Forum Post: Corporate Tax Corruption
Posted 13 years ago on Nov. 3, 2011, 7:24 p.m. EST by littrellb
(199)
from Hillsboro, OR
This content is user submitted and not an official statement
Here is a great article about the corporate tax corruption.
"The study looked at 280 companies in the Fortune 500 that were profitable for all three years between 2008 and 2010.
The results: 111 companies paid effective tax rates of less than 17.5 percent over the three-year period; 98 paid a rate between 17.5 percent and 30 percent; and 71 paid more than 30 percent.
The average rate? 18.5 percent.
Some companies paid zero. And 30 actually owed less than nothing in income taxes over the three years."
"Pepco's profits totaled $882 million over the three-year period, while the company had a negative tax rate of 57.6 percent. GE earned $10.5 billion, with a negative rate of 45.3 percent, according to the study."
This kind of thing has to end. Read the article. It is just a total rape of the tax system. It has to be changed. We have to stand up to these corporations. We have to hold them accountable.
Negative tax rate means a tax credit. Which means everyone who pays taxes is really paying GE. Unacceptable.
It is not the businesses fault. When you do your taxes don't you do everything you can legally do to pay the lowest effective rate? They do the same thing. It is the laws that need to change.
Yes I do, but I don't have billions of dollars to pay lobbyist and lol makers to go change tax code for me. You should read the article, it is very informative.
But the lobbying laws need to be changed in Washington too. It has hard to blame companies for doing anything they can legally do to increase profits. I own stock, as do millions of the 99%, in many of those Fortune 200 companies so I have mixed feelings about it. I definitely don't blame the companies though, I blame a corrupt Congress.
That's unreal. Think about how many billions of dollars that would've been pumped into the system. They probably would've just spent it on another war, though.
Haha very true. Or it would have gone to pay off the interest in all of these loans our nation has.