37 Giant Corporations Paid 0 in Taxes Last Year — Who Are the Cheats? | | AlterNet


37 Giant Corporations Paid 0 in Taxes Last Year — Who Are the Cheats? | | AlterNet.

 

37 Giant Corporations Paid 0 in Taxes Last Year — Who Are the Cheats?

By Andrew Leonard, Salon
Posted on November 3, 2011, Printed on November 10, 2011
http://www.alternet.org/story/152958/37_giant_corporations_paid_0_in_taxes_last_year_–_who_are_the_cheats

In 2010, Verizon reported an annual profit of nearly $12 billion. The statutory federal corporate income tax rate is 35 percent, so theoretically, Verizon should have owed the IRS around $4.2 billlion. Instead, according to figures compiled by the Center for Tax Justice, the company actually boasted a negative tax liability of $703 million. Verizon ended up making even more money after it calculated its taxes.

Verizon is hardly alone, and isn’t even close to being the worst offender. Perhaps most famously, General Electric raked in $10.5 billion in profit in 2010, yet ended up reporting $4.7 billion worth of negative taxes. The worst offender in 2010, as measured by its overall negative tax rate, was Pepco, the electricity utility that serves Washington, D.C. Pepco reported profits of $882 million in 2010, and negative taxes of $508 million — a negative tax rate of 57.6 percent.

Altogether, according to “Corporate Taxpayers & Corporate Tax Dodgers 2008-10,” a blockbuster new report  put together by the Citizens for Tax Justice and the Institute on Taxation and Economic Policy that will have you reaching for your hypertension medicine before you finish reading the third page, 37 of the United States’ biggest corporations paid zero taxes in 2010. The list is a blue-chip roll-call.

Please, read more here:

 

Andrew Leonard is a staff writer at Salon. On Twitter, @koxinga21. © 2011 Salon All rights reserved.
View this story online at: http://www.alternet.org/story/152958/

Advertisements

Kommentar verfassen

Trage deine Daten unten ein oder klicke ein Icon um dich einzuloggen:

WordPress.com-Logo

Du kommentierst mit Deinem WordPress.com-Konto. Abmelden /  Ändern )

Google+ Foto

Du kommentierst mit Deinem Google+-Konto. Abmelden /  Ändern )

Twitter-Bild

Du kommentierst mit Deinem Twitter-Konto. Abmelden /  Ändern )

Facebook-Foto

Du kommentierst mit Deinem Facebook-Konto. Abmelden /  Ändern )

Verbinde mit %s