Corporate tax rates don't necessarily mean big tax bills | Arkansas Blog

Wednesday, February 26, 2014

Corporate tax rates don't necessarily mean big tax bills

Posted By on Wed, Feb 26, 2014 at 10:05 AM

click to enlarge CITIZENS FOR TAX JUSTICE
  • Citizens for Tax Justice

A new report from the Citizens for Tax Justice of the country's biggest corporations shows that many don't pay anything like the top 35 percent corporate income tax rate. Many pay nothing at all.

The highlights of a study of 288 highly profitable Fortune 500 companies:

*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. 

Wouldn't you like to see a report on the effective tax rate in Arkansas for the 100 most profitable corporations? Mr. Weiss, crunch those numbers.

Tags: , , ,

From the ArkTimes store

Favorite

Comments

Subscribe to this thread:

Add a comment

More by Max Brantley

Readers also liked…

Most Shared

  • Discussion: State killing of the mentally ill

    The Arkansas Coalition to Abolish the Death Penalty and others will have a forum on mental illness and the death penalty at 6:30 p.m. Monday at the Bowen School of Law's Friday Courtroom.

Most Recent Comments

  • Re: What does it mean to be "hacked?"

    • URGENT AFFORDABLE BLANK ATM CARD Hi Viewers Get your Blank ATM card that works in…

    • on October 23, 2017
  • Re: What does it mean to be "hacked?"

    • URGENT AFFORDABLE BLANK ATM CARD Hi Viewers Get your Blank ATM card that works in…

    • on October 23, 2017
  • Re: Sunday open line

    • I agree you don't pay $32 million to the woman who filed a lawsuit against…

    • on October 23, 2017

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation