Sunday, November 06, 2011

Common Dreams: Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010

Report: Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010
Common Dreams

A report issued today by Citizens for Tax Justice and the Institute on Taxation and Economic Policy shows that 78 out of 280 of America’s most profitable companies paid no federal income tax in at least one of the last three years. Thirty of these companies paid a 'less than zero' rate between 2008 and 2010.

From their release:

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.”

To Read the Rest of the Report

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