The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

April 15th Tax Day Bonanza for Big Biz

Apr 28, 2014

Last year the IRS collected almost three TRILLION dollars in taxes, of which businesses paid 11 percent and individuals and families paid 89 percent.

Not only do the companies pay little in taxes, 288 of the Fortune 500 companies that were profitable every year of the last five years took in more than 350 billion dollars in tax subsidies.

That works out to a whopping billion and a quarter dollars ($1,250,000,000) apiece!

Even bigger tax breaks go to Verizon, General Electric, Wells Fargo, AT&T and IBM. Those “poor” corporations got back more in tax breaks, 77 billion dollars, than they made in profits, 62 billion.

What a great racket for the richest corporations in history, thanks to the tax code written for them by Congress!