2/3 of US Corporations Pay No Income Tax

[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>>

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

What distinction do you see between middle class union workers and "the workers who actually contribute?"

Were either group responsible for an $8 trillion housing bubble collapse?

It's more likely the collapse of the Bretton Woods monetary system pushed US corporations overseas since capital will always seek the lowest wage labor available.

If the tax code here is rigged for food stamp collectors, explain how the richest 1% of Americans have doubled their share of national income and wealth over the last thirty-plus years.

Sounds like you and Exxon Mobile are a match made on Wall Street. Now tell us why both of you shouldn't have to pay US taxes?

 

[CMike]

We wouldn't want corporations to keep more of their own money to hire anyone or anything. It's a lot better to tax them much more so they can layoff countless more people

Yeah...liberals go

 

[CMike]

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

Wow, so they only paid $431 million in taxes how shameful

How many jobs have they created?

How many people get paid working for GE?

How many people would be in deep shit if they lost their jobs at GE?

How many suppliers do they buy parts from?

How come you are such a clueless idiot?

 

[uscitizen]

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

huh?

 

[uscitizen]

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.

Are those posts incorrect? If so state the inaccuracies.

 

[GWV5903]

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

Interesting piece, it is in direct conflict with your OP.....

RealClearMarkets - Articles - Do Corporations Really Pay No Taxes?

Revenue does not have the same meaning as net income before taxes (profit)....

Individual owners pay at a lower rate than the corporate rate....

Why would anyone want to pay more taxes than the law requires....

 

[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?

Stating the tax rate while it's being dodged by Corps is like complaining about the price of the sweater you just stole.

 

[LibocalypseNow]

lol! Anti-Corp Leftist nutters always try to move the goalposts when they're proven wrong. Even Democrats are accepting the idea that U.S. Corporate Tax Rates should be lowered. Canada just did it and it has worked out well for them. We have the 2nd highest Corporate Tax Rate in the World. It's time to change this. The Anti-Corp nutters don't have a leg to stand on.

 

[Gadawg73]

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.

You mean corporations, not cooperations.
But I agree with you 100%.
Corporations never pay taxes. PEOPLE PAY TAXES.
I own 3 corporations. None of them pay a cent.
The stock holders get a lower return on their investment (ROI) because of taxes.
Taxes ARE COLLECTED from my customers. THEY PAY THE TAXES.
Americans are such damn fools. No corporation has ever paid a penny in taxes ever.
People pay taxes, not some corporate name. They just collect the $$ and pass it on.

 

[Gadawg73]

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

You do not know shit about business.
Guess who owns ALL corporations? Shareholders. Ordinary folks.
The less taxes the corporation pays the MORE $$$ THE SHAREHOLDERS GET.
Well DUH!
When a corporation pays NO taxes that means their shareholders received dividends (most shareholders are middle class), they spend $$$ on capital expenditures (building new buildings and expanding which means JOBS), expanding benefits to existing workers which are tax deductibleand other investments in their businesses which are not taxed.
If Exxon spent MORE on investing in their company than their revenues were then guess what? Their shareholders pay NO taxes.

 

[georgephillip]

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.

Republicans AND Democrats are wholly-owned subsidiaries of Wall Street. Politicians from both parties depend almost exclusively on the richest 1% of US voters to fund their campaigns.

Both parties and Wall Street have outlived their usefulness to the US Republic. Their vision of the future looks far more like an oligarchy than a participatory democracy.

There is an obvious non-violent solution for voters with established third parties appearing on their ballots. Simply vote AGAINST every Republican AND Democratic INCUMBENT in November of 2012.

FLUSH 100 - 200 or more incumbents from congress in one news cycle and you will fire the second shot 'heard round the world.

 

[georgephillip]

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.

Are you contesting any of the "facts" presented?
Is it accurate to say Exxon Mobile payed $15 billion in taxes in 2009 and not a single cent made its way to the US Treasury?
Imagine how hard it is to get honest information about corporate tax receipts from corporate media?

Possibly we could agree on economic information sources that all sides of a question would find credible.

Any ideas on where to start looking?

 

[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...

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.

Dividends are taxed, you're just wrong on that. Dividends are one way corporations distribute money to shareholders and they are not deductible ever, sorry. You may be thinking of dividends from preferred shares, but they are really bonds, not dividends. Bonds are deductible by the company. But dividends aren't. Either that or you just don't know what you're talking about. The rest is silly.

