The Sorry State of Corporate Taxes
Citizens for Tax Justice
Many of
America’s Most Profitable Corporations Pay Little or No Federal Income Taxes;
Multinationals Pay Higher Rates Abroad Than in the U.S.
“Corporate
lobbyists incessantly claim that our corporate tax rate is too high, and that
it’s not ‘competitive’ with the rest of the world,” said Robert McIntyre,
Director of Citizens for Tax Justice and the report’s lead author. “Our new
report shows that both of these claims are false.
Most of the biggest companies
aren’t paying anywhere near 35 percent of their profits in taxes and far too
many aren’t paying U.S. taxes at all. Most multinationals are paying lower tax
rates here in the United States than they pay on their foreign operations.”
111 of the companies enjoyed at least one year in which their federal income tax was zero or less.
26 companies, including Boeing, General Electric, Priceline.com and Verizon, enjoyed negative income tax rates over the entire five-year period, despite combined pre-tax profits of $170 billion.
Of the 125 multinational companies in this sample, two-thirds paid a lower U.S. tax rate than the rate they paid to foreign governments on their foreign profits. On average, their foreign effective tax rate was 12 percent larger than their U.S. effective rate.
111 of the companies enjoyed at least one year in which their federal income tax was zero or less.
26 companies, including Boeing, General Electric, Priceline.com and Verizon, enjoyed negative income tax rates over the entire five-year period, despite combined pre-tax profits of $170 billion.
Of the 125 multinational companies in this sample, two-thirds paid a lower U.S. tax rate than the rate they paid to foreign governments on their foreign profits. On average, their foreign effective tax rate was 12 percent larger than their U.S. effective rate.
The total amount of federal income tax subsidies enjoyed by the 288 profitable corporations over the five years was $362 billion.
111 of the companies enjoyed at least one year in which their federal income tax was zero or less.
26 companies, including Boeing, General Electric, Priceline.com and Verizon, enjoyed negative income tax rates over the entire five-year period, despite combined pre-tax profits of $170 billion.
Of the 125 multinational companies in this sample, two-thirds paid a lower U.S. tax rate than the rate they paid to foreign governments on their foreign profits. On average, their foreign effective tax rate was 12 percent larger than their U.S. effective rate.
111 of the companies enjoyed at least one year in which their federal income tax was zero or less.
26 companies, including Boeing, General Electric, Priceline.com and Verizon, enjoyed negative income tax rates over the entire five-year period, despite combined pre-tax profits of $170 billion.
Of the 125 multinational companies in this sample, two-thirds paid a lower U.S. tax rate than the rate they paid to foreign governments on their foreign profits. On average, their foreign effective tax rate was 12 percent larger than their U.S. effective rate.
The total amount of federal income tax subsidies enjoyed by the 288 profitable corporations over the five years was $362 billion.
What Fortune 500 Firms Pay (or don't Pay) in the USA:
2008-2012
(Includes Company by Company Appendices and Footnotes)
Executive Summary
Introduction
Who’s Paying Corporate Taxes—and Who’s Not
The Size of the Corporate Tax Subsidies
Tax Rates (and Subsidies) by Industry
Historical Comparisons of Tax Rates and Tax Subsidies
U.S. Corporate Income Taxes vs. Foreign Income Taxes
How Companies Pay Low Tax Bills
Who Loses from Corporate Tax Avoidance?
A Plea for Better Disclosure
Tax Reform (& Deform) Options
MORE: CITIZENS FOR TAX JUSTICE
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