Report Finding Massive Corporate Tax Avoidance Released Same Day as Congressional Plan to Slash Corp

[applegrove]

Report Finding Massive Corporate Tax Avoidance Released Same Day as Congressional Plan to Slash Corporate Tax Rate

at Citizens For Tax Justice

http://ctj.org/ctjreports/2014/02/report_finding_massive_corporate_tax_avoidance_released_same_day_as_congressional_plan_to_slash_corp.php#.Uw_yaoWwVVU

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Congressman Dave Camp, the Republican Chairman of the House Ways and Means Committee, released a plan today that would dramatically slash the federal corporate income tax rate from its current 35 percent, which Camp says is currently the “highest corporate tax rate in the industrialized world,” to 25 percent in order to make the U.S. more “competitive.”

But the premise that our corporate tax is too burdensome on companies is wrong, and my colleagues and I prove it in a report that we have released today. This new report from Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy (ITEP) finds that most profitable U.S multinational corporations actually pay higher effective tax rates in the foreign countries where they do business than they pay here in the U.S.

Our report examines the Fortune 500 corporations that have been consistently profitable for the previous five years and finds that as a group they paid just 19.4 percent of their profits in U.S. income taxes over the five-year period, while a third paid less than 10 percent.

Several well-known companies paid no U.S. income taxes at all over the five-year period studied — including General Electric, Verizon, Priceline, Boeing, Corning and 21 other profitable corporations.





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[Vinnie From Indy]

1. Kick!

Good post!

[JaneyVee]

2. K&R!

[jsr]

3. Corporations are people and taxation hurts corporations' feelings