Posted 5 years ago on Nov. 3, 2011, 7:24 p.m. EST by littrellb
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.