30 major U.S. public companies paid no federal taxes over the past three years

[rdean]

The report, compiled by an advocacy group, Citizens for Tax Justice and the nonpartisan Institute on Taxation and Economic Policy, examined corporate financial statements from 280 companies on the Fortune 500 list, all of whom were profitable during the 2008-10 period.

"These 280 corporations received a total of nearly $223 billion in tax subsidies," said Robert McIntyre, director at Citizens for Tax Justice and the report's lead author. "This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit."

Bay Area firms among 30 not paying federal taxes

While the statutory tax rate for corporations in the U.S. is 35 percent, the report says companies use legal tax loopholes and move business offshore to evade taxes. As a result, the average tax rate for all 280 companies was 18.5 percent over the last three years. Only 71 of the 280 companies, or about 25 percent, paid more than 30 percent in taxes over the three years, with an average tax rate of 32.3 percent.

Bottom Line - 30 companies paid 'less than zero' taxes in recent years

Pepco Holdings Inc, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.

The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world; but over the 2008-2010 period, very few of the companies studied paid it, said the report.

Thirty companies paid no U.S. income tax 2008-2010: report | Reuters

----------------------------------

Why does this make Republicans giddy with happiness?

 

[Mr. H.]

Rather than chastise corporations, perhaps you should petition Congress to reform the tax code.

Tell Congress that you think the government should take revenue and capital away from the business entities that spend money to make the money that you want.

Remind Congress that a taxing event doesn't occur unless and until these corporations actually expend funds for the purpose either aquiring assets needed to generate revenue, or they expend funds related to direct activities for the purpose of selling end product to consumers.

 

[Mad Scientist]

Bay Area? Who was elected from that area again?

 

[expat_panama]

...the report says companies use legal tax loopholes and move business offshore to evade taxes...

That's crazy. Evading taxes is not legal. Use of legal loopholes is not evading. From the Free Online Dictionary:

Tax evasion

An illegal act or practice of not paying one's true tax liability. One may do this directly simply by not paying taxes in a given year. More often, however, the term refers to a person or company hiding assets or income in certain vehicles deemed to be improper by the IRS. It is important to note that tax evasion is different from tax avoidance, which is the minimization of one's tax liability through legal means, though it is generally acknowledged that there is a fine line between the two.​

.​

This rant is a typical loony leftist hit piece and reality got dropped off early in the first edit. They may be confused by Obama's Warren Buffett who says he wants more taxes but his Berkshire Hathaway Corp.'s been evading a billion dollars in taxes since 2002.

 

[rdean]

Republicans call this "Good for the Country".

 

[uscitizen]

How can anyone supporting a consumption tax be against corporate income tax since they are both in reality a consumption tax?

 

[martybegan]

They paid not Federal CORPORATE INCOME taxes, maybe. You have to remember that the final corporate tax bill is often the result of years of negotation due to its complexity.

Also every corporation pays around 8% in payroll taxes.

 

[rdean]

They paid not Federal CORPORATE INCOME taxes, maybe. You have to remember that the final corporate tax bill is often the result of years of negotation due to its complexity.

Also every corporation pays around 8% in payroll taxes.

Maybe?

 

[martybegan]

They paid not Federal CORPORATE INCOME taxes, maybe. You have to remember that the final corporate tax bill is often the result of years of negotation due to its complexity.

Also every corporation pays around 8% in payroll taxes.

Maybe?

its because large corporations often enter into negotiations over their final tax bill for a given fiscal year, that can last for years. Once all the debits, credits, etc are figured out, then they pay the bill, and it may be 3 years later. So techincally they didnt pay taxes in fiscal year X, but they paid them in Fiscal year Z.

This would all be simpler with a flat profits tax of say 10%. No deductions, no nothing.

 

[bigrebnc1775]

The report, compiled by an advocacy group, Citizens for Tax Justice and the nonpartisan Institute on Taxation and Economic Policy, examined corporate financial statements from 280 companies on the Fortune 500 list, all of whom were profitable during the 2008-10 period.

"These 280 corporations received a total of nearly $223 billion in tax subsidies," said Robert McIntyre, director at Citizens for Tax Justice and the report's lead author. "This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit."

