long as you believe it will hurt some Democrat somewhere...even if it hurts a huge portion of society

 

[ClosedCaption]

The United States has the 2nd highest Corporate Tax Rate in the World. Even many Democrats are coming around to accepting that this rate must be lowered. Kind of blows your theory to shit no? Hmm?

what does it matter how high it is if they dont pay it anyway? It's like complaining about the price of the sweater you just stole