Apr 3, 2017
Of the 250 richest companies in the U.S. with almost four trillion dollars in profit last year, 100 paid no taxes in at least one of the past eight years.
A new report from the Institute on Taxation and Economic Policy examined corporate tax returns. They found that giant companies like General Electric, International Paper, and Pacific Gas and Electric not only paid no taxes; they got tax rebates. Other corporations used various means to lower their tax bills, all part of the tax code approved by Congress. Apple, Microsoft and Coca-Cola have ways to ship profits made here overseas, to avoid U.S. taxes. Facebook, Aetna and ExxonMobil gave stock options to their executives, allowing the companies to pretend they lost money.
The tax rebates handed out to just 10 of these profitable corporations came to more than 180 billion dollars. Among the 10 were such well-known corporations as AT&T, Wells Fargo, IBM, General Electric, Boeing, and Procter & Gamble.
That’s where our taxes are going – to the bank accounts of the corporations and the rich!