 

[kaz]

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

GE shareholders then paid taxes on all those dividends. In no way do I feel victimized by withholding money from the Federal government. I feel victimized when they take money out of the economy reducing jobs and then spend the money on bureaucracy. I don't love and trust government like you do. And you say I suffer from "insanity?" You Harry Reidsna's are the ones who are nuts.

 

[kaz]

Republicans AND Democrats are wholly-owned subsidiaries of Wall Street. Politicians from both parties depend almost exclusively on the richest 1% of US voters to fund their campaigns.

Both parties and Wall Street have outlived their usefulness to the US Republic. Their vision of the future looks far more like an oligarchy than a participatory democracy.

There is an obvious non-violent solution for voters with established third parties appearing on their ballots. Simply vote AGAINST every Republican AND Democratic INCUMBENT in November of 2012.

FLUSH 100 - 200 or more incumbents from congress in one news cycle and you will fire the second shot 'heard round the world.

You're nuts, but you are passionate. I vote yeah, well done!

 

[uscitizen]

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

You do not know shit about business.
Guess who owns ALL corporations? Shareholders. Ordinary folks.
The less taxes the corporation pays the MORE $$$ THE SHAREHOLDERS GET.
Well DUH!
When a corporation pays NO taxes that means their shareholders received dividends (most shareholders are middle class), they spend $$$ on capital expenditures (building new buildings and expanding which means JOBS), expanding benefits to existing workers which are tax deductibleand other investments in their businesses which are not taxed.
If Exxon spent MORE on investing in their company than their revenues were then guess what? Their shareholders pay NO taxes.

there are privately owned businesses out there.
Wachovia corporation for instance.
JP Morgan Chase?

 

[Iowa10000]

the truth is out of the 600,000 new corp's set up each and every year, 400,000 are non employee corp's that are used to hide money or move profit to a better place for tax purpose.
There are like 1,200,000 people who get an average 60,000.00 dollare gain from the Bush tax cuts. Out of this 600,000 set up new businesses each year at an average out of pocket cost of 80,000. Out of those 600,000 only 200,000 employee any workers, they are set up for tax purpose.
But even then where are the other 600,000 people who get these tax cuts because they use the money to start companies and hire people doing? BUYING AIRPLANES, taking trips, hoarding the money?

 

[kaz]

there are privately owned businesses out there.
Wachovia corporation for instance.
JP Morgan Chase?

Wachovia is owned by Wells Fargo, which is a public company traded on the NY stock exchange.

JPM is a public company traded on the NY stock exchange.

If you want an example of a big financial services company that is private, I'd go with Fidelity Investments.

 

[georgephillip]

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

Wow, so they only paid $431 million in taxes how shameful

How many jobs have they created?

How many people get paid working for GE?

How many people would be in deep shit if they lost their jobs at GE?

How many suppliers do they buy parts from?

How come you are such a clueless idiot?

GE paid $431 million in taxes in 2009 and they "paid" negative $900 million in taxes over 2007-08-09.

How many of their jobs were created in China?

How many people are unemployed and losing their homes because of GE Capital Management?

Teach that puppy in your avatar how to post, and we'll all be less clueless.

Brain Stain.

"US corporations, who are (according to to the Supreme Court) also citizens of this country, paid just $300Bn in taxes last year on $6 TRILLION in income (5%).

"That’s right, if US corporations simply paid the same amount of tax as Mr. Buffett – that would, by itself, be enough to wipe out our deficit. But, things have gone decidedly the other way in the past 30 years:"

Phil's Stock World

 

[kaz]

GE paid $431 million in taxes in 2009 and they "paid" negative $900 million in taxes over 2007-08-09.

How many of their jobs were created in China?

The more the better, it helps our economy. BTW, I spent 12+ years in GE management. I was at GE Information Services, GE Nuclear Power, GE Energy Services, GE Capital Corporate and GE Consumer Finance. I didn't out source any jobs to China but I outsourced a slew of them to India. At one point I was overseeing roughly a dozen projects to outsource various IT functions.

God Bless the USA. Efficiency is good for this country and outsourcing means we get more for less, which makes us WEALTHIER as a country. And that leads to more jobs. If we still had blacksmiths, we would not be wealthier. But if modern Democrats were around 100 years ago we'd still have them and they'd be screaming that losing blacksmiths would cost jobs. Fear is the product of the left.