Tag Archive: Citizens for Tax Justice


One Chart That Shows Just How Screwed Up Our Tax System Really Is

 

 

 

 

” The 2014 tax season is finally over and whether or not you owe the IRS, the following news will not make you pleased:

” Twenty-five profitable Fortune 500 companies spent more on lobbying than they paid in federal taxes between 2008 and 2012,” according to a Public Campaign analysis of data from Citizens for Tax Justice and the Center for Responsive Politics.

  This is yet another way our tax structure penalizes individuals and small businesses while supporting mega corporations. We must make tax reform a major issue in the 2014 and 2016 elections to even this out.

  The analysis showed that over five years, these 25 corporations spent way more money influencing government than supporting it. They generated nearly $170 billion in profits and received $8.7 billion in tax rebates, all while paying their lobbyists $543 million, an average of nearly $300,000 a day, to advance their interests in Congress.”

 

    The astute reader will note that all of these corporations had a negative tax obligation . What’s wrong with this picture ? Cronyism anyone ?

 

 

Policy Mic

 

 

 

 

 

 

 

 

 

 

 

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 .

 

 

Tax Foundation: Rich Pay Staggering Share Of Total Income Taxes

 

 

” The top 10 percent of taxpayers paid more than 70 percent of the total income tax revenue collected in 2010, according to research from the D.C.-based Tax Foundation. “That’s up from 55% in 1986,” CNN notes.

The remaining 90 percent paid just 30 percent, with 47 percent having no income tax liability.”

 

 

—-

Facebook to Pay Zero Taxes, Will Receive $429 Million Tax Refund

 

 

” While Obama spends a lot of time talking about how the “rich” should pay their fair share, expect Obama to mention this minor incident… never. Fair share paying doesn’t apply to Obama supporters, whether in his cabinet or outside it. It never did.

It hasn’t drawn much attention, but Facebook’s first annual earnings report contains an accounting gem: a multibillion-dollar tax deduction for the cost of executive stock options and share awards.

Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million.”