Posts Tagged ‘tax break’

Thirty large and profitable U.S. corporations paid no income taxes from 2008 through to 2010, despite making combined pre-tax profits of $160billion, a report out today said.

A comprehensive analysis of 280 corporations on the Fortune 500 list found that their tax subsidies amounted to $222.7bn in the last three years.

The report, from Citizens for Tax Justice and the Institute on Taxation and Economic Policy, arrives as Congress faces rising demands for tax reform but seems unable or unwilling to act.

Under half: Corporations are paying far less income tax as a percentage than the statutory rate of 35 per cent, shown in graph of 2008 totalsUnder half: Corporations are paying far less income tax as a percentage than the statutory rate of 35 per cent, shown in graph of 2008 totals

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