26 Top American Corporations Paid No Federal Income Tax From ’08 To ’12

 

TAX FREE CORPORATIONS 08-12

 

 

” Twenty-six of the most powerful American corporations – such as Boeing, General Electric, and Verizon – paid no federal income tax from 2008 to 2012, according to a new report detailing how Fortune 500 companies exploit tax breaks and loopholes.

  The report, conducted by public advocacy group Citizens for Tax Justice (CTJ), focuses on the 288 companies in the Fortune 500 that registered consistent profit every year from 2008 to 2012. Those 288 profitable corporations paid an “effective federal income tax rate of just 19.4 percent over the five-year period — far less than the statutory 35 percent tax rate,” CTJ states.

  One-third, or 93, of the analyzed companies paid an effective tax rate below 10 percent in that timespan, CTJ found.

  Defenders of low corporate taxes call the US federal statutory rate of 35 percent one of the highest companies face in any nation. But the report signals how the most formidable corporate entities in the US take advantage of tax breaks, loopholes, and accounting schemes to keep their effective rates down.

“Tax subsidies for the 288 companies over the five years totaled a staggering $364 billion,including $56 billion in 2008, $70 billion in 2009, $80 billion in 2010, $87 billion in 2011, and $70 billion in 2012,” CTJ states. “These amounts are the difference between what the companies would have paid if their tax bills equaled 35 percent of their profits and what they actually paid.”

   Read it all . You’ll be totally disgusted but you still need to know just how alive and well corporate cronyism is in this new age of Obama .