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Author Topic: America’s 10 Largest Corporations Paid 9 Percent Average Tax Rate Last Year.
raybond
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America’s 10 Largest Corporations Paid 9 Percent Average Tax Rate Last Year
By Travis Waldron on Aug 7, 2012 at 2:30 pm

America’s 10 most profitable corporations paid an average corporate income tax rate of just 9 percent in 2011, according to a study from financial site NerdWallet reported by the Huffington Post. The 10 companies include Wall Street banks like Wells Fargo and JP Morgan Chase, oil companies like ExxonMobil and Chevron, and tech companies like Apple, IBM, and Microsoft.

The two companies with the lowest tax rates were both oil companies. ExxonMobil paid $1.5 billion in taxes on $73.3 billion in earnings, a tax rate of 2 percent. Chevron’s tax rate was just 4 percent. None of the companies paid anywhere near the 35 percent top corporate tax rate, providing more evidence to debunk claims that America’s corporate tax rate is stunting economic growth and job creation (Despite the high marginal rate, American corporations pay one of the lowest effective corporate tax rates in the world).

The study also calculated the overall amount the companies owed in both domestic and foreign taxes. This includes deferred taxes that will, theoretically, be paid in the future, once the companies bring foreign profits back to the United States. Apple, for instance, avoided $2.4 billion in American taxes last year by utilizing offshore tax havens.

If Republicans have their way, however, those deferred taxes may never be paid. Switching to a territorial tax system, a policy leading Republicans have considered, would allow corporations to repatriate foreign profits back to the United States nearly free of taxation, costing the country billions of dollars and thousands of jobs.


How much did you pay?

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CashCowMoo
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Oh you mean like General Electric who got millions in "stimulus" money, then shipped wind turbine manufacturing to China? The CEO who sits on President Obama's "jobs council" which has not accomplished anything?


G.E. paid NO TAXES on 14 BILLION in profits in 2010. Of course, you wont go there because of how close the company is to this administration. Just keep the focus on Wall St, Exxon, etc.


Can I have some more Kool Aid please?

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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jordanreed
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I think the oil companies are pretty close to the government too...no matter who's in charge. GE too...but the title of this thread is the 10 largest..so,,anyway...doesnt this have to stop?..i guess this is the point. and tell me your source for saying the job council has accomplished nothing..you know, for fact checking and such...oh and here's your sign ******************************************************************************** ****************************

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jordan

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raybond
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cash a good portion of what you post is factless. When I asked you once about this you saidI don't have to verify anything. Again when you are on a topic please stay on subject!

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CashCowMoo
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quote:
Originally posted by raybond:
cash a good portion of what you post is factless. When I asked you once about this you saidI don't have to verify anything. Again when you are on a topic please stay on subject!

I did not say that, good grief man.
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The Bigfoot
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I'll go there. G.E. in 2010 is a prime example of a need for a fairer tax code. Absolutely.

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No longer eligible for government service due to lack of tax issues.

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raybond
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I will go there to GE needs to be investagated as do many others. Just wanted to show that American Corps. are some of the least taxed in the world.

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Wise men learn more from fools than fools from the wise.

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CashCowMoo
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That is why Ray we need Obama to take a huge stand on closing tax loopholes and refining the tax system. Why isnt he out there doing that? We have the highest corporate tax rates in the world, and only the super big companies pay the lowest because they have the money to spend on tax lawyers and accountants to work the system that they designed over time. Cut off all the corporate welfare and lower the corporate tax rate at the same time.

That is why when Obama goes around saying the government needs to take more money from my pay...for what? To go get wasted?

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The Bigfoot
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That's exactly what Obama proposed in February Cash.

Obama proposed we lower the corp tax rate to 28% and close loopholes to make sure big corps pay their fair share. Guess who blocked it?

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No longer eligible for government service due to lack of tax issues.

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CashCowMoo
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prob TP folks

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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Happy Valley
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Let me ask you guys this, if you were a profitable US based multinational major oil or tech company, would it not make more financial sense to just pack up shop and base your operations outside of the US???

One of the largest tax credits these companies get (especially big oil) is used to offset taxes paid to other countries...If that credit is eliminated, what would be the incentive for companies like XOM, CVX, COP, AAPL, IBM etc. to maintain their US status???Why not just leave and only pay taxes to the US on income generated in the US???

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glassman
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not if we recouped the revenue losses that would create for the governemt by itnroducing import duites.

the Founders expected to run the US almost entirely on import duties when they set up the government to begin with. It is what the Founders wanted...

Apple would have to pay a couple hundred bucks an iphone or more inimport duties if the Founders were still in charge...

so no it wouldn't make sens for them to try to "cheat" any more than it does now...

and i chose the iphone in particualr because the fact is that US Governmetn purchasing and subsidization and Resaerch is th reason that we have computers and digital chips now...

they COULD have been invented without the Govt but they were not...

also? the Govt provides a service to allow them to protect their intellctual property rights after they develop them, and wihtuothe govt? anybody can steal their property without that protection.

I m alibertarian, but i am not a frigin Hermit in cave, i do recognise that we have things we need to do together and the Govt is where thatis supposedto happen.

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Happy Valley
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quote:
Originally posted by glassman:
not if we recouped the revenue losses that would create for the governemt by itnroducing import duites.

Bingo...We have a winner folks!!!

If you want access to the lucrative american markets then you have to pay...This is the tax we should be talking about...JMO

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CashCowMoo
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quote:
Originally posted by Happy Valley:
quote:
Originally posted by glassman:
not if we recouped the revenue losses that would create for the governemt by itnroducing import duites.

Bingo...We have a winner folks!!!

If you want access to the lucrative american markets then you have to pay...This is the tax we should be talking about...JMO

So why isnt Obama campaigning on this?
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Pagan
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quote:
Originally posted by CashCowMoo:
quote:
Originally posted by Happy Valley:
quote:
Originally posted by glassman:
not if we recouped the revenue losses that would create for the governemt by itnroducing import duites.

Bingo...We have a winner folks!!!

If you want access to the lucrative american markets then you have to pay...This is the tax we should be talking about...JMO

So why isnt Obama campaigning on this?
*

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It is impossible to make anything foolproof because fools are so ingenious.

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glassman
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cash, i've been banging this drum for years. it is always responded to by the 'dreaded' word "protectiionism".

i am not proposing protectionism tho. i am proposing a level playing feild. i am now personally aware that there i seven more underhandedness concerning our relationship with the chinse govt than most people know or would like if they did know. our upper level politicans have for years been usignthe the term "freetrade" as annexcuse to syphon off the capital both monetary and human to other coutnries. our leaders, both governmetal and private inudustry are traitors as i seee it. they are seyelling ayout the middle class for their own personal profit. this began with Dady Bush and has nt stopped. Obma? he cannot, even if he is willing< unilaterally dump this pattern of abuse overnight. It will take the TParty on its best days and the occupy movemtn andthe labor unoins adn grassroots of the GOP and democrts to change this, and even that will take years or a mjor crisis. We already had a mjor crisis and it isn't changing, so i thkn ht ecriss needed would hacve to be military, even worse than when the Chinese crashed into one of surveillance planes and forced it to land in chinese soil and was then not destroyed propely by the crew.

when i was active duty? one of my jobs was demolition of teh wepsystems to protect them from falling into the wrong hands. I knew it involved heavilyrisking my life to do it. these peole did not rsik their lives to accomplish their demolition and i beleive they should be ashamed. that is only my opinmoin whihc ain't woth chit, but it is what i beleive. so what has to happen to change this situatin exacly? soemthign really really fockedup.

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Don't envy the happiness of those who live in a fool's paradise.

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