I remember having blogged some thing similar earlier, but the sum involved was less.
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Only salaried people are the fools to pay tax.
“Since it’s tax time, this should piss you off: Citizens for Tax Justice last year found that 30 major corporations which had made billions of dollars in profits while paying no federal income tax between 2008 and 2010. Republican candidate Rick Santorum stated that Corporate tax rates should be lowered to 17.5%, meanwhile, cuts are made to all social services.”
That list is updated and sadly little has changed. Think Progress reports, “Today, CTJ updated that report to reflect the 2011 tax bill of those 30 companies, and 26 of them have still managed to pay absolutely nothing over that four year period:
– 26 of the 30 companies continued to enjoy negative federal income tax rates. That means they still made more money after tax than before tax over the four years!
– Of the remaining four companies, three paid four year effective tax rates of less than 4 percent
(specifically, 0.2%, 2.0% and 3.8%). One company paid a 2008-11 tax rate of 10.9 percent.– In total, 2008-11 federal income taxes for the 30 companies remained negative, despite $205 billion in pretax U.S. profits.Overall, they enjoyed an average effective federal income tax rate of –3.1 percent over the four years.
Those included are: General Electric, Boeing, Verizon, and Mattel. The only four that did not escape from paying something, includes Dupont paying only 4% in over four years. DTE Energy, Honeywell and Wells Fargo were among those paying something.
Today, political parties are debating who pays what, with Republicans protecting Corporations however, workers are paying their fair share of taxes on their earnings while the middle class shrinks even further.
While Republicans argue Corporate taxes in the U.S. are at an all time high, they are are at a 40 year low, with some paying absolutely nothing. When it was announced recently that the U.S. has the highest corporate tax rate in the world — the fact of the matter is, the actual Corporate tax rate may not matter if Corporations don’t pay anything close to that amount anyway while utilizing Corporate tax loopholes. These same “job creators” are sending jobs overseas. Although the President has clamped down somewhat on Corporate loopholes, enough is not done.
CTJ noted that “had these 30 companies paid the full 35 percent corporate tax rate over the 2008-11 period, they would have paid $78.3 billion more in federal income taxes.”
Banks in India too have their bits of Frauds.
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