Select Media Mentions
Accounting Today: 30 Major Corporations Avoided Federal Income Taxes
December 21, 2012
(Original Post) Washington, D.C. (November 3, 2011) By Michael Cohn, Accounting Today The 280 most profitable U.S. corporations are sheltering half their profits from federal income taxes, and 30 of them paid less than zero in the last three years, according to a new study. The study also found that 78 of the corporations paid […]
Tax.com: I Thought the ‘Dodgers’ Were a Baseball Team?
December 21, 2012
(Original Post) Christopher Bergin | Nov. 3, 2011 11:13 AM EDT There’s a report that’s getting a lot of attention this morning that concludes that many large U.S. corporations paid little or no corporate income taxes between 2008 and 2010 even though they raked in millions of dollars. The report, prepared by the interest group […]
Daily Kos: Thirty American Corporations Paying Zero Income Taxes between 2008 – 2010
December 21, 2012
(Original Post) Thu Nov 03, 2011 at 02:16 PM PDT NetminderElite I know this is probably old news for a lot of us, but if I get one person to realize this for the first time, I’ve achieved what I want. If you are not aware, between 2008 and 2010, thirty large and wealthy American […]
Care 2: While More People Fall Into Poverty, 30 Corporations Paid No Federal Taxes
December 21, 2012
(Original Post) by Robin MartyNovember 3, 20118:00 am There’s some good news in the job market today, as the rate of filing for unemployment dropped to 397,000, the lowest it has been in weeks. Although economists caution that the drop would need to be sustained in order to show true job recovery, it’s still a […]
CBS News: Study: Many Fortune 500 cos. paid $0 taxes
December 21, 2012
(Original Post) November 3, 2011 3:00 AM By David Morgan (CBS News) Advocates for reducing U.S. corporate tax rates argue that lower corporate rates charged in other countries impede American competitiveness. Yet a new study finds that many of the nation’s top companies are already paying less in U.S. taxes on their pretax profits than […]
The Hill: Liberals call for corporate ‘Buffett Rule’
December 21, 2012
(Original Post) By Bernie Becker – 11/03/11 10:47 AM ET In the wake of a new study on corporate tax practices, some liberals are calling for a “Buffett Rule” for the business world. The study, released Thursday by a pair of liberal advocacy groups, found that a slew of Fortune 500 companies paid well below […]
Los Angeles Times: Corporate taxes: Many top U.S. firms paid none, report says
December 21, 2012
(Original Post) November 3, 2011 | 9:54 am— Tiffany Hsu Many of the nation’s most profitable companies are paying far less than the 35% corporate income tax rate, with dozens paying none at all, according to a new report. Advocacy and research groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy […]
Chicago Tribune: Chicago-area companies among those that pay $0 in income tax: Study
December 21, 2012
Integrys, Baxter, Navistar and Boeing included on list 5:05 p.m. CDT, November 3, 2011 The corporate tax rate is 35 percent, but an examination of 280 of the nation’s largest corporations suggests that many aren’t paying anything close to that. The real tax rate paid by a slew of major corporations averages closer to 18.5 […]
The American Independent: Wells Fargo received most tax breaks since 2008, report says
December 21, 2012
By Andrew Duffelmeyer Thursday, November 03, 2011 at 3:00 pm Wells Fargo & Co. tops the list of companies receiving the largest tax breaks since 2008, according to a joint study from Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Wells Fargo is one of 30 companies that paid less than […]
Mother Jones: Tax Base Broadening: Debunked
December 21, 2012
(Original Post) By Siddhartha Mahanta| Thu Nov. 3, 2011 11:30 AM PDT Business leaders, some congressional Democrats, and almost all congressional Republicans think corporate tax rates should be lower. By closing loopholes, corporate tax-cutters argue, the government could reduce rates from the current 35 percent to 25 percent or even lower—all without losing revenue. The […]
The Hill: Corporations paid half statutory tax rate
December 21, 2012
Original Post By Bernie Becker – 11/03/11 12:01 AM ET A large swath of Fortune 500 companies, on average, paid an effective tax rate that was essentially half the top statutory corporate rate of 35 percent in 2009 and 2010, a new study found. The report, from the liberal advocacy groups Citizens for Tax Justice […]
CNN Money: Many companies pay no income taxes, study finds
December 21, 2012
(Original Post) By Charles Riley @CNNMoney November 3, 2011: 3:10 PM ET NEW YORK (CNNMoney) — The corporate tax rate is 35%. But an examination of 280 of the nation’s largest corporations suggests that many aren’t paying anything close to that. The real tax rate paid by a slew of major corporations averages closer to […]
Politico: Study: 30 top firms paid no federal income taxes
December 21, 2012
(Original Post) By TIM MAK | 11/3/11 6:35 AM EDT Thirty large and profitable Fortune 500 corporations paid no federal income taxes between 2008 and 2010, according to a new study Thursday on corporate loopholes. In fact, the 30 companies enjoyed a negative effective income tax rate over the three-year period, even as they earned […]
