Go figure! Who voted for these people?
Corporations At Tax Time: Who's Good And Who's Bad
(And Who's Really Ugly)
(And Who's Really Ugly)
By Paul Buchheit
http://www.countercurrents.org/buchheit310311.htmBoeing and DuPont and Dow Chemical and Verizon all made profits three
years in a row, but all received net refunds for the three-year period.
The ugliest result comes from General Electric, which made pre-tax profits
of $44 billion over three years but received almost $5 billion in refunds!
So ugly, indeed, that the company buried its tax benefit (refund) strategy
in a nondescript passage near the end of its 10-K.
years in a row, but all received net refunds for the three-year period.
The ugliest result comes from General Electric, which made pre-tax profits
of $44 billion over three years but received almost $5 billion in refunds!
So ugly, indeed, that the company buried its tax benefit (refund) strategy
in a nondescript passage near the end of its 10-K.
The big picture:
The top 100 companies, with $5 trillion in 2010 revenue and $500 billion
in pre-tax earnings, paid less than 10% last year in non-deferred federal
taxes. If these 100 companies had paid the 35% tax designated by U.S. tax
law, an additional $140 billion would have been collected in federal taxes
in just one year. This is approximately equal to the total budget deficits
for all 50 states.
in pre-tax earnings, paid less than 10% last year in non-deferred federal
taxes. If these 100 companies had paid the 35% tax designated by U.S. tax
law, an additional $140 billion would have been collected in federal taxes
in just one year. This is approximately equal to the total budget deficits
for all 50 states.
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