Corporations And Tax US Stylee

I found some remarkable facts about US corporations and how they pay tax. Beleave or not some Corporations just do not pay tax, they get rebates. Ha ha hee hee. Did you know that US corporations pay less tax than the lowest-income Americans?

Some figures below are taken from Think progress conomy website.

Pepco Holdings (–57.6% tax rate), General Electric (–45.3%), DuPont (–3.4%), Verizon (–2.9%), Boeing (–1.8%), Wells Fargo (–1.4%) and Honeywell (–0.7%) These are few of the thirty corporations who got paid rebates totaling nearly 11 million dollars. Their pretax profits were $ 160 million.

– Seventy-eight of the 280 companies paid zero or less in federal income taxes in at least one year from 2008 to 2010…In the years they paid no income tax, these companies earned $156 billion in pretax U.S. profits. But instead of paying $55 billion in income taxes as the 35 percent corporate tax rate seems to require, these companies generated so many excess tax breaks that they reported negative taxes (often receiving outright tax rebate checks from the U.S. Treasury), totaling $21.8 billion. These companies’ “negative tax rates” mean that they made more after taxes than before taxes in those no-tax years.

At the end total figures are corporations paid only 11% tax, and low-income Americans paid 17.5%. If you are reading this, I advice you to become a corporate tax lawyer, and cream it.

And talking about tax in US there is some more dirt.  The combined 2011 federal tax for eight companies, the likes of, IBM , Hewlett-Packard, Intel, Microsoft, Apple and Oracle , Cisco and google. All relied on government and military innovations.

By the way are so called derivatives traded by banks taxed. No. Do you know the amount traded? More than a Quadrillion dollars. Hmmm.

I got these facts from an article in Commom dreams.