Tuesday, April 6, 2010

Corporate Taxes...Boo Frickin Hoo

This is essentially what the corporations actually pay in taxes.


Here’s a story from Think Progress that confirms what I’ve been saying: many corporations pay zero taxes, their effective tax rate is zero.

Last week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS… In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”
(thanks, MockPaperScissors!)

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