Forum Post: 30 Major Corporations Paid No Income Taxes In The Last Three Years, While Making $160 Billion
Posted 13 years ago on Nov. 3, 2011, 10:04 a.m. EST by groobiecat
(41)
from Brattleboro, VT
This content is user submitted and not an official statement
According to Pat Garofalo:
One of the driving forces behind the ongoing Occupy Wall Street protests is the fact that corporations have not been paying their fair share in taxes. A new report from Citizens for Tax Justice will no nothing to alleviate the protesters’ frustration.
CTJ looked at 280 companies, all of them members of the Fortune 500, and found that “while the federal corporate tax code ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount.” And those who paid even half the statutory corporate tax rate paid far more than many of their competitors. (Source: http://thinkprogress.org/economy/2011/11/03/360185/30-corporations-no-taxes/)
Peace
Groobiecat
[www.groobiecat.blogspot.com]
They had carryforward losses.. Do you refuse to take your legal deductions?
The question here is whether the deductions are given out fairly - and apparently, they are not.
Limited liability corporations are given special rights to do all sorts of socially obnoxious things, like making workers loan them a month's salary without issuing them so much as a prospectus, then walking away from it and declaring bankruptcy, even as the executives collect huge bonuses. It is not unreasonable, at the least, to expect them to pay taxes for such privilege.