G.E., Boeing, Verizon Et Al: Still Making Money From Taxes, Or Lack of Same
Remember those burdensome, job-killing corporate taxes the right is always talking about? Neither do we. A new report from Citizens for Tax Justice shows that of 30 Fortune 500 companies that paid no federal income tax up through 2010, 26 still didn't this year - thus making more money after taxes than before - with the tax rate for the other four less than 4%. All told, despite $205 billion in profits, they enjoyed an overall negative tax rate of -3.1 percent, thus costing the rest of us $78.3 billion in the form of the tax subsidies they got to avoid the 35% tax rate they're supposed to be paying. Organized labor is having an April 17 Day of Action to protest the appalling numbers.