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Corporations are making record profits. But 111 profitable Fortune 500 companies paid zero federal income taxes in one or more of the past five years, according to a recent report by Citizens for Tax Justice. What's worse 26 of them, including Boeing, General Electric and Verizon, paid Converse Trainers Mens nothing over the entire five years. Astoundingly, they got tax refunds instead.
There is talk in Washington about overhauling the tax code. Corporate lobbyists are decrying the top corporate tax rate of 35 percent. They want you to focus on what corporations are supposed to pay instead of what they really pay.
at all. Let's plug up those corporate tax loopholes, like the one that gives huge tax breaks to companies that ship jobs and profits offshore. It's time they pay their fair share just like the rest of us.
for Tax Fairness. This column was distributed by American Forum.
So don't be fooled by the lobbyists and spinmeisters who argue that corporations should be paying less in taxes. Many are already paying far less than they should, and some are paying nothing Converse Top View
Some of the loopholes defy logic like the tax break for companies that give their CEOs lavish "performance based" bonuses. Others are outrageous like a tax break for companies that shuttle their executives in corporate jets. And some are an insult to working Americans like a special low tax rate for Wall Street hedge fund managers.
You pay your fair share of taxes. Small businesses do too. It's the price we pay to educate our kids, protect our communities and have some security in retirement. Why shouldn't some Converse All Star Shoes Uk
Put another way, GE paid less in federal income taxes than you paid over five years.
Why should you care about the GE Loophole or about some big corporations paying nothing in federal income taxes? It's because when corporations refuse to pay their fair share, you end up paying higher taxes or getting less for what you pay. You get a worse transportation system, a poorer educational system, less reliable public safety, a weaker national defense, a less secure retirement and a bigger budget deficit.
General Electric, which in the past has been the focus of media attention because of its record of paying an extremely low income tax rate, provides a vivid example. GE earned a whopping $27.5 billion in profits between 2008 and 2012, but claimed $3 billion in tax refunds a federal income tax rate of negative 11 percent.
of America's largest corporations pay their fair share too?
Frank Clemente is executive director of Americans Converse All Star White Leather Mens
General Electric should
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