Republican House Speaker John Boehner again expressed his unwillingness to raise taxes and anger his puppeteer Grover Norquist. Conservative lobbyist Norquist is the head of Americans For Tax Reform, which is an organization most famous for the its Taxpayer Protection Pledge which almost all congressional Republicans have signed.
By signing this pledge, Republicans are required to oppose any and all efforts to increase the marginal tax rate on businesses or individuals regardless of need, necessity, or common sense. Should a signee choose to violate this agreement they can no doubt look forward to facing the full fury and financial resources of Grover Norquist’s ATR, ensuring an extremely difficult reelection campaign.
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.