Wednesday, April 06, 2011

Most US companies don’t pay federal taxes

But they should, of course.

2-3rds of US Corporations Pay Zero Federal Taxes- US Uncut Movement Builds to Make Them Pay Up (click here for full article)

“I’m tired of people calling for shared sacrifice and it’s all coming from the workers and nothing’s coming from the top,” says protester Dave Sonenberg. “I’m sick of companies like Bank of America not paying their taxes.”

G.E.’s Strategies Let It Avoid Taxes Altogether (click here for full article)

“Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.”
I should have guessed: “G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm.”
The tax level is high (35%), but even if it was lower, most companies most likely wouldn’t pay any taxes anyway, as it’s so easy not to.