Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The ultra-accurate Citizens for Tax Justice (CTJ) publishes precise reports on the effective taxes paid by corporations that make an utter mockery of the 35 percent statutory tax rate for corporations (see CTJ.org).
On June 1, 2011, CTJ released a preview of its forthcoming study of Fortune 500 companies and "the taxes they paid--or failed to pay--over the 2008-2010 period." Judging by the preview, this report should silence those who say that the U.S. taxes corporations more than other industrialized nations.
What do you think the following profitable corporations paid in actual total federal income taxes in that period: American Electric Power, Boeing, Dupont, Exxon Mobil, FedEx, General Electric, Honeywell, International, IBM, United Technologies, Verizon Communications, Wells Fargo, and Yahoo? Nothing!
CTJ reports that "from 2008 through 2010, these 12 companies reported $171 billion in pretax U.S. profits. But as a group, their federal income taxes were negative: $2.5 billion."
CTJ documents that "not a single one of the companies paid anything close to the 35 percent statutory tax rate. In fact, the 'highest tax' company on our list, ExxonMobil, paid an effective three-year tax rate of only 14.2 percent...and over the past two years, Exxon Mobil's net tax on its $9.9 billion in U.S. pretax profits was a minuscule $39 million, an effective tax rate of 0.4 percent."
Well..the propaganda machine has all eyes focused on those "rich" individuals making $250K a year blaming them for our problems.
Meanwhile the fat cats on Wall Street enjoy little to no taxes and in the case of GE a refund no less.
Corporate taxes aren't even on the radar screen with this crowd in DC.
Neither the Dems nor Repubs will touch their money maker machines...Corporations.
What do you think the following profitable corporations paid in actual total federal income taxes in that period: American Electric Power, Boeing, Dupont, Exxon Mobil, FedEx, General Electric, Honeywell, International, IBM, United Technologies, Verizon Communications, Wells Fargo, and Yahoo? Nothing!
I think this is wonderful for two reasons. When Exxon pays no taxes, I get cheaper gas.
And when all of these big companies pay no taxes, my 401k grows.
So thank you big business!!! Thank you for taking advantage of the provisions Congress made to lower your tax bill, just like the rest of us.
Well they're not breaking laws, they just have excellent accountants. I've long been an advocate of removing most tax credits and deductions while also lowering the tax rate. It'd be better to collect 10% from almost every company than 20% from a few, 0-4% from most, and paying a few (GE this year for example).
The ultra-accurate Citizens for Tax Justice (CTJ) publishes precise reports on the effective taxes paid by corporations that make an utter mockery of the 35 percent statutory tax rate for corporations (see CTJ.org).
On June 1, 2011, CTJ released a preview of its forthcoming study of Fortune 500 companies and "the taxes they paid--or failed to pay--over the 2008-2010 period." Judging by the preview, this report should silence those who say that the U.S. taxes corporations more than other industrialized nations.
What do you think the following profitable corporations paid in actual total federal income taxes in that period: American Electric Power, Boeing, Dupont, Exxon Mobil, FedEx, General Electric, Honeywell, International, IBM, United Technologies, Verizon Communications, Wells Fargo, and Yahoo? Nothing!
CTJ reports that "from 2008 through 2010, these 12 companies reported $171 billion in pretax U.S. profits. But as a group, their federal income taxes were negative: $2.5 billion."
CTJ documents that "not a single one of the companies paid anything close to the 35 percent statutory tax rate. In fact, the 'highest tax' company on our list, ExxonMobil, paid an effective three-year tax rate of only 14.2 percent...and over the past two years, Exxon Mobil's net tax on its $9.9 billion in U.S. pretax profits was a minuscule $39 million, an effective tax rate of 0.4 percent."
Corporations do not pay taxes... period. That expense is passed on to you...the consumer. The only real difference occurs when governments collect the taxes and then get to decide how to redistribute these funds according to the political/social dictates.
Corporations do not pay taxes... period. That expense is passed on to you...the consumer.
We've told them that countless times, but they are r-e-a-l-l-y slow to catch on to that fact.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Winning the Future! 
