From Lawrence Rafferty, guesting on Turley's blog...
The average effective tax rate for all 280 companies in the study over the three year period was 18.5 percent; for the period 2009-2010 it was 17.3 percent, less than half the statutory rate of 35 percent.
78 of the companies enjoyed at least one year in which their federal income tax was zero or less.
30 companies enjoyed a negative income tax rate over the entire three year period on their combined pre-tax profits of $160 billion.
Total tax subsidies given to all 280 profitable corporations amounted to $222.7 billion from 2008-2010.
Wells Fargo tops the list of 280 U.S. corporations receiving the most in tax subsidies, getting nearly $18 billion in tax breaks from the U.S. treasury in the last three years.
Pepco Holdings had the lowest effective tax rate of all the companies in the study, at negative 57.6 percent over the three year period.” Citizens for Tax Justice
What is interesting is how many millions/billions these corporations are willing to spend on lawyers and lobbyists in efforts to avoid paying taxes to the government. Read the whole thing HERE
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2 Comments:
Yep, gotta love those tax 'breaks' that WE end up paying for... Much like professional sports teams that get huge tax breaks on their stadiums (that we pay for year after year)... sigh
The Right-Wing plan has always been to create a tax system wherein the entire burden falls upon the Middle Class. This accomplishes three goals:
1) The meager pittance thrown to the poor comes entirely from the middle class,
2) Giant Corporations are protected by a legal system which subsidizes their losses and violently protects their profits,
3) Facing the entire burden of a Nation-State / Overseas Empire The Middle Class is ground down into poverty and penury.
After accomplishing this, the tax laws will be changed and the country will become the Neo-Feudalist Slave State the Rich Plutocracy has always wanted.
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