Topic: 10 Big Companies That Pay No Taxes (and Their Favorite Polit | |
---|---|
10 Big Companies That Pay No Taxes (and Their Favorite Politicians)
—By Gavin Aronsen | Fri Apr. 13, 2012 3:00 AM PDT 26 JD Hancock/Flickr Between 2008 and 2011, 26 major American corporations paid no net federal income taxes despite bringing in billions in profits, according to a new report (PDF) from the nonprofit research group Citizens for Tax Justice. CTJ calculates that if the companies had paid the full 35 percent corporate tax rate, they would have put more than $78 billion into government coffers. Here's a look at the 10 most profitable tax evaders and the politicians their CEOs, employees, and PACs give the most money to. Verizon Communications Profits: $19.8 billion Effective tax rate: -3.8% Top recipients, 2011-2012 President Barack Obama: $51,493 Sen. Robert Menendez (D-N.J.): $24,450 Sen. Mitch McConnell (R-Ky.): $23,700 Rep. John Boehner (R-Ohio): $22,500 Sen. Kirsten Gillibrand (D-N.Y.): $15,000 General Electric Profits: $19.6 billion Effective tax rate: -18.9% Top recipients, 2011-2012 Mitt Romney: $53,750 President Barack Obama (D): $30,493 Sen. Scott Brown (R-Mass.): $23,900 Rep. Howard Berman (D-Calif.): $21,860 Rep. Chris Murphy (D-Conn.): $19,750 Advertise on MotherJones.com Boeing Profits: $14.8 billion Effective tax rate: -5.5% Top recipients, 2011-2012 Rep. Buck McKeon (R-Calif.): $31,750 Rep. Adam Smith (D-Wash.): $25,000 Former Sen. George Allen (R-Va.): $23,500 Sen. Maria Cantwell (D-Wash.): $23,125 Rep. Ron Paul (R-Texas): $20,986 NextEra Energy: North America's largest solar and wind power operator, based in Florida Profits: $8.8 billion Effective tax rate: -2% Top recipients, 2011-2012 Rep. George LeMieux (R-Fla.): $9,500 Rep. Mike Haridopolos (R-Fla.): $4,800 Sen. Maria Cantwell (D-Wash.): $2,000 Rep. Ron Paul (R-Texas): $2,000 Rep. Tom Rooney (R-Fla.): $2,000 American Electric Power: Electric utility based in Columbus, Ohio Profits: $8.2 billion Effective tax rate: -6.4% Top recipients, 2011-2012 Rep. John Boehner (R-Ohio): $34,750 Rep. Steve Stivers (R-Ohio): $34,050 Rep. Bob Gibbs (R-Ohio): $21,700 Sen. Joe Manchin (D-W. Va.): $19,750 Sen. Sherrod Brown (D-Ohio): $18,450 Pacific Gas & Electric: California electrical utility Profits: $6 billion Effective tax rate: -8.4% Top recipients, 2011-2012 President Barack Obama (D): $6,250 Rep. Jim Costa (D-Calif.): $5,000 Rep. Kevin McCarthy (R-Calif.): $5,500 Rep. Fred Upton (R-Mich.): $5,000 Rep. Jeff Denham (R-Calif.): $3,500 Apache: Houston-based oil and gas company Profits: $6 billion Effective tax rate: -0.3% Top recipients, 2011-2012 Sen. David Dewhurst (R-Texas): $25,000 Rep. Connie Mack (R-Fla.): $5,000 Rep. Bill Cassidy (R-La.): $2,500 Rep. Mike Conaway (R-Texas): $2,500 Rep. Gene Green (D-Texas): $2,500 Sen. Mitch McConnell (R-Ky.): $2,500 Brendan Doherty (R-R.I.): $2,500 Consolidated Edison: New York energy company Profits: $5.9 billion Effective tax rate: -1.3% Top recipients, 2011-2012 Sen. Maria Cantwell (D-Wash.): $15,050 Sen. Kirsten Gillibrand (D-N.Y.): $8,000 Rep. Edolphus Towns (D-N.Y.): $6,650 Then-Rep. David Wu (D-Ore.): $2,500 Rep. Joseph Crowley (D-N.Y.): $1,500 Sen. Harry Reid (D-Nev.): $1,500 Rep. Jose Serrano (D-N.Y.): $1,500 El Paso: Houston-based energy company that operates the country's largest natural gas pipeline Profits: $4.6 billion Effective tax rate: -0.9% Top recipients, 2011-2012 Sen. David Dewhurst (R-Texas): $7,500 Mitt Romney (R): $5,000 Rep. John Barrow (D-Ga.): $3,000 Rep. Diane Black (R-Tenn.): $2,750 Sen. John Barrasso (R-Wyo.): $2,500 Sen. Max Baucus (D-Mont.): $2,500 Sen. Mitch McConnell (R-Ky.): $2,500 Gov. Rick Perry (R-Texas): $2,500 Rep. Fred Upton (R-Mich.): $2,500 Sen. Roger Wicker (R-Miss.): $2,500 CenterPoint Energy: Electric and gas utility company based in Houston Profits: $3.1 billion Effective tax rate: -11.3% Top recipients, 2011-2012 Sen. David Dewhurst (R-Texas): $22,050 Gov. Rick Perry (R-Texas): $13,458 Sen. Mitch McConnell (R-Ky.): $10,299 Rep. Greg Walden (R-Ore.): $7,000 Rep. Kevin Brady (R-Texas): $4,000 Giving data from the Center for Responsive Politics. Includes all 2011-12 campaign donations from each company's employees and corporate PACs. http://motherjones.com/mojo/2012/04/top-tax-dodging-companies-politicians Their tax rates are absolutely ridiculous. |
|
|
|
Depressing, isn't it?
|
|
|
|
so?
|
|
|