It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
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.
Originally posted by grey580
Aren't we owed money back from these guys?
I want my kick back check.
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.
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.