Citizens for Tax Justice puts to rest all those GOP talking points about the big bad government forcing the poor wittle corporations to pay all those high taxes.
As Think Progress points out, “Corporate taxes in the U.S., contrary to the constant protestations of conservatives, are at a 40 year low, with many of the most profitable companies paying nothing at all.”
In fact, all but four of the 30 companies remained in the no-federal-income-tax category over the 2008-11 period. Over the four years:
- 26 of the 30 companies continued to enjoy negative federal income tax rates. That means they still made more money after tax than before tax over the four years!
- Of the remaining four companies, three paid four year effective tax rates of less than 4 percent (specifically, 0.2%, 2.0% and 3.8%). One company paid a 2008-11 tax rate of 10.9 percent.
- In total, 2008-11 federal income taxes for the 30 companies remained negative, despite $205 billion in pretax U.S. profits. Overall, they enjoyed an average effective federal income tax rate of –3.1 percent over the four years.
“These big, profitable corporations are continuing to shift their tax burden onto average Americans,” said Citizens for Tax Justice director Bob McIntyre. “
The entire report is here, including more charts.