Corporate Tax

Corporations Pay No State Taxes Either

We already know many large multinationals pay no Federal taxes, but did you know many businesses don't pay State taxes either? Citizens for Tax Justice has issued a new report, Corporate Tax Dodging in the 50 States, 2008-2010. The report shows, instead of creating jobs and products, corporations seem to be in the business of tax dodge.

Naming Names Of Corporations Who Pay No Taxes

G.E., yes that G.E. who is in the White House, not only hasn't paid taxes for the last three years, our government actually paid them. From 2008-2010, G.E. received tax rebates of $4.737 billion, while earning a pretax profit of $10.46 billion. This is while they offshore outsource jobs to China and get bail outs for their financial branch, G.E. Capital.

Citizens for Tax Justice have published a new study, Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010, which is simply a must read for every American. Some of the most notorious multinational corporations, complete with bail outs and offshore outsourcing your job, paid negative taxes for the last three years. In other words, we paid them.

The study covers 280 corporations. Some of what they found:

  • Seventy-eight of the 280 companies paid zero or less in federal income taxes in at least one year from 2008 to 2010.
  • Thirty corporations paid less than nothing in aggregate federal income taxes over the entire 2008-10 period.
  • 2009 was a particularly banner year for non-payment of taxes. In that year, 49 companies paid zero or less in federal income taxes.
  • In 2008, 22 companies paid no federal income tax, and got $3.3 billion in tax rebates. In 2010, 37 companies paid no income tax, and got $7.8 billion in rebates.

Below is a table from the report, showing the top worst offenders, their pretax profits, their tax or rebate and their effective tax rate.

Saturday Reads Around The Internets - Outsourcing Jobs and Tax Cuts

shocknews
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.

You may wonder why to create jobs, government doesn't just stop offshore outsourcing them? We sure do. With that, the theme of this week's links is offshore outsourcing.

 

Obama and Geithner - Back to the Future on Corporate Tax Breaks and Derivative Deregulation

Michael Collins
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Speculation reigns supreme in your nation's capital. Who is next in line after the bin Laden operation? The bipartisan coalition directing the war on terror forgot one important fact about the security of the United States of America. It doesn't matter who they kill overseas, the assault on almost all citizens continues unabated at home. No one is doing anything to stop it. Only the financial and political elite remain immune. (Image-WikiCommons)

According to the National Bureau of Economic Research, the national economic collapse (aka recession) ended June 2009. That's news to the 55% of the public that believe we're in either a recession or depression (April 2011).

The Top 10 Worst Tax Avoidance Corporations

Everybody knows multinational corporations are not paying U.S. taxes. Yet instead of making corporations cough up, our government is busy planning more screw jobs on the U.S. middle class and labor force, all under the guise of reducing spending.

Senator Bernie Sanders is trying to draw attention to the insanity with a top ten list of the worst corporate tax avoiders.

 

Google Double Dutch

Sounds like a sex act, doesn't it? In a way, it is. Business Week has a HOWTO on not paying U.S. corporate taxes, courtesy of Google. shell game

Next time you hear about how we need to lower taxes to make America more competitive, think of this story. International tax law must be a lucrative career. Grand Puppeteer of global money flows, all to play nation states and their corresponding corporate tax codes against each other. The game is to not pay taxes anywhere.

To reduce its overseas tax bill, Google uses a complicated legal structure that has saved it $3.1 billion since 2007 and boosted last year's overall earnings by 26 percent. While many multinationals use similar structures, Google has managed to lower its overseas tax rate more than its peers in the technology sector. Its rate since 2007 has been 2.4 percent.

All perfectly legal, Business Week explains how Google profits end up in Bermuda, and shows how multinational corporations pit national tax codes against each other.

Bill Gates is at it again

What is it with the super wealthy in this country? They make their billions in this country and instead of just retiring and disappearing, they keep pushing economic policies that continue to run the middle class into the ground? And they continue to do this even though the economy is going into the tank.

Bill was up in Canada claiming Microsoft forced to look for talent in developing countries. Once again Gates spreads the "technology worker shortage myth" claiming that poor Microsoft, the alleged victim of the "strict government H-1B policy" cannot hire enough technology workers in the U.S. This is his big lie that he continually repeats.

If hiring talent was a problem for Microsoft, I would probably be working there right now, instead of working temporary contract jobs with weak benefits and no hope of being able to save for retirement. If Microsoft has a problem hiring talent, it is due to the age discrimination that they practice, along with all the other big corporations based here in Washington State (and across the country). Also, they need to fix the way that they deal with contractors. They hire thousands of contractors, which make up most of their workforce now days. The contractors also have a limit of 1 year on the job, after which they are forced to leave Microsoft and seek employment elsewhere. If Microsoft was really having trouble hiring, they would put a stop to this practice as well.

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