Study: 30 top firms paid no federal income taxes

[Nbadan]

forget the puny change from drug testing welfare moms and cutting meals for TX prisoners on weekends.....30 top companies paid no taxes in the U.S. despite earning $160 billion in profits...

Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes.

In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned pre-tax profits of $160 billion, according to two think tanks, Citizens for Tax Justice and the Ins ute on Taxation and Economic Policy. A negative tax rate represents a tax benefit like a credit, not necessarily direct funds from the government.


Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate at negative 57.6 percent and 78 of the 280 Fortune 500 corporations studied enjoyed at least one year in which they paid an effective tax rate of zero or less.

In addition, the average effective tax rate for the entire group of corporations studied over three years was only 18.5 percent, compared to the statutory rate of 35 percent.

The total amount of tax subsidies given to the 280 Fortune 500 firms was $222.7 billion from 2008-2010. Wells Fargo got the largest tax breaks, receiving $18 billion in breaks from 2008-2010.

The top 10 defense contractors saw their combined tax rate fall from 19.3 percent in 2008 to just 10.6 percent in 2010.

“Corporate taxes paid for more than a quarter of federal outlays in the 1950s and a fifth in the 1960s,” the report noted. “If we are going to get our nation’s fiscal house in order, increasing corporate income taxes should

Read more: http://www.politico.com/news/stories...#ixzz1ciIZHgmo

Why isn't the tea party movement all over this?

[Stringer_Bell]

Why isn't the tea party movement all over this?

Why? Because we, the Tea Party, don't believe the government should be putting their sticky fingers into the the profits of job creators and market innovators. Why should the government be allowed to create an environment where the job creators feel anxiety over not being able to hire the best applicants for their jobs when they are forced to to cut salaries because the government wants corporate revenues because tons of people continue to strain the en lement system? Where else are the 100K jobs in our economy supposed to go? They won't exist, and if they don't exist, then so goes the American Dream of WORKING HARD for a promotion to make some good money.

I and my Tea Party friends are sick and tired of the lib s crying about taxing .Taxes are immoral! It's in the bible, they hated the tax people back then too!

[greyforest]

Hahahahah these are great. The second is a woman literally IRL trolling all US taxpayers.

Taking more from society than you give back to it is a huge concern. A society is only able to support so many parasites. We would be just fine if all we have to bail out are impoverished ghetto residents buying Funyuns, but it turns out VAST CORPORATIONS ARE RECEIVING CORPORATE WELFARE, TO THE TUNE OF ING BILLIONS OF DOLLARS

Of those 280 companies, 78 corporations had at least one year during which their U.S. federal tax was zero or less, and many had more than one year paying no tax, despite recording profits; many of these companies also received tax rebates. In 2009 alone, 49 companies earned combined profits of $78.6 billion, yet paid no taxes - and collected tax rebates totaling $10.8 billion.

[greyforest]

Why isn't the tea party movement all over this?

The tea party movement is very much against corporate welfare. The "tea party movement" you see on TV is controlled by corporations, which are all for corporate welfare.

[FuzzyLumpkins]

I and my Tea Party friends are sick and tired of the lib s crying about taxing .Taxes are immoral! It's in the bible, they hated the tax people back then too!

Give me a ing break. 78 Fortune 500 companies paid zero tax last year after being able to shelter profits from scrutiny. You can all you want about taxes but government is a reality and that is unaccepatable.

The Bible also says

You shall not charge interest to your brother; interest on money, interest on food, interest on anything that is lent for interest.

You don't give a about that. Quit picking and choosing scripture about economic policy.

the Bible also says:

Let everyone be subject to the governing authorities, for there is no authority except that which God has established. The authorities that exist have been established by God. 2 Consequently, whoever rebels against the authority is rebelling against what God has ins uted, and those who do so will bring judgment on themselves .... 6 This is also why you pay taxes, for the authorities are God’s servants, who give their full time to governing. 7 Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.

So your their according to the holy word as told to us by Paul.

[Winehole23]

you might want to check your sarcasm detector, Fuzzy. Stringer_Bell has been known to make a few comments with tongue planted firmly in cheek.

[Drachen]

Why isn't cosmic cowboy posting any "free with my EBT" songs starring the CEO of GE?

[DarkReign]

you might want to check your sarcasm detector, Fuzzy. Stringer_Bell has been known to make a few comments with tongue planted firmly in cheek.

Was coming to post exactly that. S_B is adept.

[DarrinS]

Give me a ing break. 78 Fortune 500 companies paid zero tax last year after being able to shelter profits from scrutiny. You can all you want about taxes but government is a reality and that is unaccepatable.

The Bible also says



You don't give a about that. Quit picking and choosing scripture about economic policy.

the Bible also says:



So your their according to the holy word as told to us by Paul.

I think he was being sarcastic. But you're smart, so I'm sure you knew that.

[Winehole23]

Why isn't cosmic cowboy posting any "free with ntt EBT" songs starring the CEO of GE?

"anti-business."

[SnakeBoy]

9-9-9

[101A]

Let's just see if Obama, champion of the lower classes, mentions this. Esp. as it relates to GE.

[mavs>spurs]

Why? Because we, the Tea Party, don't believe the government should be putting their sticky fingers into the the profits of job creators and market innovators. Why should the government be allowed to create an environment where the job creators feel anxiety over not being able to hire the best applicants for their jobs when they are forced to to cut salaries because the government wants corporate revenues because tons of people continue to strain the en lement system? Where else are the 100K jobs in our economy supposed to go? They won't exist, and if they don't exist, then so goes the American Dream of WORKING HARD for a promotion to make some good money.

I and my Tea Party friends are sick and tired of the lib s crying about taxing .Taxes are immoral! It's in the bible, they hated the tax people back then too!

yeah face, with profits of only a measly 160 billion they'd have to lay off workers if they had to GASP pay taxes!

[Drachen]

Let's just see if Obama, champion of the lower classes, mentions this. Esp. as it relates to GE.

Don't worry, at least I am not so much of a party shill to believe that he would mention GE by name. There will be a vague allusion to "these multibillion dollar companies paying no taxes"

[Drachen]

Oh and Stringer Bell is a great troll.

[greyforest]

Why isn't cosmic cowboy posting any "free with my EBT" songs starring the CEO of GE?

I dunno you might have to actually read the thread to see if anything like that is in it.

[Drachen]

I dunno you might have to actually read the thread to see if anything like that is in it.

I have read it, there is nothing like that in here.

[LnGrrrR]

Oh and Stringer Bell is a great troll.

Stringer is what all great trolls should aspire to.

[FuzzyLumpkins]

Stringer is what all great trolls should aspire to.

Oh I got sucked in. I have to give props where they are most definitely due.

[Drachen]

Stringer is what all great trolls should aspire to.

He is literally the only troll that I find funny, or even worth time. I never understood the point of trolling (even for the troller) until I realized he was trolling. It's funny, and I am sure that at some point I will get caught by him too.

[ididnotnothat]

Stringer sucks and isn't funny at all.

[ChumpDumper]

Do we start calling these companies "The 6%"?

[TDMVPDPOY]

heck even some companies paid different rates when it comes to electricity bills and water bills...expecially mining companies...they dont get charge market rate like us consumers, they paid a smaller rate for large consumption