Reuters: Thirty companies paid no income tax 2008-2010: report
December 21, 2012
(Original Post) By Kevin Drawbaugh Thu Nov 3, 2011 5:58am EDT (Reuters) – Thirty large and profitable U.S. corporations paid no income taxes in 2008 through 2010, said a study on Thursday that arrives as Congress faces rising demands for tax reform, but seems unable or unwilling to act. Pepco Holdings, a Washington, D.C.-area power […]
AFP: Many big US firms avoid taxes: study
December 21, 2012
(Original Post) By Rob Lever (AFP) – 10 hours ago WASHINGTON — Dozens of US corporations paid no federal taxes in recent years and many received billions of dollars in government subsidies despite earning healthy profits, a new study showed Thursday. The report by Citizens for Tax Justice and the Institute on Taxation and Economic […]
Salon: America’s corporate tax obscenity
December 21, 2012
(Original Post) A new report about companies’ finances won’t just enrage you — it’ll make you run to the nearest protest By Andrew Leonard In 2010, Verizon reported an annual profit of nearly $12 billion. The statutory federal corporate income tax rate is 35 percent, so theoretically, Verizon should have owed the IRS around $4.2 […]
Bloomberg/BNA: Tax Reform Likely in 15 State Legislatures in 2013, Think Tank Says
December 20, 2012
December 20,2102 The major shifts in partisan control due to the November elections, which resulted in 37 states having unified one-party control over the Legislature and governorship, are likely to bring state tax reform to the forefront in 2013, Matthew Gardner, executive director of the Institute on Taxation and Economic Policy (ITEP), said Dec. 19. […]
The Daily Advertiser: Tax reform tops Jindal’s ’13 agenda
December 20, 2012
BATON ROUGE — Gov. Bobby Jindal has picked tax reform as his top issue for the 2013 legislative session. But the form the reform will take is still being formulated. Tim Barfield, secretary of the Department of Revenue and Taxation and leader of the Jindal administration tax reform effort, says the 468 tax exemptions that […]
Reuters: Thirty companies paid no income tax 2008-2010: report
December 19, 2012
(Original Post) By Kevin Drawbaugh Thu Nov 3, 2011 5:58am EDT (Reuters) – Thirty large and profitable U.S. corporations paid no income taxes in 2008 through 2010, said a study on Thursday that arrives as Congress faces rising demands for tax reform, but seems unable or unwilling to act. Pepco Holdings, a Washington, D.C.-area power […]
AFP: Many big US firms avoid taxes: study
December 19, 2012
(Original Post) By Rob Lever (AFP) – 10 hours ago WASHINGTON — Dozens of US corporations paid no federal taxes in recent years and many received billions of dollars in government subsidies despite earning healthy profits, a new study showed Thursday. The report by Citizens for Tax Justice and the Institute on Taxation and Economic […]
Salon: America’s corporate tax obscenity
December 19, 2012
(Original Post) A new report about companies’ finances won’t just enrage you — it’ll make you run to the nearest protest By Andrew Leonard In 2010, Verizon reported an annual profit of nearly $12 billion. The statutory federal corporate income tax rate is 35 percent, so theoretically, Verizon should have owed the IRS around $4.2 […]
Washington Post: Study: Big corporations use loopholes, dodge taxes
December 19, 2012
(Original Post) By Jia Lynn Yang, Thursday, November 3, 12:00 AM Many of this country’s biggest companies paid no federal taxes — or even made money through credits and refunds from the government — over the past three years by using an array of loopholes and tax breaks, according to a report released Thursday. The […]
Concord Monitor: No tax holiday for profits held offshore
December 19, 2012
(Original Post) By Monitor staffNovember 4, 2011 The driving force behind the Occupy Wall Street protests that have cropped up across the nation is the participants’ belief that the game is rigged. Corporations and wealthy political campaign donors concoct the rules and a Congress more concerned with reelection than governing makes them the law of […]
Charlotte Observer: Big companies with big profits pay little in taxes, study finds
December 19, 2012
By Kirsten Valle Pittman [email protected] Posted: Friday, Nov. 04, 2011 Major U.S. companies – including a big bank, an energy titan and a manufacturer with close Charlotte ties – are paying unusually low taxes to the federal government, a study released Thursday found. The report from two left-leaning think tanks, Citizens for Tax Justice and […]
UPI: U.S. corporations get breaks on tax
December 19, 2012
(Original Post) Published: Nov. 4, 2011 at 1:52 AM WASHINGTON, Nov. 4 (UPI) — Many of the largest U.S. companies paid corporate income taxes at an effective rate far below the 35 percent in the tax code, a report released Thursday said. Two liberal groups, Citizens for Tax Justice and the Institute on Taxation and […]
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