GE Had a -45% Tax Rate in 2008 – 2010

July 3, 2012 at 2:58 PM Leave a comment

I’m pretty sure my husband and I pay taxes at the rate of 28%, but I could be wrong.  What I know for sure is our tax rate definitely isn’t -57.6% (like Pepco (the company that is taking forever to restore power to the Washington, D.C. area after Friday’s storm)) or -45.3% like General Electric.

This is outrageous:

Who’s Not Paying Corporate taxes?

While the federal tax code calls for a 35 percent tax rate on corporations, many companies find ways to reduce their tax burden. In a study of corporate taxes of 280 companies, 30 of those paid less than zero in taxes in a three-year period from 2008 through 2010.

Source: “Corporate Taxpayers & Corporate Tax Dodgers 2008-10,” a joint project of Citizens for Tax Justice and the Institute on Taxation and Economic Policy. The Washington Post.

The next time you hear a politician rant about how “corporations pay higher taxes in the United States than anywhere else in the world,” remember the loopholes they’ve been granted by the folks they buy off in Washington.  The law may say one thing, but underneath that law are all kinds of write-off and tricks corporations can use to pay — unbelievably — negative taxes, which means, I presume, we send them a refund.

Talk about outrage overload.

See a larger version of this chart and get more info here.

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Entry filed under: Corporatocracy, Our Tax Dollars. Tags: .

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