Corporate tax dodgers

Openmind

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FOR IMMEDIATE RELEASE
November 3, 2011
CONTACT: Citizens for Tax Justice and the Institute on Taxation and Economic Policy

Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010

WASHINGTON - November 3 - A comprehensive new study that profiles 280 of America’s most profitable companies finds that 78 of them paid no federal income tax in at least one of the last three years. Thirty companies enjoyed a negative income tax rate over the three year period, despite combined pre-tax profits of $160 billion. These are among the findings in “Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010,” released today by Citizens for Tax Justice and the Institute on Taxation and Economic Policy.

“These 280 corporations received a total of nearly $223 billion in tax subsidies,” said Robert McIntyre, Director at Citizens for Tax Justice and the report’s lead author. “This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”

“Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010” is the tenth comprehensive publication on corporate taxes from Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy (ITEP). The two groups released their first major study on the federal income taxes that large, profitable American corporations pay on their U.S. pretax profits in 1984.

The newest study, released today, is online at http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodg...

The study examines 280 corporations, all from the Fortune 500 list. All of the companies were profitable in each of the last three years and provided sufficient and reliable information in their financial reports about their pretax U.S. profits and their U.S. federal income taxes.

Corporations are lobbying for lower corporate rates and an exemption for profits they shift offshore. McIntyre, however, says “Our study provides proof that too many corporations are already being coddled by our tax system.”

http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodg...
 
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Dr.Who

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These companies either "dodged" (makes one wonder when a legal word is not used here) the taxes legally in which case the legislature is to blame or they broke the law in which case those who are not prosecuting them are to blame.

And when those companies received lots of subsidies that could have been used to subsidize someone else, then we can blame the politicians either for misdirecting those subsidies and for giving any subsidies at all despite the constitutional directive to provide equal protection under the law.
 

Openmind

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These companies either "dodged" (makes one wonder when a legal word is not used here) the taxes legally in which case the legislature is to blame or they broke the law in which case those who are not prosecuting them are to blame.

And when those companies received lots of subsidies that could have been used to subsidize someone else, then we can blame the politicians either for misdirecting those subsidies and for giving any subsidies at all despite the constitutional directive to provide equal protection under the law.

So, we need change in the government. . .not the "status quo" or "returning to the Bush or the Reagan years" as the GOP advocates!
 

clarkatticus

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These companies either "dodged" (makes one wonder when a legal word is not used here) the taxes legally in which case the legislature is to blame or they broke the law in which case those who are not prosecuting them are to blame.

And when those companies received lots of subsidies that could have been used to subsidize someone else, then we can blame the politicians either for misdirecting those subsidies and for giving any subsidies at all despite the constitutional directive to provide equal protection under the law.
I would love to hear the outcry from the right when we start to prosecute "job givers". I am not so much againsed tax breaks for hiring and business expansion in the US, or to promote infrastructure and tech breakthroughs needed to compete in the world economy. I doubt many of these companies fall under these requirements.
 

Dr.Who

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So, we need change in the government. . .not the "status quo" or "returning to the Bush or the Reagan years" as the GOP advocates!

The status quo has been broken and abused by both parties for years so yes it needs to change.

I don't know what the GOP has been saying and I am not a republican. All I can say is that they are not as bad as the democrats.
 

Dr.Who

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I would love to hear the outcry from the right when we start to prosecute "job givers"..

If they broke the law by evading taxes then certainly they should be prosecuted. Are you really saying that you think the right would defend tax evasion by claiming that the tax evaders were job givers? I suspect both parties and both sides of the spectrum are against tax evasion - though most of the examples of it coming from Washington politicians are members of the dem party.
 
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clarkatticus

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That is indeed the exact thing I am saying-look how some of them came to the defense of BP during the oil disaster. The right just talks to their base and the left does the same, see who gets the middle and you will see who wins the next election.
 
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