Aug 7, 2012

10 Most Profitable Companies Whining About Getting Off Easy

While some of America's biggest corporations complain that they pay too much in taxes, according to Huff Post Business, a recent analysis shows that many are actually getting off pretty easy.
 
According to the financial site NerdWallet, the 10 most profitable U.S. companies paid an average federal tax rate of just 9 percent last year.

Some of America's giant businesses paid more than 9 percent -- JPMorgan earned $26.7 billion in 2011, for example, and paid $3.7 billion of it, or 14 percent, to the federal government -- and some paid less, like Exxon Mobil, which only sent 2 percent of its $73.3 billion earnings to the IRS.

But the 10 companies all paid much less than the nominal corporate tax rate of 35 percent -- a number that investor and tax-the-rich advocate Warren Buffett has dismissed as "a myth," but one that presidential front-runners Barack Obama and Mitt Romney have both proposed to lower.

Photo credit: Huff Post Business
The effective corporate tax rate has been on its way down for decades, recently hitting a 40-year low even as corporate profits have reached an all-time high. Many of the companies that have seen their tax rates fall in recent years -- including Exxon Mobil, Verizon, General Electric and AT&T -- are among the biggest spenders when it comes to lobbying, according to a recent analysis by the Sunlight Foundation.

This news is downright unfair.  These companies earn billions of dollars annually, and some being worse than others, still moan and groan about paying their fair share in taxes to help our economy.  Below is a breakdown of the top ten companies and what they paid to the IRS in 2011.  You can see for yourself just how pathetic some of these percentages are, IBM being the worst:

GE                     5%
IBM                  1%
ConocoPhillips   8%
Wells Fargo       14%
Walmart            19%
Chase                14%
Microsoft          11%
Apple                11%
Chevron             4%
Exxon Mobil      2%

1 comment:

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