30 American Companies That Paid Less Than $0 In Income Tax Over The Last 3 Years

[Shadeslay]

The corporate tax rate in the U.S. is 35%, but there aren't many companies that end up paying that amount. According to a study by the Citizens for Tax Justice and the Institute on Taxation and Economic Policy, the average tax rate of 280 S&P 500 companies investigated was 18.5% between 2008 and 2010. Over 70 companies paid no taxes at all.
And then there were the 30 companies that paid less than nothing — we have those for you here.
http://www.businessinsider.com/thes...s-than-zero-income-tax-from-2008-2010-2011-11


I knew some corporations were doing this, but I had no idea to this extent.

General Electric
What is it: A diversified technology and financial services corporation.
'08-'10 Profit: $10,460,000,000
'08-'10 Tax: $-4737,000,000
'08-'10 Rate: -45.3%

 

[UncleBuck]

that's funny.

i paid more taxes on my unemployment insurance last year than 14% of fortune 500 companies.

you're WELCOME, america.

 

[Dan Kone]

Especially sweet with PGE since the government has given them a monopoly. They price gouge customers, have a monopoly, AND receive billions in corporate welfare. Pretty much one of the most corrupt situations ever.

 

[NoDrama]

GE just laid off its optical division in the USA and sent the jobs overseas. Sure, its only a drop in the bucket with 1100 jobs lost, but even a flood starts with the first drop.

 

[Dan Kone]

GE just laid off its optical division in the USA and sent the jobs overseas. Sure, its only a drop in the bucket with 1100 jobs lost, but even a flood starts with the first drop.

GE has a good scam going. Their American company buys the products their company makes at inflated rates from it's other companies it has in tax shelter countries. That way their American company never makes too much of a profit so they can claim poverty and collect corporate welfare.

 

[JimmyRecard]

the 30 that didn't pay tax, is that they had a tax refund or is that they didn't pay any tax at all? If you pay your taxes correctly, 80% of the time you will get a refund no matter how much you earn.

 

[tet1953]

GE just laid off its optical division in the USA and sent the jobs overseas. Sure, its only a drop in the bucket with 1100 jobs lost, but even a flood starts with the first drop.

That is far from the first drop. More like the persistent drip from an old, rusty broken pipe. I am referring to American manufacturing, which has long since left America.

 

[tet1953]

the 30 that didn't pay tax, is that they had a tax refund or is that they didn't pay any tax at all? If you pay your taxes correctly, 80% of the time you will get a refund no matter how much you earn.

Most of the time it is fancy accounting, and "special" tax write-offs. Take NoDrama's point, for example. It would not surprise me one bit if GE's lawyers and accountants found a way to make that offshoring op a loss to the American division.

Did you see the Abramoff piece on 60 Minutes last night? Language is inserted into legislation all the time that allows that sort of thing. It is just made nearly impossible to realize except by those who put it in, and noone reads the bills.

 

[dukeanthony]

New Tea Party Senator Ron Johnson


Ron Johnson's PACUR LLC Pays Zero State Income Taxes, But Makes $5,000 Contribution to Republican Governors Association

Are Taxpayers Footing the Bill for Johnson's Political Contributions?

Madison - Ron Johnson's PACUR LLC made a $5,000 contribution August 18, 2010 to the Republican Governors Association (RGA) political organization, despite the fact PACUR LLC has paid no state income taxes from 1997 to 2008, according to records from the Department of Revenue obtained by One Wisconsin Now and the RGA's most-recent filing with the Internal Revenue Service.
"Ron Johnson needs to explain immediately how the business he owns that has no state tax burden is able to make a $5,000 contribution to a partisan political organization charged with turning out Republican voters," said Scot Ross, One Wisconsin Now Executive Director. "If Johnson's PACUR LLC doesn't have taxable assets, how does it have $5,000 to hand over to the Republican political machine?"

Ron Johnson Says He Financed his own Campaign

As of November 1, 2010, Johnson had contributed more than $8.2 million to his own campaign, representing 64% of total campaign contributions.[15] In June 2011, Johnson's financial disclosures showed Pacur, where he was CEO for 13 years until elected to the Senate, had paid him $10 million in deferred compensation in early 2011. The compensation covered the period from 1997-2011, during which he took no salary from PACUR. Johnson said that he, as CEO, had personally determined the dollar amount, which was "totally unrelated" to the almost $9 million that he had given to his campaign.[16] Johnson has said that he and PACUR "fully disclosed" and "complied with the spirit and the letter of the law."[17]

 

[wookieslinger]

That is far from the first drop. More like the persistent drip from an old, rusty broken pipe. I am referring to American manufacturing, which has long since left America.

Ya. Nothing has changed since JFK.

 

[canndo]

What are you all bitching about? These are the JOB CREATORS, and they, like the Corn spirit and the Gods of rain require great sacrifice so that they will, at their leasure, grant us what we wish. It is prudent to defer to these Gods and give them all that they demand.