Bay Area firms among 30 not paying federal taxes

While the statutory tax rate for corporations in the U.S. is 35 percent, the report says companies use legal tax loopholes and move business offshore to evade taxes. As a result, the average tax rate for all 280 companies was 18.5 percent over the last three years. Only 71 of the 280 companies, or about 25 percent, paid more than 30 percent in taxes over the three years, with an average tax rate of 32.3 percent.

Bottom Line - 30 companies paid 'less than zero' taxes in recent years

Pepco Holdings Inc, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.

The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world; but over the 2008-2010 period, very few of the companies studied paid it, said the report.

Thirty companies paid no U.S. income tax 2008-2010: report | Reuters

----------------------------------

Why does this make Republicans giddy with happiness?

So an area that nancy pelosi represents does not pay taxes. Who would have ever thought democrat supporters paid taxes?

 

[Brutus]

"corporate taxes"

Corporate taxes are just another expense that is passed on to consumers in the form of higher prices.

Liberals lack the IQ to understand that so Democrats support corporate taxes just to pander to the pure ignorance of liberal voters.

Corporate taxes should be eliminated so business is free to conduct business rather than waste time dodging taxes,

 

[bigrebnc1775]

"corporate taxes"

Corporate taxes are just another expense that is passed on to consumers in the form of higher prices.

Liberals lack the IQ to understand that so Democrats support corporate taxes just to pander to the pure ignorance of liberal voters.

Corporate taxes should be eliminated so business is free to conduct business rather than waste time dodging taxes,

You must remember the area he's talking about Nancy Pelosi represents that area

 

[alan1]

The report, compiled by an advocacy group, Citizens for Tax Justice and the nonpartisan Institute on Taxation and Economic Policy, examined corporate financial statements from 280 companies on the Fortune 500 list, all of whom were profitable during the 2008-10 period.

"These 280 corporations received a total of nearly $223 billion in tax subsidies," said Robert McIntyre, director at Citizens for Tax Justice and the report's lead author. "This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit."

Bay Area firms among 30 not paying federal taxes

While the statutory tax rate for corporations in the U.S. is 35 percent, the report says companies use legal tax loopholes and move business offshore to evade taxes. As a result, the average tax rate for all 280 companies was 18.5 percent over the last three years. Only 71 of the 280 companies, or about 25 percent, paid more than 30 percent in taxes over the three years, with an average tax rate of 32.3 percent.

Bottom Line - 30 companies paid 'less than zero' taxes in recent years

Pepco Holdings Inc, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.

The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world; but over the 2008-2010 period, very few of the companies studied paid it, said the report.

Thirty companies paid no U.S. income tax 2008-2010: report | Reuters

----------------------------------

Why does this make Republicans giddy with happiness?

Yer the one that seems gay and fanciful about it.

 

[alan1]

47% of American wage earners pay no federal income tax and rdean is worried about 30 companies.
rdean focuses on the 0.001% while ignoring the 47%.

 

[bigrebnc1775]

47% of American wage earners pay no federal income tax and rdean is worried about 30 companies.
rdean focuses on the 0.001% while ignoring the 47%.

30 company's in an area that Nancy Pelosi represents. that should be enough to tell you who those people are

 

[Conservative]

47% of American wage earners pay no federal income tax and rdean is worried about 30 companies.
rdean focuses on the 0.001% while ignoring the 47%.

30 company's in an area that Nancy Pelosi represents. that should be enough to tell you who those people are

but which of them is hiding Libya's nukes for them?
http://www.usmessageboard.com/africa/192473-libya-admits-no-nukes-after-all.html#post4355851

 

[bigrebnc1775]

47% of American wage earners pay no federal income tax and rdean is worried about 30 companies.
rdean focuses on the 0.001% while ignoring the 47%.

30 company's in an area that Nancy Pelosi represents. that should be enough to tell you who those people are

but which of them is hiding Libya's nukes for them?
http://www.usmessageboard.com/africa/192473-libya-admits-no-nukes-after-all.html#post4355851

Last time bitch My thread I start had a link saying the nukes where there\. You have a link saying Libya has no nukes. So who's sources is right? What makes you so fucking sure your source is correct? Soon we will know if Libya had nukes or not stop sending me private messages. And why are you bring up a topic that has nothing to do with this thread? Don't be pissed at me for calling out the lie you told on another thread . Be pissed off at yourself for lying.

