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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe 10 Most Corrupt Tax Loopholes
http://www.villagevoice.com/2012-10-10/news/the-10-most-corrupt-tax-loopholes/A year ago, Citizens for Tax Justice, a Washington, D.C., nonprofit, studied the tax returns of 280 corporations. What it found was a Beltway version of a Mafia protection scheme.
From 2008 to 2010, at least 30 Fortune 500 companiesincluding PepsiCo, Verizon, Wells Fargo, and DuPontpaid more for lobbyists than they did in taxes. They collectively spent $476 million sucking up to Congress, buying protection for tax breaks, loopholes, and special subsidies.
It didn't matter that these same 30 firms brought home a staggering $164 billion in profit during that three-year period. They not only managed to avoid paying taxes, but they also actually received $10.6 billion in rebates.
Welcome to the U.S. tax code, where companies like General Electric and Boeing contribute less to the federal treasury than a retired machinist living in Florida.
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The 10 Most Corrupt Tax Loopholes (Original Post)
xchrom
Oct 2012
OP
NMDemDist2
(49,313 posts)1. so i can find later n/t
samplegirl
(11,478 posts)2. Excellent Post
Thanks for sharing!
lonestarnot
(77,097 posts)3. And Exxon/Mobil is a small business.
xchrom
(108,903 posts)4. i'll give this 1 kick. nt
KG
(28,751 posts)5. AutoxchromDURec
xchrom
(108,903 posts)6. Why isn't this more interesting to people? Nt