Community | February 21, 2011 | 83 comments

Study says most corporations pay no U.S. income taxes

source: http://www.reuters.com/article/2008/08/12/us-usa-taxes-corporations-idUSN1249465620080812

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Future_America
Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released.

The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.

More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.

During that time corporate sales in the United States totaled $2.5 trillion, according to Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota, who requested the GAO study.

The report did not name any companies. The GAO said corporations escaped paying federal income taxes for a variety of reasons including operating losses, tax credits and an ability to use transactions within the company to shift income to low tax countries.

With the U.S. budget deficit this year running close to the record $413 billion that was set in 2004 and projected to hit a record $486 billion next year, lawmakers are looking to plug holes in the U.S. tax code and generate more revenues.

Dorgan in a statement called the report "a shocking indictment of the current tax system." Levin said it made clear that "too many corporations are using tax trickery to send their profits overseas and avoid paying their fair share in the United States."

The study showed about 28 percent of large foreign corporations, those with more than $250 million in assets, doing business in the United States paid no federal income taxes in 2005 despite $372 billion in gross receipts, the senators said. About 25 percent of the largest U.S. companies paid no federal income taxes in 2005 despite $1.1 trillion in gross sales that year, they said.
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83 comments // Study says most corporations pay no U.S. income taxes

  • MotherForTruth
  • VoyagerFilms
  • Hulagirrrl
    • 0
      Hulagirrrl  

    • i read about that some two years ago. This is so blowing my mind. Public workers are being scrutinized and this is not headlines in any major news paper. Go figure.

    • 1 year ago
  • ecoalex
    • +2
      ecoalex  

    • We have deficits because of this,yet all you hear is cut entitlements.The media ,Republicans also try to throw in social security ,when it is not part of the budget,it is still profitable.The republican big lie.Sadly Obama is down with it.He's part of the problem.We need a leader as a president,not a lap dog for the corps.

      Until the people stand up with the truth we're screwed.

    • 1 year ago
  • telcod
    • +3
      telcod  

    • Socialism for the rich and capitalism for the rest of the boobs. The best kept secret? Capitalism was only a means to keep people looking in the wrong direct while all the stuff was being looted.

    • 1 year ago
  • wally60
    • +3
      wally60  

    • i keep saying the only way to change is throw them out and change the rules to benefit the public the only question is when we start its enevitable

    • 1 year ago
  • telcod
    • 0
      telcod  
    • wally60:

      You would have better luck marching onto Bills Gates property and declaring you were going to claim it for England. Those in power are in power and they ain't gonna let you and me do anything, let alone, throw them out. Gonna have to get ugly before it can get better. The solutions are frighteningly simple. A few legislative moves and we get our government back. But you are going to have to put a gun to back of many heads. Nice dog.

    • 1 year ago
  • savroD
    • 0
      savroD  

    • Yet the meme we keep getting from the corporate clowns in Washington and the media is that our corporations are overtaxed. What a sick joke they play on the foolhardy who continue to vote for them! Thanks for being republiCONned and democRATed folks!

    • 1 year ago
  • United_Federation_of_legalize_weed
  • telcod
  • Throowrocks
    • -3
      Throowrocks  

    • Record Taxes Paid before Record Oil Profits

      by Scott A. Hodge

      ExxonMobil's recent announcement of first quarter profits of $10.9 billion has prompted the predictable political demagoguery about "obscene" profits and the need for a new windfall profits tax. Exxon does not need our help to defend itself against such charges but I remain amazed that none of the major news outlets have highlighted the fact that these are net profits, meaning profits after taxes.

      If reporters were to dig just a bit deeper into the company's earnings statement they would find that Exxon—like all the major domestic oil companies—directly pays or remits a staggering amount of taxes to governments both here and abroad. Before taxes, Exxon had income of $20 billion on total world-wide revenue of $116 billion. Its earnings statement shows that the company paid $9.3 billion in income taxes to governments here and abroad. This amounts to an effective tax rate of more than 46 percent, 10 percentage points higher than the U.S. statutory rate of 35 percent.

