U.S. corporate giants like General Electric did not pay ANY taxes at all between 2008 and 2010! How do they get away with it?
According to a report by the non-partisan Public Campaign, thirty multi-million dollar U.S. Companies cleverly used a myriad of tax-dodging techniques and spent more money lobbying Congress than they paid in federal income taxes between 2008 and 2010! Collectively they spent about $400,000 every day, seven days a week during that three-year period, to lobby lawmakers and influence political elections.
These companies managed to make a profit of $164 billion despite a widespread economic instability that has swept the U.S since 2008. During that period they also received tax rebates totaling about $11 billion. Displaying no conscience, these companies lay off some of their employees and increased the salaries of their executives while spending about $476 million during the same period to lobby the U.S. Congress and another $22 million on federal campaigns.
A staggering twenty-nine of those companies paid no federal taxes at all during that time frame, even though the statutory federal corporate tax rate is 35 percent! The companies mentioned in the report include giants like General Electric, Verizon Communications, Wells Fargo, Mattel and Boeing.
According to the report, big corporations and their CEOs get special deals in Washington at the expense of poor and middle class Americans. Congress continually votes to give tax breaks to oil companies and hedge fund managers, cutting important programs that benefit the majority of Americans.