All But One Paid Less Than Zero Federal Income Tax In 2012

tax rebateThis CTJ report illustrates how profitable Fortune 500 companies in a range of sectors of the economy are remarkably successful in manipulating the tax system to avoid paying even a dime of tax on billions of dollars in benefits.

All paid exceedingly low rates over five years, All but one paid less than zero federal income tax in 2012. These ten corporations’ tax situations shed light on the widespread nature of corporate tax avoidance. Ten companies paid no federal income tax on obvadjobvadj57 billion in gains over the past five years, as a group.

The companies profiled here represent a range of segments of the economy.

tax rebate Companies profiled here appear to be using a diverse array of other tax breaks to zero out their federal income taxes, while much recent attention has focused on multinational corporations that have used offshore tax havens to minimize their tax liability. Facebook, FedEx and Pepco are fairly wellpublicized tax avoiders, that said, this report also includes, while General Electric.

In recent years, the public’s attention had been drawn to the elaborate tax avoidance mechanisms used by a few huge corporations similar to General Electric, Apple, Microsoft and others. So a sensible starting point may be to critically assess the costs of every of these tax breaks, and to take steps to ensure that profitable corporations pay their fair share of the taxes, as Congress focuses on strategies for revamping the corporate income tax. As this report indicates, the scope of corporate tax avoidance goes well beyond these few companies, and spans a wide types of economic sectors. Tax breaks that have allowed these companies to be so successful in their tax avoidance are, by and large, perfectly legal, and often been on the books for decades.

The next step is as, Therefore if not more.

The revenues raised from eliminating corporate tax subsidies shouldn’t be given right back to corporations in the sort of tax rate reductions, as corporate lobbyists and their allies inside the Washington Beltway preposterously argue. Needless to say, the next step is as, if not more.

The revenues raised from eliminating corporate tax subsidies shouldn’t be given right back to corporations in the sort of tax rate reductions, as corporate lobbyists and their allies inside the Washington Beltway preposterously argue. As most of Americans understand, instead these desperately needed revenues should’ve been used to address our nation’s fiscal problems and to make critically needed public investments in our nation’s future. Furthermore, as a number of Americans understand, instead these desperately needed revenues gonna be used to address our nation’s fiscal problems and to make critically needed public investments in our nation’s future.

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