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    Default 10 Major Corporations That Donít Pay Taxes

    In recent years, giant corporations have started a trend when it comes to paying taxes: the greater the profit, the lower the taxes they pay.

    Dissatisfaction has come from citizens, but also from public figures like senator Bernie Sanders and public advocacy group Citizens for Tax Justice.

    The nonprofit group conducted a report and found out that between 2008 and 2012 no less than 288 American companies paid an average of 19.4 percent in taxes, while the statutory tax rate is 35 percent, RT reports.

    In February 2014, Dave Camp, United States House Ways and Means Committee Chairman introduced a tax reform proposal which would reduce the maximum federal effective tax rate to 25 percent, the same source adds.

    Citizens for Tax Justice (CTJ) concluded that 288 companies totaled $364 billion in tax subsidiaries, money which could have benefited the country. However, targeted companies accuse CTJ for not taking into consideration state and local taxes, RT states. CTJ also revealed that two thirds of the 288 analyzed companies ďpaid higher corporate tax ratesĒ to governments outside the US where subsidiaries operate than the amount they paid to the American government.

    The advocacy group completed its report by stating that one in 11 companies of the total of 288 paid a zero percent effective federal income tax rate and 93 of them paid a tax rate below ten percent, RT reports.

    In a Senate speech, Senator Sanders stated that taxes should be paid not only by ďworking families, low-income people, the children, the sick, the elderlyĒ but also by large oil companies like Exxon-Mobil and others, LiveScience stated. The same source offered examples like GE and Bank of America, enterprises which did not paid U.S. taxes in 2010, despite a profit worth billions of dollars. Tax breaks and loopholes allowed giant corporations to keep their profits intact.

    1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

    2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion. (Source: Forbes.com here, ProPublica here and Treasury here.)

    3) General Electric made $26 billion in profits in the United States over the past five years and, thanks to clever use of loopholes, paid no taxes

    4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

    5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

    6) Valero Energy, the 25th largest company in America with $68 billion in sales last year, received a $157 million tax refund check from the IRS and, over the past three years, received a $134 million tax break from the oil and gas manufacturing tax deduction. (Source: the companyís 2009 annual report, pg. 112, here.)

    7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department. (Source: Bloomberg News here, ProPublica here, Treasury Department here.)

    8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

    9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2006 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction. (Sources: Profits can be found here. The deduction can be found on the companyís 2010 SEC 10-K report to shareholders on 2009 finances, pg. 127, here.)

    10) Carnival Cruise Lines made more than $11 billion in profits over the past five years, but its federal income tax rate during those years was just 1.1 percent.

  2. #2
    Good Enough cabomiro's Avatar
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    I know this is very hard for you to understand - but attach the F%&^ing source !!!
    Cabo x 20
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    Quote Originally Posted by cabomiro View Post
    I know this is very hard for you to understand - but attach the F%&^ing source !!!
    He just wants to stir stuff up...


    Besides, it's much more interesting to just toss something like this out there by itself...
    Quote Originally Posted by Hot Sauce View Post
    8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
    ...then it is to include this as well.
    The TARP bailout fund also received about $22 billion more than it gave to the nation's banks, with the biggest profit in the banking bailout coming from Treasury's sale of Citigroup (C) shares.

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    I hear ya Arson. I was just wondering where he dusted this info from since it's all from the last decade!
    But I guess you gotta dig deep to keep pushing your crazy agenda
    Cabo x 20
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    Quote Originally Posted by cabomiro View Post
    I hear ya Arson. I was just wondering where he dusted this info from since it's all from the last decade!
    But I guess you gotta dig deep to keep pushing your crazy agenda
    Yes - 2008 to 2012 is decades ago.

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    Quote Originally Posted by cabomiro View Post
    I know this is very hard for you to understand - but attach the F%&^ing source !!!
    I will never understand why people here lose their shit over this with the wonders of Google. But the article clearly states a study done by public advocacy group Citizens for Tax Justice.

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    Quote Originally Posted by Hot Sauce View Post
    ...with the wonders of Google.
    Google Doesn't Pay Taxes
    Using legal and accounting maneuvering, Google has effectively kept some $3.1 billion dollars in potential tax revenue from the government. The corporate tax rate in America is 35 percent, but Google pays an effective tax rate of 2.4 percent.

    See how stupid that was? A cherry picked article with no link just to give the appearance of intelligent debate....

    Who cares anyway? The economy is rocking and we'll all be partying soon! Right?
    Quote Originally Posted by Hot Sauce View Post
    I know that things have improved for me. I suspect that things have improved for millions of Americans as well. It just hasn't gotten to you yet.

