Last year, Citizens for Tax Justice found that 30 major corporations had made billions of dollars in profits whilepaying no federal income tax between 2008 and 2010. Today, CTJ updated that report to reflect the 2011 tax bill of those 30 companies, and 26 of them have still managed to pay absolutely nothing over that four year period:
– 26 of the 30 companies continued to enjoy negative federal income tax rates. That means they still made more money after tax than before tax over the four years!
– Of the remaining four companies, three paid four year effective tax rates of less than 4 percent
(specifically, 0.2%, 2.0% and 3.8%). One company paid a 2008-11 tax rate of 10.9 percent.
– In total, 2008-11 federal income taxes for the 30 companies remained negative, despite $205 billion in pretax U.S. profits. Overall, they enjoyed an average effective federal income tax rate of –3.1 percent over the four years.
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Must be nice. I owe over 3,000.00 this year and didn't make jack. Gotta Love the good old USA!
ReplyDeleteMay I point out that he 26 major corporations that paid no tax were simply following the tax laws as passed by our Congress? It would be the height of stupidity to pay taxes that are not owed. You don't see Warren Buffet in any hurry to write a check, do you?
ReplyDeleteIf corporations pay more and more tax, won't the costs of their products and services just go up? So, in other words, corporations don't pay any taxes at all, they just transfer the money customers pay on to the government. Also, if people say that a company needs to pay more tax they should understand that they are just stabbing themselves in their own foot and raising the cost of what they buy.
ReplyDelete@927pm
ReplyDeleteu are right. put this into a personal perspective. if the government said you dont have to pay taxes, would you?