Dec 8, 2014
The biggest corporate lobbyists whispering in the ears of their congressional representatives complain that taxes are too high.
Oh really? What is too high for them?
A new report on corporate taxes in the U.S. shows that on average, the corporations pay about half the so-called corporate tax rate of 35%. But wait, that figure doesn’t show what happens to the super tax-avoiders at the top of the corporate pyramid!
The 30 largest corporations in the U.S. not only paid NO federal taxes; they got back two billion dollars in tax refunds. Citigroup, for example, collected 260 million dollars in tax refunds last year. Such big corporations as Boeing, Ford, GM, Verizon and JPMorgan not only paid NO tax to Uncle Sam on their billions of dollars of profits, they got back millions in refunds. And Ford’s top executive gets more in salary and compensation than the entire company paid to the IRS for Ford’s nice profits last year!
Does anyone wonder if corporate tax breaks will be renewed by Congress? Santa will deliver – bucks, not coal for corporate Christmas gifts.