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12 of the Fortune 500 companies paid a -1.5% tax rate in the last 3 years

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posted on Jun, 2 2011 @ 07:10 PM
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Yes, a negative tax rate. Ain't that awesome?

Not Only Are U.S. Corporations Not Overtaxed, Some Of The Biggest Are Paying A Negative Tax Rate

Today, and not a moment too soon, the non-profit Citizens For Tax Justice (CTJ) has put out their findings revealing that twelve of the nations largest Fortune 500 companies, while making $170 billion in profits during the period of The Great Recession, paid an effective tax rate of negative 1.5%.

Yes, you read that correctly.

Not only have these twelve companies paid zero in taxes for the years 2008-2010, they actually received tax subsidies that added $62.4 billion to their bottom lines.The companies were chosen by the CTJ to represent a range of industries, including manufacturing, energy, services, transportation and high tech and include – in alphabetical order – American Electric Power, Boeing, Dupont, Exxon Mobil, FedEx, General Electric, Honeywell International, IBM, United Technologies, Verizon Communications, Wells Fargo and Yahoo.

Here are the bullet points presented by the report:

* From 2008 through 2010, these 12 companies reported $171 billion in pretax U.S. profits. But as a group, their federal income taxes were negative: –$2.5 billion.

* All but two of the dozen companies enjoyed at least one no-tax year over the 2008-10 period, despite reporting substantial pretax U.S. profits in those no-tax years.

* Eight of the twelve companies reported net tax benefits over the full three-year period.

According to the study, not a single one of these companies paid an amount even close to the 35% statutory tax rate.


Don't you which you would be a corporation too? You could be, corporations are people apparently... But if a person (person) kills someones, he goes to prison... but if a person (corporation) kills someone, they pay a fine or nothing happens to them.

Everyone should declare themselves corporations! You are above all laws and RECEIVE taxes instead of paying them!




posted on Jun, 2 2011 @ 07:14 PM
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Good thing I don't pay taxes, so they didn't get any of my money.



posted on Jun, 2 2011 @ 07:14 PM
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wow...they really got a big mix of corporations in there...all very well known as well...what to do...what to do



posted on Jun, 2 2011 @ 07:20 PM
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In other words, the system is working EXACTLY as your oligarch masters planned. But hey you on the Right, letting the rich get richer is good and a core Christian value. That's just good capitalism, eh? And those corporations just re-invest that money in the economy to create jobs, right? I mean isn't that the snake oil you people have been peddling for the last 30 years?



posted on Jun, 2 2011 @ 07:37 PM
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Aren't we owed money back from these guys?
I want my kick back check.



posted on Jun, 2 2011 @ 07:59 PM
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Of that list of 12, I only found Wells Fargo on a bailout recipient list. Now, I know there are a lot of sites hosting receipient trackers and what has been paid back, so I cannot say for certain that none of these other 11 arent on some list somewhere else as having taken a gov't handout/loan while also getting tax breaks of the century.

My question is, why was I not given a break on my tax rate during that period? I mean, how can they claim a corporation is so much more important to the economy for providing work and payroll over a consumer having money in their pocket to go spend on goods and services that make those corporations viable in the first place.

I was always told growing up that Stupid was not contagious, but the more I learn about our current legislative branch, the more I begin to doubt it. In fact, I think it is a degenerative ailment as well, because they seem to get more stupid with each passing year.



posted on Jun, 2 2011 @ 08:15 PM
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...and we have the average Joe American defending corporations every time they go to the polls. Our own government robs from the poor and gives to the rich. Yea, we need to cut corporate taxes so businesses will hire more people and help improve the economy. When oh when are we going to wise up and realize we are being taken for a ride.



posted on Jun, 2 2011 @ 08:32 PM
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Originally posted by grey580
Aren't we owed money back from these guys?
I want my kick back check.


it doesnt work like that.. you get to buy their products or use their services, so in reality they're taking your money twice..
edit on 2/6/11 by Misterlondon because: (no reason given)



posted on Jun, 2 2011 @ 08:37 PM
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Don't forget how many private citizens don't pay taxes either.