      In addition to income taxes, the table below shows that Exxon paid or remitted $20 billion in various sales taxes, excise taxes, severance taxes, and property taxes. This brings the total amount of taxes the company paid or remitted to $29.3 billion, nearly three times the net profits it earned for shareholders.

      The financial statements of two other large U.S.-based oil companies, ConocoPhillips and ChevronTexaco, show similar large tax payments. Indeed, these three companies paid or remitted a combined $47.8 billion in taxes in the first quarter of 2008, nearly $28 billion more than they earned in net profits.

      Of course, these firms are multinational so many of these taxes are paid to foreign governments not just to Uncle Sam. But the point critics and the media need to recognize is that governments in general are bigger beneficiaries of oil industry sales than are shareholders.

    • 1 year ago
  • Weedy_Seadragon
    • +2
      Weedy_Seadragon  
    • Throowrocks:

      Throowrocks into a bottomless well... good you cite your source person: Scott A. Hodge, President of the Tax Foundation, formerly of the Heritage Foundation. Both conservative think tanks with a raft of criticisms. Apparently, Hodge is dogged by his affiliations. Anyway, back to you and your source... oh... Scott A. Hodge. Scott A. Hodge wrote a book: Balancing Americas Budget : Ending the Era of Big Government. The hardback version does not even exist, it went right to paperback and NO reviews. Apparently, his work is not even considered critically worthwhile. So, Throowrocks, you are hanging your argument on a faux shadow worthy person. You really want to do that? This IS the internet after all.... capiche?

    • 1 year ago
  • telcod
    • +1
      telcod  
    • Weedy_Seadragon:

      You want to end big government, throw out the republicans. I love that they always demonize and accuse the other guy of what they have done. Goes along with "liberal press." "tax and spend democrats" "Balance the budget" Brilliant? Nope. Easy to pull of in the wasteland of the free, where no one will ever go broke underestimating the stupidity of the american people. Tell us knot heads anything. We'll believe it, since we are the greatest and smartest and we live in a democracy.

    • 1 year ago
  • timetide
  • Mark701
    • 0
      Mark701  
    • Throowrocks:

      I'd love to see some numerical values here. For instance, a comparison of taxes paid at home to taxes abroad. If what I've read is correct, they pay far more to other countries than to the US, who gives them tax breaks and subsidies. Also, what they pay to foreign companies is irrelevant as I see it. They owe the US what they owe the US. If they don't like it, they can move to another country and see if they'll kiss their golden asses like we do.

    • 1 year ago
  • COMMONSENSEFORCOMMONGOOD_COM
    • 0
      COMMONSENSEFORCOMMONGOOD_COM  

    • The answer to most of this morass can be summed up in this letter I just posted to the president, with more to be sent because I ran out of letters allowance:

      DEAR MR. PRESIDENT,

      IF INDEPENDENTS ARE CONSIDERED GROUND ZERO FOR THE MIDDLE, THEN ON BEHALF OF THE MIDDLE, I MUST INFORM YOU THAT WE ARE LOOSING CONFIDENCE OF YOUR INTENTIONS TOWARDS THE CITIZENS OF THE UNITED STATES. YOUR STAFF MAY WANT TO REVIEW THE ARTICLES AND COMMENTS ON THEM APPEARING IN CURRENT.COM NEWS.

      IT IS HIGHLY DOUBTFUL THAT THE GENERAL PUBLIC HAS EVER BEEN MORE DISSATISFIED WITH THEIR GOVERNMENT AND THEIR HIRED PRACTITIONERS OF IT, NOR FELT MORE THREATENED WITH TREASON BY THOSE WHOM THEY HAVE COMMISSIONED TO CONDUCT THEIR BUSINESS. THE PUBLIC IS MORE CONVINCED THAN ANY TIME IN HISTORY THAT THEIR PUBLIC SERVANTS HAVE ACCEPTED THE PROVERBIAL 40 PEICES OF SILVER FROM CORPORATE INTERESTS, TO COMMIT TREASON AND BETRAY US.

      EVENTS THROUGHOUT THIS COUNTRY NOW SUGGEST THAT THE PUBLIC HAS REACHED THEIR SATURATION POINT, AND THE ABUSES HEAPED UPON US ARE SPILLING OFF US AND BACK ONTO THOSE WHO CONSPIRE TO ABUSE US.

