Thirty large and profitable U.S. corporations paid no income taxes in 2008 through 2010Submitted by simplesimon on Thu, 11/03/2011 - 09:32
Here is an article titled "Thirty large and profitable U.S. corporations paid no income taxes in 2008 through 2010" by Kevin Drawbaugh.
It can be found here:
The article doesn't list the guilty companies by name but here they are.
Company Effective tax rate 2008-2010 (in the negatives)
Pepco Holdings -57.6 percent
General Electric -45.3 percent
Paccar -30.5 percent
PG&E Corp -21.2 percent
Computer Sciences -18.3 percent
NiSource -16.4 percent
CenterPoint Energy -14.7 percent
Tenet Healthcare -11.6 percent
Atmos Energy -11.6 percent
Integrys Energy Group -11.3 percent
American Electric Power -9.2 percent
Con-way -9.1 percent
Ryder System -7.3 percent
Baxter International -7.1 percent
Wisconsin Energy -4.9 percent
Duke Energy -3.9 percent
DuPont -3.4 percent
Consolidated Edison -3.0 percent
Verizon Communications -2.9 percent
Interpublic Group -2.6 percent
CMS Energy -2.2 percent
NextEra Energy -2.2 percent
Navistar International -2.0 percent
Boeing -1.8 percent
Wells Fargo -1.4 percent
El Paso -1.0 percent
Mattel -0.9 percent
Honeywell International -0.7 percent
DTE Energy -0.7 percent
Corning -0.2 percent
Here is the intro to the article:
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 company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.
The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world, but over the 2008-2010 period, very few of the companies studied paid it, said the report.
The average effective tax rate for the companies over the period was 18.5 percent, said Citizens for Tax Justice and the Institute on Taxation and Economic Policy, both think tanks.
Their report also listed General Electric Co, Paccar Inc, PG&E Corp, Computer Sciences Corp and NiSource Inc as among the 30 that paid no taxes. All 280 corporations examined were profitable over the period.