37 Giant Corporations Paid 0 in Taxes Last Year

[TheDemSocialist]

Ohhh but i thought our tax laws were sooooo "tough" on corporations, thats why they leave the US right?
Not!

In 2010, Verizon reported an annual profit of nearly $12 billion. The statutory federal corporate income tax rate is 35 percent, so theoretically, Verizon should have owed the IRS around $4.2 billlion. Instead, according to figures compiled by the Center for Tax Justice, the company actually boasted a negative tax liability of $703 million. Verizon ended up making even more money after it calculated its taxes.Verizon is hardly alone, and isn’t even close to being the worst offender. Perhaps most famously, General Electric raked in $10.5 billion in profit in 2010, yet ended up reporting $4.7 billion worth of negative taxes. The worst offender in 2010, as measured by its overall negative tax rate, was Pepco, the electricity utility that serves Washington, D.C. Pepco reported profits of $882 million in 2010, and negative taxes of $508 million — a negative tax rate of 57.6 percent.Altogether, according to “Corporate Taxpayers & Corporate Tax Dodgers 2008-10,” a blockbuster new report put together by the Citizens for Tax Justice and the Institute on Taxation and Economic Policy that will have you reaching for your hypertension medicine before you finish reading the third page, 37 of the United States’ biggest corporations paid zero taxes in 2010. The list is a blue-chip roll-call.As the authors acidly note, “Most Americans can rightfully complain, ‘I pay more federal income taxes than General Electric, Boeing, DuPont, Wells Fargo, Verizon, etc., etc., all put together.’ That’s an unacceptable situation.”
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Read more @: 37 Giant Corporations Paid 0 in Taxes Last Year -- Who Are the Cheats? | Occupy Wall Street | AlterNethoughts?
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Response? ​

 

[TurtleDude]

So the employees paid no income taxes? there was no payroll taxes collected from those corporations? no taxes paid on the dividends? no taxes paid on the capital gains


seems like even when corporations are not paying as much taxes as the parasite advocates want, they are still doing lots of positive things. compared to lots of slackers who live on the dole and vote for more parasitic politicians

 

[spud_meister]

So the employees paid no income taxes? there was no payroll taxes collected from those corporations? no taxes paid on the dividends? no taxes paid on the capital gains


seems like even when corporations are not paying as much taxes as the parasite advocates want, they are still doing lots of positive things. compared to lots of slackers who live on the dole and vote for more parasitic politicians

Everything's about welfare recipients, ain't it Turtle? Why is it ok for corporations to exploit the system but not poor individuals?

 

[Deuce]

So the employees paid no income taxes? there was no payroll taxes collected from those corporations? no taxes paid on the dividends? no taxes paid on the capital gains


seems like even when corporations are not paying as much taxes as the parasite advocates want, they are still doing lots of positive things. compared to lots of slackers who live on the dole and vote for more parasitic politicians

You complain about class warfare yet you wage it yourself in every single post you make.

Pathetic.

 

[Platypus]

How exactly do they get away with this?

 

[apdst]

Everything's about welfare recipients, ain't it Turtle? Why is it ok for corporations to exploit the system but not poor individuals?

Probably because 1) the corporations aren't exploiting the system as much as you think and if they are, they're simply playing by the rules that the government created and 2) when the welfare class exploits the system, it's usually in violation of the rules set forth by the government.

 

[apdst]

How exactly do they get away with this?

Actually, they're not getting away with anything, but some people would have you believe they do.

Reality check: corporations don't report a profit and pay zero taxes. They may not pay as big-a-tax bill as you want them to, but they don't pay $0.00.

 

[Platypus]

Probably because 1) the corporations aren't exploiting the system as much as you think and if they are, they're simply playing by the rules that the government created and 2) when the welfare class exploits the system, it's usually in violation of the rules set forth by the government.

How do you come up with that?

 

[conservativeguy]

Ohhh but i thought our tax laws were sooooo "tough" on corporations, thats why they leave the US right?
Not!



Read more @: 37 Giant Corporations Paid 0 in Taxes Last Year -- Who Are the Cheats? | Occupy Wall Street | AlterNethoughts?
Comments?
Response? [/FONT][/COLOR][/LEFT]

Is this the third or the fourth thread pushing this idiotic study?

