Study Finds Paying Taxes Is For Suckers And Not For Fabulously Wealthy Corporations

According to a report released by the Citizens for Tax Justice the effective tax rate for the 280 most profitable corporations & companies in 2009-2010 was 17.3%, just a bit less than the often touted 35% statutory corporate tax rate. A few interesting corporate tax facts from the report:

Wells Fargo alone managed to get almost 18 billion in corporate tax breaks over the last 3 years.

Pepco Holdings actually had a NEGATIVE tax rate of 56.7% over that three year period. Remember, Pepco Holdings was an extremely profitable company during this time. I wonder why?

The top ten defense contractors watched in shock and awe as their combined tax rate fell from 19.3% in 2008 to 10.3% in 2010.

It is a very interesting report, with much more sad and bad corporate news, so check out the whole thing on the CTJ.org website.

3 thoughts on “Study Finds Paying Taxes Is For Suckers And Not For Fabulously Wealthy Corporations

  1. I’m not sure if I completely support the occupy people but it is this type of news of corporate greed that makes me understand where they are coming from. It may be legal for these businesses to pay so few taxes, but is it ethical? Ultimately it just seems like a bad deal for the whole country.

  2. Ultimately I think that wealth is all relative to a degree so one person’s rich is another’s poor and most of us probably end up somewhere in between but think we are further to one side than we actually are.

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