Two-Thirds of American Corporations Pay No Taxes

Lest you think that corruption is the exclusive purview of countries like Uganda, read this article from Care2 about huge corporations receiving money back from the government rather than paying their share of taxes. Nice to know that the burden of the US deficit will be shared among those who can’t afford lobbyists and not the companies who are earning billions of dollars per year:

Among those actually getting money back from the Feds:

  • ExxonMobil made $19 billion in profits in 2009, paid no federal income taxes, received a $156 million rebate
  • Bank of America received a $1.9 billion IRS refund despite $4.4 billion of profits
  • General Electric had $26 billion in profits, and $4.1 billion refund (GE made it onto another top 10 list of top corporate lobbyists in 2010, spending $39 million)
  • Chevron nabbed a $19 million refund after making $10 billion in profits

Wall Street made the list as well; the Senator’s office notes,”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.”

Read the rest here: Top 10 US Corporate Tax Avoiders Named on Senate Floor

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About Mark D. Jordahl

Mark Jordahl is a writer, trip leader and naturalist who has lived much of the last 7 years in Uganda and currently calls Colorado home.
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