1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
Most fortune 500 companies are paying zero taxes and its been that way for years, thanks to democrats and republicans passing all kinds of loopholes for them to use.
Even thou we have one of the highest corporate tax rates in the world, companies are actually paiying the lowest corporate rate in the last 50 years, due to all the slick tricks.
What i always find funny as hell is how some corporation groupies love to defend corporations, while these corporations are stealing money from them
"Most fortune 500 companies are paying zero taxes and its been that way for years, thanks to democrats and republicans passing all kinds of loopholes for them to use."
CD, its de javu all over again with your misinformed position here. I've seen you post statements like this over, and over again. Honestly, you have no idea what you are talking about.
If you want people to take your positions and thoughts seriously, political or other, misrepresenting facts is not the way to go about doing it.
I encourage you to re-read this prior thread with an open mind. Knowledge is power, CD
https://www.covers.com/postingforum/post01/showmessage.aspx?spt=87&sub=101133745&page=2
If you don't want to re-read the entire thread, here is the link to the article I pointed out to you before.
Accorrding to this article (which was published in February 2011), from 2006-2010 (the most current information at the time) 461 of the 500 corporations paid a tax rate in excess of 10% over that period, and 385 of the 500 corporations in the S&P 500 paid a tax rate in excess of 20%.
A far cry from "most fortune 500 companies are paying zero taxes and it has been that way for years."
Also, I really just don't get the position of a lot of posters in this thread. Seems very hypocritical. I know full well, I take advantage of every legal deduction I can to reduce my tax bill. My effective rate is nowhere near my tax bracket.
I guess that makes me a bad American or something?
If not, why should Corporations be expected to do anything differently? They get audited much more frequently than individuals, so anything deemed to be overly agressives and/or illegal, they not only pay it, but also pay penalties and interest on those overturned positions. If the IRS isn't coming down on them, I'm not sure I understand what the issue is
Wake, first off i have posted tons of articles talking about fortune 500 companies paying zero taxes.
secondly, yes everybody tries to pay the lowest taxes they can, but when politicians create tax loopholes for only corporations to use, something is very wrong.
Playing field needs to be level for everybody.
Lets talk about corporations having their products made overseas for slave wages,then they bring them back here and dont pay any import tax, because of more loopholes created by politicians.
Small business cant compete with the dirtbag corporations who have all the polticians in their back pockets.
So really i dont need any education from you, i have been around long enough and have seen what the fatcats have done to our country. If you want to live life with your eyes closed, thats your business.
Most fortune 500 companies are paying zero taxes and its been that way for years
There is no evidence, anywhere at all, supporting that assertion.
What i always find funny as hell is how some corporation groupies love to defend corporations, while these corporations are stealing money from them
There is no evidence, anywhere at all, supporting that assertion.
I'm noticing a pattern.
"Sorry daroad, but am not gonna waste my time posting the articles again. If you didnt read them the last time, thats your problem because i dont give a flying shit about you and what you believe. You matter zero in my life, so run along pal."
In that same thread I linked in my post above, I explained to you why your "articles" were flawed, and skewed. The data was cherry picked to prove a political agenda. In most of your articles, it cherry picked 5-10 companies, and tried to use that to represent 500 in the case of the Fortune 500. And even with those 5-10 companies, they tended to pick 1 or 2 unusual years. The list earlier in this thread is a perfect example of that.
This position of yours just drives me nuts because it is completely, and utterly 100% false, but you are too stubborn to open your eyes and admit it, despite being presented with clear evidence. If you want to make a statement that Corporations take advantage of loopholes and deductions, say that. To say, "Most Fortune 500 Companies pay zero taxes, and it has been that way for years" is beyond misleading.
Unfortunately, the truth (i.e., Corporations take advantage of loopholes and deductions the same way that individuals do) doesn't quite carry the zing you want your political statement to carry, so you feel the need to use hyperboles to try and prove your point.
I just don't get your intense hatred for Corporations. It seems very misplaced, (seeing as it is just a particular structure for an entity under which 100's to 100,000's employees work) but I guess it makes sense to you.
Sorry daroad, but am not gonna waste my time posting the articles again. If you didnt read them the last time, thats your problem because i dont give a flying shit about you and what you believe. You matter zero in my life, so run along pal.
Except you didn't post any "articles" showing Fortune 500 companies don't pay any taxes.
There are no such articles because that claim is a lie.
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