Thursday, November 3, 2011
Citizens for Tax Justice, Corporate Taxpayers & Corporate Tax Dodgers, 2008-10
A comprehensive new study that profiles 280 of America’s most profitable companies finds that 78 of them paid no federal income tax in at least one of the last three years. Thirty companies enjoyed a negative income tax rate over the three year period, despite combined pre-tax profits of $160 billion.
- The average effective tax rate for all 280 companies in the study over the three year period was 18.5%; for the period 2009-2010 it was 17.3%, less than half the statutory rate of 35%.
- 78 of the companies enjoyed at least one year in which their federal income tax was zero or less.
- 30 companies enjoyed a negative income tax rate over the entire three year period on their combined pre-tax profits of $160 billion.
- Total tax subsidies given to all 280 profitable corporations amounted to $222.7 billion from 2008-2010.
Press and blogosphere coverage:
- Accounting Today, 30 Major Corporations Avoided Federal Income Taxes
- Bloomberg, Thirty Top Companies Profited Without Paying Tax, Study Finds
- CBS News, Study: Many Fortune 500 Cos. Paid $0 Taxes
- New York Times, Biggest Public Firms Paid Little U.S. Tax, Study Says
- Reuters, Thirty Companies Paid No U.S. Income Tax 2008-2010: Report
- Wall Street Journal, Are Corporations Paying Too Much in Taxes?
- Washington Post, Study: Big Corporations Use Loopholes, Dodge Taxes