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    Atomic Punk Dave's Dreidel's Avatar
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    Quote Originally Posted by Hot Sauce View Post
    I will never understand why people here lose their shit over this with the wonders of Google. But the article clearly states a study done by public advocacy group Citizens for Tax Justice.
    My man, you don't have to understand why, the fact is that is our policy. Show some respect to Brett and Daisy and do what they ask, please? I am not trying to start something with you, but it seems pretty simple to me that when you are the guest on someone else's website that you would follow their rules. I doubt they are going onto your website and telling you how to do things, are they?

    It's common courtesy man, pick your battles. It takes an additional two seconds.
    Taylor Swift is nice to look at. Adele can sing.

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    This is a topic that drives me nuts when it comes to the left.

    If you're in favor of a strong federal government that exerts considerable influence in our lives, that's fine--as long as you're consistent and understand the pros and cons of such policy. It's your opinion.

    But to get mad or be surprised at such a predictable consequence of government wielding that kind of power is just maddening to me.

    As a rule, wherever there is power, there will be people trying to influence.

    Fortunately (or unfortunately), we have a first amendment in this country that protects speech, so those with great means are able to influence the available power at the federal level.

    So I don't understand where the surprise part comes in. Don't we all use every break we can to pay the least amount in income taxes? So why wouldn't the rich influence the federal government to make sure that they pay the least amount in taxes? Of course they would.

    Here's a novel idea: If you don't like the fact that people can influence power, how about we give the federal government only the necessary amount of power? Like, maybe stick to the enumerated powers and respect the 10th amendment, for one.

    But even when it comes to a power like taxation, maybe we should limit it so there is the least amount of influence to be bought. Instead, the federal government uses taxes to influence all kinds of things. Once that happens, that's up for grabs by those seeking to influence power.

    The only way you curb it is to curb as much power as possible.

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  13. #10
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    Quote Originally Posted by Arson View Post
    Google Doesn't Pay Taxes
    Using legal and accounting maneuvering, Google has effectively kept some $3.1 billion dollars in potential tax revenue from the government. The corporate tax rate in America is 35 percent, but Google pays an effective tax rate of 2.4 percent.

    See how stupid that was? A cherry picked article with no link just to give the appearance of intelligent debate....

    Who cares anyway? The economy is rocking and we'll all be partying soon! Right?
    Um, where did I say that Google are exempt from this? I posted a particular study that featured 10 companies - there are clearly many more companies and corporations that don't pay taxes or very little taxes in relation to the money that they have made.

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    Quote Originally Posted by lovemachine97(Version 2) View Post
    This is a topic that drives me nuts when it comes to the left.

    If you're in favor of a strong federal government that exerts considerable influence in our lives, that's fine--as long as you're consistent and understand the pros and cons of such policy. It's your opinion.

    But to get mad or be surprised at such a predictable consequence of government wielding that kind of power is just maddening to me.

    As a rule, wherever there is power, there will be people trying to influence.

    Fortunately (or unfortunately), we have a first amendment in this country that protects speech, so those with great means are able to influence the available power at the federal level.

    So I don't understand where the surprise part comes in. Don't we all use every break we can to pay the least amount in income taxes? So why wouldn't the rich influence the federal government to make sure that they pay the least amount in taxes? Of course they would.

    Here's a novel idea: If you don't like the fact that people can influence power, how about we give the federal government only the necessary amount of power? Like, maybe stick to the enumerated powers and respect the 10th amendment, for one.

    But even when it comes to a power like taxation, maybe we should limit it so there is the least amount of influence to be bought. Instead, the federal government uses taxes to influence all kinds of things. Once that happens, that's up for grabs by those seeking to influence power.

    The only way you curb it is to curb as much power as possible.
    And don't give tax breaks to your rich friends when you are President and allow them to pay nothing.

    Last edited by Hot Sauce; 01.19.15 at 02:22 PM.

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    Quote Originally Posted by Hot Sauce View Post
    Um, where did I say that Google are exempt from this? I posted a particular study that featured 10 companies - there are clearly many more companies and corporations that don't pay taxes or very little taxes in relation to the money that they have made.
    Just making fun of you. That's what you want right? I mean no intelligent person would post the way you do otherwise...

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    Quote Originally Posted by Dave's Dreidel View Post
    My man, you don't have to understand why, the fact is that is our policy. Show some respect to Brett and Daisy and do what they ask, please? I am not trying to start something with you, but it seems pretty simple to me that when you are the guest on someone else's website that you would follow their rules. I doubt they are going onto your website and telling you how to do things, are they?

    It's common courtesy man, pick your battles. It takes an additional two seconds.
    I have been, but in this case - the source is mentioned.

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    Quote Originally Posted by Hot Sauce View Post
    And don't give tax breaks to your rich friends when you are President and allow them to pay nothing.

    Good plan. Change human nature, and your way will work. What shall we try first? Eugenics or genetic modification?

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    Quote Originally Posted by Arson View Post
    Just making fun of you. That's what you want right? I mean no intelligent person would post the way you do otherwise...
    I don't think intelligent means what you think it means, based on your posts here.

 

 

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