Big profits, zero taxes for large U.S. companies

Discussion in 'Politics' started by hvactec, Nov 3, 2011.

  1. hvactec
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    hvactec VIP Member

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    Nov. 3, 2011, 5:10 a.m. EDT

    Tax rate for 280 profitable firms ranges from 41% to negative 58%: study


    SAN FRANCISCO (MarketWatch) — The official federal corporate income tax rate in the U.S. is 35%, but plenty of the nation’s largest publicly traded companies are paying no taxes — even getting money back from the government in some cases — in years when they reap big profits, according to a new report.

    Thirty of the 280 Fortune 500 companies studied paid zero in federal income taxes or enjoyed tax rebates in 2008, 2009 and 2010, according to the study by the left-leaning Citizens for Tax Justice, a Washington-based nonprofit research and advocacy group, and the Institute on Taxation and Economic Policy, a nonprofit, nonpartisan research group.

    And 78 of the 280 companies paid nothing in federal income taxes or enjoyed a tax rebate in at least one of those years. Those 78 companies, including General Electric Co. GE +1.85% and Pepco Holdings Inc. POM +1.80% , earned a total of $156 billion in pretax U.S. profits in the years they paid no income tax, yet received so many tax breaks that they reported negative taxes — a total of negative $22 billion, the study said.

    read more Big profits, zero taxes for large U.S. companies - TaxWatch - MarketWatch
     
  2. Chris
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    Chris Gold Member

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    It doesn't bother me that corporations pay no taxes.

    It bothers me that the rich pay taxes at a lower rate than the rest of us.
     
  3. hvactec
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    hvactec VIP Member

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    American middle class pay near the highest tax in the world while the American cooperation’s and top 1% of the wealthiest Americans pay near the least tax in the world.
    In the United States a middle class American who makes the median household income of $43,318 pays an enormous 25% tax.

    In Germany a middle class citizen who makes $74,775.17 pays only 14% tax and has unlimited universal health care, a much shorter work week, mandatory minimum 5 week paid vacation, and unlimited full pay sick leave + full pay maternity leave.
     
  4. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    It bothers me that some big corps don't pay taxes, some even getting tax credits for the future. That's bullshit, I'd support legislation to delete or reduce the tax breaks, loopholes, and subsidies they get, and lower the corp tax rates to be more competitive world wide. I'd go with a flat corp tax, say at 15%, with no deductions.
     
  5. Vaard
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    Vaard Active Member

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    if taxes are passe don to the concumer as rpeublicans claim and these companies didnt pay tax last year, why did the cost of their products go up?


    seriously? $2 for a pepsi out of a vending machine?
     
  6. grunt11b
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    grunt11b VIP Member

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    Obama and the Democrats are unwilling to change the tax structure, until we get someone in there who will, it's not worth bitching about.
     
  7. paulitician
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    paulitician Platinum Member Supporting Member

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    Must be a big kick in the nuts for the Anti-Business Socialists/Progressives watching their guy in the White House making GE CEO Jeffrey Immelt his "Jobs Czar." When's the last time GE paid any taxes? I'm sure it's been awhile. Could it be "IMPEACH OBAMA!!" time for the Left?
     
    Last edited: Nov 3, 2011
  8. driveby
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    driveby Gold Member

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    No they don't, liar....
     
  9. Inthemiddle
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    Inthemiddle BANNED

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    Uh, dude, that was so 5 years ago. Tell us something we don't know.
     

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