10 big companies that pay no taxes (and their favorite politicians)

reply to post by Rigel Kent


These studies are always halfass political hacks trying to stir up a subject they know nothing about.

Take Verizon for example. While they did get a refund, they did pay taxes. I got a refund.... and I paid tens of thousands in taxes. All together their total tax payments on $5.25 billion in profit was $1.79 billion in taxes.

Most of the Government subsidies were directly involved with government contract provisions directing Verizon to use resources to construct infrastructure (3g internet coverage and expanded wireless telecommunications).

Deny Ignorance.

reply to post by Rockpuck


You have any link to Verizon Comms financial reports that confirm this?
I agree "deny ignorance" but I need to see something more.
Thanks.

PEACE,
RK

reply to post by Rigel Kent

Its not a bribe, its a "contribution".
And of course they accept it without question, its for "re election".
And that makes it "legal".

Haven't really checked this but Verizon is probably a C corporation since it is a huge public company. In laymans terms, a c corp is taxed twice, once at the entity level and once at the shareholder level. So although the entity may not pay tax, certainly the dividend distributions issued to big shareholders are payable at their respective levels. I think the tax code is silly, especially the earned income credit, but the reality is nothing huge has changed since 1986 although the inference in the OP is that the donations to those politicians was the driver behind the company's negative effective tax rate. I don't like the system either, but it didn't really change with our current round of folks.

One of the top things I dislike about the tax code is the refundable credits poor people receive. You can pay in no tax and because you are broke with kids, get a refund.

reply to post by Rigel Kent


Go To the SEC's page and look up Verizon's form 10-K for 2011. It is public information.

reply to post by ofhumandescent


The buffet rule will do nothing for the economy or the middle class. They are just mining for votes because the notion of slapping the rich sounds good to many people. Even though the 1% already pays 40% of the nations federal tax burden.

What we really need is good and honest overall Tax Reform for the entire nation!! No more finger pointing. The whole tax code needs to be destroyed and reworked.

Put your energy behind the FAIR tax which completely eliminates Federal income tax and the IRS. Taxing will be based on consumption and will reward those who actually want to save money and reward those who work hard to be frugal. There is no reward for saving money these days. We need it!!

The Buffett rule is just more of the same divisive political rhetoric. Harry Reid will call for its vote but has yet to call for a vote to get a budget passed 1100 days and counting!! Everyone needs a budget!!!

Amasing! These huge corporation don't have to pay taxes...yet the lowly employees that work for them have taxes taken out of their pay checks from these companies. What is wrong with this picture?

Originally posted by Rigel Kent
Greetings ATSers,
You have to wonder what the hell is going on when the US Government fails to collect $78 Billion in Taxes from these 10 companies, but I guess when you look at the list of monetary donations made to named politicians your confusion will quickly turn into disgust.

Verizon Communications is at the top of the list with a whopping $19.8 Billion in proffits for 2011 - 2012 fiscal year and wait for it, has a tax rate of -3.2% !!!!

Top politicians who received cash from Verizon during this period are as follows:

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

You can read through the whole list here

motherjones.com...

When is enough, enough?

PEACE,
RK

Given his inability to get virtually anything past the GOP roadblock in Congress, I wonder how an Obama proposed tax crackdown on U.S. companies would have flown last year.

reply to post by Rigel Kent


And I will bet that heads of those companies have had cozy little meetings with Obama too. Just like quite a few corporations in the UK have had nice little meals and made nice donations to Cameron.

Money talks, democracy walks.

Welcome to reality. Your government works for the highest bidders and their own self-interest, not the interests of those who supposedly vote for them.

Democracy is a scam, they are all owned by the same elites, they will all follow the orders of their paymasters with very little variation.

Originally posted by stanats
Given his inability to get virtually anything past the GOP roadblock in Congress, I wonder how an Obama proposed tax crackdown on U.S. companies would have flown last year.

Even if he could have done it, he wouldn't have. It's all BS made to give the impression that he is on your side. He might be, in actual fact. But the people who own him and every other politician will not allow the government to harm their bottom line.

Even if taxation laws are passed to rake in some of that insane wealth, there will be loopholes and there will be work-around's. Somehow the corporations and the elites will always be making their profits at the expense of the people.

They will not allow their servant politicians to actually work against them.

reply to post by Rigel Kent


and yet these companies probably lay off people and say it is because of tough times and the government putting the squeeze on them

reply to post by Rigel Kent


It will be enough when they won't have to pay politicians and talking heads to get what they want anymore. That's when the time to worry has arrived.

You could go beyond high taxes for corporations and simply take every single penny that they make, and then some! You can't pay for what we owe, it's literally impossible.

Checkout my latest thread for the details. All this arguing about who to tax and how much is completely moot.

We're screwed.

what is depressing is just how cheaply politicians sell themselves. this isn't even chump change for these corporations. I'm sure a group of citizens could come up with this kind of money for some access.

Surely the reason why these companies paid no taxes could be easily discovered by pulling up their Edgar filings which the SEC makes available to the general public.

www.sec.gov...

I just assume a company that big has really good accountants who meticulously identify every transaction and the company simply has no tax liability at the end of the year.

The way OP presents this information suggests that Verizon owes taxes, which it isn't paying, and that a short list of legislators is illegally using their position in Congress to allow a massive tax fraud...all in exchange for a pittance of a campaign contribution.

Considering that Verizon Communications is a major public utility that contributes to the management and development of the most advanced communication network on the planet...it sounds certain that they would be actively taking advantage of all kinds of legal incentives to offset taxation.

you guys do know what taxes are for, right?

The companies are going to pay the most money to whomever has the most power.

I can't endorse Barak Obama anymore (not that I figured we could actually get a champion for the people in this country anyway) -- but I don't think we would have ANY President who didn't get all this money no matter what.

The problem is ridiculous, crooked laws like the "Citizen's United" verdict from our Supreme Court.

And the more interesting list is all the companies that paid almost nothing.

The Bush tax cuts should now be called the Obama tax cuts as they were voted on and extended in December of 2010. The Democrat controlled house and senate both passed the extension and Obam signed it.
There will be no more blame Bush on this one, Obama and the democrats now OWN this one.