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Did You Pay More Federal Income Taxes Than Boeing? Probably So.

by: countrycat

Wed Apr 11, 2012 at 06:00:00 AM CDT


Consider the interesting phenomonen of a "negative tax rate" whereby you receive more in refunds than you paid in.  The GOP would have you believe that the majority of American taxpayers are worthless schnorers because of anti-poverty programs like the "Earned Income Tax Credit." Somehow, their outrage never seems to extend to GE, Verizon, Boeing, Duke Energy, and others....Citizens for Tax justice

As the Brooking Institution reminded us: the "truth about taxes is that everybody pays them."  Or almost everybody...  Citizens for Tax Justice have released their report for 2008-2011 corporate taxes.  How did your favorite company fare? Looks like these did pretty well:

Had these 30 companies paid the full 35 percent corporate tax rate over the 2008-11 period, they would have paid $78.3 billion more in federal income taxes. Or put another way, over the four years, the 30 companies received more than $78 billion in total tax subsidies. Wells Fargo alone garnered $21.6 billion in tax subsidies over the four years, followed by General Electric ($10.6 billion), Verizon ($7.7 billion), and Boeing ($6.0 billion).

That's not a misprint; $78.3 BILLION lost to the federal treasury between 2008 and 2011.  Just yesterday at a speech in Boca Raton, President Obama described the effects of just $150k could have on our communities:

Here's what $150,000 means -- $150,000, this is what each millionaire and billionaire would get, on average.  This could pay for a tax credit that would make a year of college more affordable for students like you.  (Applause.)  Plus a year's worth of financial aid for students like you.  (Applause.)  Plus a year's worth of prescription drug savings for one of your grandparents.  (Applause.)  Plus a new computer lab for this school.  (Applause.)  Plus a year of medical care for a veteran in your family who went to war and risked their lives fighting for this country.  (Applause.)  Plus a medical research grant for a chronic disease.  (Applause.)  Plus a year's salary for a firefighter or police officer -- $150,000 could pay for all of these things combined.  Think about that. 

And now think about the presumptive GOP nominee's support for the "Romney Rule" as opposed to the "Buffett Rule."

Who's working for the Middle Class in this country?  President Obama, of course... and no desperate shakes of the Romney Etch-A-Sketch will change that.

 

countrycat :: Did You Pay More Federal Income Taxes Than Boeing? Probably So.
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Why are these corporations paying negative taxes? (4.00 / 1)

It's not because they have negative profits:

In total, 2008-11 federal income taxes for the 30 companies remained negative, despite $205 billion in pretax U.S. profits. Overall, they enjoyed an average effective federal income tax rate of negative 3.1 percent over the four years.

These corporations have "armies of tax lawyers who squeeze cash through the tiniest of loopholes."  One loophole that benefits both corporations and corporate executives -- but not taxpayers or shareholders -- is "security" for CEOs.  That includes home alarm systems, private jets, private cars ... even chauffeurs.  

It's quite a life they lead at the top of these corporations, struggling along with mere billions in profits and negative tax bills. 

 



Work harder and work smarter!

and many are sitting on boatloads of cash (0.00 / 0)

that isn't being invested, used to hire more employees, etc.  So much for the talking point that lower taxes increases prosperity for everyone.  It builds wealth for those at the top and the rest of us pay the bills.

Corporation lobby for loopholes for hoarding cash

According to the report, non-financial corporations held more than $2 trillion in cash at the end of June, a $88 billion jump since the end of March. Cash holdings made up 7.1 percent of all company assets, the highest level since 1963. 



"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."  - John Kenneth Galbraith




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