 

[apdst]

How do you come up with that?

Because I own three corporations and I've never had a $0.00 tax bill. Even after I've gamed the hell out of the system, I still pay something.

 

[spud_meister]

Probably because 1) the corporations aren't exploiting the system as much as you think and if they are, they're simply playing by the rules that the government created and 2) when the welfare class exploits the system, it's usually in violation of the rules set forth by the government.

Your average person on welfare is just as likely to violate the rules as a corporation. Take that how you will.

 

[TurtleDude]

Everything's about welfare recipients, ain't it Turtle? Why is it ok for corporations to exploit the system but not poor individuals?

how are corporations exploiting the system? they are net benefactors to society

 

[TurtleDude]

You complain about class warfare yet you wage it yourself in every single post you make.

Pathetic.

what are you whining about? I don't attack classes of people based on income-I attack parasites based on their attitude that others ought to pay for their existence.

 

[Teh Internets]

what are you whining about? I don't attack classes of people based on income-I attack parasites based on their attitude that others ought to pay for their existence.

"I don't attack classes of people based on their income." I attack parasites(Refering to poor people.) based on their attitude that others ought to pay for their existance(Generalizing said class as all being on welfare).

LOL

 

[spud_meister]

what are you whining about? I don't attack classes of people based on income-I attack parasites based on their attitude that others ought to pay for their existence.

No, you attack on you presumption of their attitude, what you think has very little bearing on reality.

 

[Harry Guerrilla]

How exactly do they get away with this?

By following the tax law.
There are lots of write offs, tax deductions for green energy, subsidies to expand telephone service and all kinds of legal things.

 

[conservativeguy]

Because I own three corporations and I've never had a $0.00 tax bill. Even after I've gamed the hell out of the system, I still pay something.

Whatever you pay can never be fair enough....until you give 110% of what you earned. Welcome to Obamaville.

 

[TurtleDude]

No, you attack on you presumption of their attitude, what you think has very little bearing on reality.

right back at you. remind me how much time you spend in America with the people who think others ought to pay their bills

 

[TurtleDude]

By following the tax law.
There are lots of write offs, tax deductions for green energy, subsidies to expand telephone service and all kinds of legal things.

don't be sprinkling the fires of emotobabbling envy with the water of truth

 

[KevinKohler]

Lucky for me, I can just copy and paste this every time this issue comes up!

Corporations get tax breaks for numerous reasons, but the main one, is because they employ a LOT more people, to do the same basic amount of work, as small businesses do. Seriously, walk into a Bi-Lo/Windixie/Stop and Shop/etc, and count the number of people, then walk into a mom and pop grocery store, count the people, multiply it by 4 (to account for the difference in area, and sales), and it STILL won't even come close. Corporations can AFFORD to have these bloated payrolls because they get tax cuts on them...and the more bloated a payroll is, the less people are likely to be unemployed. Who else is going to hire people to simply stand in front of the door saying hello and goodbye to people? Certainly not someone who pays the full amount in payroll and income taxes.

Here's a few of my problems...

First, profits SHOULD be taxed, because corporations can use that money in the form of protected "free speech" as if they WERE a person. Sorry, but you want that, you gotta pay taxes for it, like everyone else. So long as AIG can lay unrestricted amounts of money on one campaign or another, those profits should be taxed. Period. Better solution? Get rid of corporate personhood. Or corporate all together...

Second. Due to the protections available to corporations that are NOT available to small business, they have an unfair market advantage. It's the REASON WHY we have such great gaps between incomes in this country. Behind every UBER rich man in this country, you'll find a large corporation of one form or another, and they GOT that way because they were not held liable for as much crap as a small business is, and their risk was less, in day to day operations. And since they pay less in taxes, etc, they can afford to better wage price battles, to drive their would be competition out of business, or out of the area.

Why? Why have we done this? What reason do we have to allow for ONE business to operate in a totally different fashion, than others? Why should a company all of a sudden be held less liable for...well, ANYTHING, after it's reached a certain size, filed certain forms, etc? Government intervention into the market in this way is what is CREATING these monsters that are at our gates, who's hands are in our pockets, who words are passed on to our elected officials, along with cash to make the deal sweeter. All in the name if reducing unemployment?