30 of largest U.S. Companies pay no income tax

[Nebor]

If there is a flat tax, I will take the wealth I need to survive from you by force. With Herman Cain's 9 9 9 pizza deal, that comes out to a few thousand dollars. I'm sure you have that buried in your back yard in the form of gold buillion. Don't stop me from digging it up and I won't have to hurt you.

Liberals threatening violence. :biggrin:

 

[JS80]

You understand that the timeframe for the OP is 2008 - 2010 and for those tax years, corporations can use tax losses extending as far back as 2001

I'm not going to do the research to dig up this information

I'm not saying that this IS the reason, only that this is one possible reason.

OP's headline is false. They pay no US income tax. This is a direct result of high corporate tax rates in the US. What companies do is source out all the profits overseas and pay foreign governments all the income tax at a lower rate. It's called transfer pricing.

 

[DucatiMonster696]

I won't be convinced that a corporation is a citizen, until I see the state of Texas put one of them to death.

So corps shouldn't have 1st amendment rights? If so then neither should unions or private non-profits which are incorporated, etc. You can't have it both ways just because one earns profit while others are non-profit, etc.

 

[jhu]

I married a corporation consisting of three women. That's how I got around my state's polygomy laws.

 

[Slew Foot]

Is there a different tax rate for an s-corp than other types of corporations? Because I operate an s-corp and the federal tax rate is 0.

 

[Generator]

Taxes are the poor people's burden. What we are all witness to is a collapse of a country. The military, food stamps, entitlements, crony capitalism is all paid with debt and money printing.

 

[a777pilot]

Income/profit from any source along with private real property ought not be taxed at all.

 

[Sonikku]

So this is why the lobbyists are in Washington insisting their corporations are taxed too high.

It's not enough many of them are paying nothing to the IRS. No, the want the IRS to pay THEM money now.

 

[Triumph]

So corps shouldn't have 1st amendment rights? If so then neither should unions or private non-profits which are incorporated, etc. You can't have it both ways just because one earns profit while others are non-profit, etc.

Sure, just like there are limits on free speech for an individual, buying the government should be considered out of bounds for a corporation.

 

[DucatiMonster696]

Sure, just like there are limits on free speech for an individual, buying the government should be considered out of bounds for a corporation.

Then you need to apply that view to all private organizations....ACLU, Moveon.org, NAACP, SEUI, etc and also stifle their 1st amendment rights. However the USSC reasonably disagrees with and realizes is irrational and not the intent or right of government in regards to private entities which are a collection of individuals or in some cases a single individual (e.g. a person who does private contracting and is incorporated ).

 

[MagickMan]

Full of fail.

A) OP premise is wrong. If OP paid no taxes he would not have his ass thrown in prison so long as he owed no taxes. It's quite easy for a company to owe no taxes, regardless of "profit".
B) GAAP profit is not the same as Federal Taxable income.
C) The tax law is what it is. Don't blame the companies for following the law, blame Congress for kowtowing and changing the law.
D) According to the article, PG&E paid no income tax. Yet I can look at their annual statement for 2010 and see that they've paid $1.5 billion in income taxes in 2008, 2009, and 2010. The 2010 effective tax rate was 33.9%.
E) According to the article, GE paid no income tax. Yet I can look at their annual statement for 2010 and see that they've paid $1 billion in income taxes in 2008, 2009, and 2010.

And so on.

So, the article is crap? Color me surprised.

 

[LunarRay]

Dave, they pay no tax so that they can pay more dividends to the shareholder so that THEY can pay more tax. () I think it would be ok for there to be a flat tax on Corporations of say 15% and that they have to distribute as dividends at least 40% of their net income and pay a tax penalty for not using their R/E as US Job or US Capital investment.

Or some such...