888888
Council Member
Billions and billions
Over the 2001-2003 period, the 275 Fortune 500 companies that were profitable each year and for which adequate information is publicly available earned almost $1.1 trillion in pretax profits in the United States. Had all of those profits been reported to the Internal Revenue Service (IRS) and taxed at the statutory 35 percent corporate tax rate, then the 275 companies would have paid $370 billion in income taxes over the three years. But instead, the companies reported only about half of their profits - $557 billion - to the IRS. Instead of a 35 percent tax rate, the companies as a group paid a three-year effective tax rate of only 18.4 percent.
In 2002 and 2003, the 275 companies sheltered more than half of their profits from tax. They told their shareholders they earned $739 billion in those two years, but they paid taxes on less than half of that, only $363 billion.
Loopholes and other tax subsidies cut taxes for the 275 companies by $43.4 billion in 2001, $60.8 billion in 2002 and $71.0 billion in 2003, for a total of $175.2 billion in tax breaks over the three years.
Half of the total tax-break dollars over the three years - $87.1 billion - went to just 25 companies, each with more than a billion-and-a-half dollars in tax breaks.
General Electric topped the list of corporate tax break recipients, with $9.5 billion in tax breaks over the three years.
so all this shit about Romney paying 42% is pure stupid. One thing is a lot of his income comes at limited partnership since he left his Bain job. The corp taxation is not paid before the partners are paid their share of the company's profits.
http://reclaimdemocracy.org/corporate_welfare/real_tax_rates_plummet.php
Over the 2001-2003 period, the 275 Fortune 500 companies that were profitable each year and for which adequate information is publicly available earned almost $1.1 trillion in pretax profits in the United States. Had all of those profits been reported to the Internal Revenue Service (IRS) and taxed at the statutory 35 percent corporate tax rate, then the 275 companies would have paid $370 billion in income taxes over the three years. But instead, the companies reported only about half of their profits - $557 billion - to the IRS. Instead of a 35 percent tax rate, the companies as a group paid a three-year effective tax rate of only 18.4 percent.
In 2002 and 2003, the 275 companies sheltered more than half of their profits from tax. They told their shareholders they earned $739 billion in those two years, but they paid taxes on less than half of that, only $363 billion.
Loopholes and other tax subsidies cut taxes for the 275 companies by $43.4 billion in 2001, $60.8 billion in 2002 and $71.0 billion in 2003, for a total of $175.2 billion in tax breaks over the three years.
Half of the total tax-break dollars over the three years - $87.1 billion - went to just 25 companies, each with more than a billion-and-a-half dollars in tax breaks.
General Electric topped the list of corporate tax break recipients, with $9.5 billion in tax breaks over the three years.
so all this shit about Romney paying 42% is pure stupid. One thing is a lot of his income comes at limited partnership since he left his Bain job. The corp taxation is not paid before the partners are paid their share of the company's profits.
http://reclaimdemocracy.org/corporate_welfare/real_tax_rates_plummet.php