 

[Conservative]

30 company's in an area that Nancy Pelosi represents. that should be enough to tell you who those people are

but which of them is hiding Libya's nukes for them?
http://www.usmessageboard.com/africa/192473-libya-admits-no-nukes-after-all.html#post4355851

Last time bitch My thread I start had a link saying the nukes where there\. You have a link saying Libya has no nukes. So who's sources is right? What makes you so fucking sure your source is correct? Soon we will know if Libya had nukes or not stop sending me private messages. And why are you bring up a topic that has nothing to do with this thread? Don't be pissed at me for calling out the lie you told on another thread . Be pissed off at yourself for lying.

I sent you no private messages, asshat...yet another lie. I posted PUBLIC messages in your profile.

Your source was third hand... a report, of a report, of a report. Mine was first hand.

EVERYONE else has admitted there are no actual nukes in Libya... except your narcissistic lying ass.

The only person who lied... is you. The entire board knows it, and you, for what you are... a narcissistic, candy ass, pussy who cannot admit he was wrong.

Live with your shame, dick-spittle.

Oh... btw... I thought I was on ignore? Again?

@you... along with the rest of the board.


BTW.... this was YOUR link... not mine...

UN inspectors visit Libya nuclear weapons sites - Haaretz Daily Newspaper | Israel News

Which proves conclusively...

The Libyans say they have been working on a pilot scale centrifuge uranium-enrichment program but have not enriched any uranium. Enrichment is a process of purifying uranium for use as nuclear fuel or in weapons.

Libya's Foreign Minister Mohamed Abderrhmane Chalgam said on Saturday Tripoli had never crossed the line from laboratory experiments into actually making weapons.

There you have it folks. Contrary to what some idiotic, the sky is falling type posters would have us believe, Libya NEVER had actual nukes. They never even had enriched uranium REQUIRED for nukes.

Game, set, match.

YOUR link once again fucked you up the ass and proved you wrong.

 

[rdean]

47% of American wage earners pay no federal income tax and rdean is worried about 30 companies.
rdean focuses on the 0.001% while ignoring the 47%.

Because to take the tiny bit they have would be just plain evil.

Everyone pays taxes. Everyone. If you buy shoes you pay taxes.

Of course, Republicans like evil. It's what they do best.

 

[rdean]

but which of them is hiding Libya's nukes for them?
http://www.usmessageboard.com/africa/192473-libya-admits-no-nukes-after-all.html#post4355851

Last time bitch My thread I start had a link saying the nukes where there\. You have a link saying Libya has no nukes. So who's sources is right? What makes you so fucking sure your source is correct? Soon we will know if Libya had nukes or not stop sending me private messages. And why are you bring up a topic that has nothing to do with this thread? Don't be pissed at me for calling out the lie you told on another thread . Be pissed off at yourself for lying.

I sent you no private messages, asshat...yet another lie. I posted PUBLIC messages in your profile.

Your source was third hand... a report, of a report, of a report. Mine was first hand.

EVERYONE else has admitted there are no actual nukes in Libya... except your narcissistic lying ass.

The only person who lied... is you. The entire board knows it, and you, for what you are... a narcissistic, candy ass, pussy who cannot admit he was wrong.

Live with your shame, dick-spittle.

Oh... btw... I thought I was on ignore? Again?

@you... along with the rest of the board.


BTW.... this was YOUR link... not mine...

UN inspectors visit Libya nuclear weapons sites - Haaretz Daily Newspaper | Israel News

Which proves conclusively...

The Libyans say they have been working on a pilot scale centrifuge uranium-enrichment program but have not enriched any uranium. Enrichment is a process of purifying uranium for use as nuclear fuel or in weapons.

Libya's Foreign Minister Mohamed Abderrhmane Chalgam said on Saturday Tripoli had never crossed the line from laboratory experiments into actually making weapons.

There you have it folks. Contrary to what some idiotic, the sky is falling type posters would have us believe, Libya NEVER had actual nukes. They never even had enriched uranium REQUIRED for nukes.

Game, set, match.

YOUR link once again fucked you up the ass and proved you wrong.

OMG!

Libya had no NUKES? But, but, but the right wingers were so sure. Just like they were sure Saddam had WMDs. And tax cuts would grow the economy. And Obama took a trip costing 200 million dollars a day. And Climate Change is a lie.

It's almost a rule of thumb. Listen to what the right says and believe the opposite. You'll be right about 99% of the time.