Last I heard it was about half.



posted on Jun, 2 2011 @ 08:53 PM
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Originally posted by wheresthetruth
Of that list of 12, I only found Wells Fargo on a bailout recipient list. Now, I know there are a lot of sites hosting receipient trackers and what has been paid back, so I cannot say for certain that none of these other 11 arent on some list somewhere else as having taken a gov't handout/loan while also getting tax breaks of the century.

My question is, why was I not given a break on my tax rate during that period? I mean, how can they claim a corporation is so much more important to the economy for providing work and payroll over a consumer having money in their pocket to go spend on goods and services that make those corporations viable in the first place.

I was always told growing up that Stupid was not contagious, but the more I learn about our current legislative branch, the more I begin to doubt it. In fact, I think it is a degenerative ailment as well, because they seem to get more stupid with each passing year.


Yeah. They're just stupid. So stupid that they screw things up so badly that they make bazillions while you get screwed. Yeah. They just screwed up. It's an accident that they ended up in a bed of roses while you ended up in a pile of s*&% . Whoops. How stupid.



posted on Jun, 2 2011 @ 09:14 PM
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Why should corporations pay any tax at all? It's just a way to hide taxes that people pay. Corporations raise their prices to cover taxes paid, so who pays them? You do. All employees of corporations pay taxes. If shareholders get dividens, they pay taxes on that. If they gain in shares, they pay taxes on that.

Besides which, 47% of American households pay no tax whatsoever.

From 1986 to 2004, the total share of the income tax burden paid by the top 1 percent of income earners grew by nearly half, from 25.8 percent to 36.9 percent.

Over that same time, the burden of the bottom 50 percent of earners was almost halved from 6.5 percent to 3.3 percent.

The Tax Foundation has noted that in 2000, a year before the first tax cuts under Bush, roughly 30 million tax returns had no income tax liability. Every dollar those earners made they kept.

By 2004, a year after the second round of cuts was passed, 43 million returns had no tax. It estimates that, in all, more than 25 million Americans have been wiped off the federal tax rolls just by President Bush.

OK: To summarize, then.

The top 1% pay over a third of the taxes.
The top 50% pay about 96% of the taxes.
The bottom 50% pay a little over 3% of the taxes with 43 million returns paying NOTHING at all.



posted on Jun, 2 2011 @ 09:22 PM
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Originally posted by schuyler
Why should corporations pay any tax at all? It's just a way to hide taxes that people pay. Corporations raise their prices to cover taxes paid, so who pays them? You do. All employees of corporations pay taxes. If shareholders get dividens, they pay taxes on that. If they gain in shares, they pay taxes on that.

Besides which, 47% of American households pay no tax whatsoever.

From 1986 to 2004, the total share of the income tax burden paid by the top 1 percent of income earners grew by nearly half, from 25.8 percent to 36.9 percent.

Over that same time, the burden of the bottom 50 percent of earners was almost halved from 6.5 percent to 3.3 percent.

The Tax Foundation has noted that in 2000, a year before the first tax cuts under Bush, roughly 30 million tax returns had no income tax liability. Every dollar those earners made they kept.

By 2004, a year after the second round of cuts was passed, 43 million returns had no tax. It estimates that, in all, more than 25 million Americans have been wiped off the federal tax rolls just by President Bush.

OK: To summarize, then.

The top 1% pay over a third of the taxes.
The top 50% pay about 96% of the taxes.
The bottom 50% pay a little over 3% of the taxes with 43 million returns paying NOTHING at all.


How dare you discuss the actual truth here don't you know that coporations are supposed to be evil.

People need coporations to survive but easily overlook that when they blame them for everything. I've never worried that they get huge tax breaks as it's competition with other countries to keep them here. And your right that they end up paying one way or another what they should. Pretty much every part of their operation is taxed one way or another.



posted on Jun, 2 2011 @ 09:29 PM
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The tax code looks like a set of encyclopedias and there are enough statutes and stipulations in it to enable any well managed corporation or studied individual to avoid income taxes. If you are paying income taxes, somethin' ain't right!



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