Oct 11, 2012
boyce
Comments Off on Pick your favorite corporate tax loophole

Pick your favorite corporate tax loophole

Chris Parker writes in the Village Voice:

From 2008 to 2010, at least 30 Fortune 500 companies—including PepsiCo, Verizon, Wells Fargo, and DuPont—paid 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.

Check out his top ten corporate tax loopholes here.

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