      THE PEOPLE ARE MAKING IT CLEAR IN NO UNCERTAIN TERMS WHAT THEY NOW WANT, AND THEY INCLUDE:
      !. AN IMMEDIATE CESSATION OF ALL MILITARY ACTIONS IN THE MIDDLE EAST, AND ALL MONEY BUDGETED AND APPROPRIATED FOR THE MILITARY TO BE RETURNED TO THE NATIONAL TREASURY.
      2. AN END TO THE WAR ON DRUGS AND ALL MONIES APPROPRIATED FOR THAT PURPOSE RETURNED TO THE NATIONAL TREASURY.
      3. A FULL COURT PRESS LITIGATION AGAINST SCALIA AND THOMAS FOR TREASON AND INFLUENCE PEDDLING, AND A NULLIFICATION OF CITIZENS UNITED.
      4. IMMEDIATE CAMPAIGN FINANCE REFORM BARRING ANY CORPORATE CONTRIBUTIONS, EITHER DIRECTLY TO A CANDIDATE OR FOR ANY MEDIA OR PROMOTIONAL ACTIVITIES
      5. A 20 YEAR REVIEW OF ALL US REGISTERED CORPORATIONS TO DETERMINE THEIR UNPAID TAXES, DUE TO TREASONOUS TAX BREAKS AND LOOPHOLES PROVIDED THEM BY BRIBED LEGISLATORS, AND IMMEDIATE PAYMENT WITH INTEREST OF THOSE TAX SUMS.
      6. A 20 YEAR REVIEW OF ALL SUBSIDIES GIVEN TO COMMERCE AND INDUSTRY TO DETERMINE THE TOTAL AMOUNTS THEY BENEFITTED FROM, AND A RETURN OF THOSE AMOUNTS WITH INTEREST TO THE NATIONAL TREASURY.
      7. A WINDFALL TAX ON THE OIL INDUSTRY TO COMPENSATE THE PUBLIC FOR THE EXCESSIVE COSTS TO THEM AS A RESULT OF THE OIL INDUSTRY'S SUPPRESSION OF ALTERNATIVE ENERGY DEVELOPMENT.
      8. A 20 YEAR REVIEW OF THE ESTIMATED ENVIRONMENTAL DAMAGE CREATED BY INDUSTRY AND THE PROJECTED COST TO CLEAN IT UP, WITH THAT SUM BILLED TO INDUSTRY COLLECTIVELY BASED UPON THEIR RELATIVE GROSS REVENUES DURING THOSE YEARS.
      9. WILL HAVE TO CONTINUE ON ANOTHER PAGE. THIS PAGE WILL BE POSTED ONLINE AT CURRENT.C

    • 1 year ago
  • TheAmericanPatriot
  • TheAmericanPatriot
  • noxidereus
    • +1
      noxidereus  
    • TheAmericanPatriot:

      When you say something that is so obviously untrue, you do real damage to your credibility. You can have a differing view without lying. If you have valid points, you really don't need the lies.

      ... The more you know

    • 1 year ago
  • JonRaymond
    • 0
      JonRaymond  

    • Americans should take the cue and run their own write-off businesses. You can claim business expenses as Form C tax write offs if the business is a loss for up to three years. Gather all your receipts and claim them as business expenses. If everyone did this we might see some change in the laws that protect businesses.

    • 1 year ago
  • Warren_Merrill
    • -5
      Warren_Merrill  
    • JonRaymond:

      If a person doesn't have a job that relates to personal business expenses they will get caught and audited. However, I do believe in a flat tax. How about we all pay the same percentage without deductions. Those who make more will still pay more in taxes.

      A flat tax would get rid of much of the IRS and a lot of tax lawyers. With a flat tax on the business side the economy would have a more natural cycle. The economy wouldn't be gerryrigged by legislation that typically provides short term gain and long term pain. From a financial standpoint there would be nothing to lobby the congress.

    • 1 year ago
  • wally60
  • Devin_MacGregor
    • 0
      Devin_MacGregor  
    • Warren_Merrill:

      And a flat tax would be more of a burden on those with lower income the same way sales tax is currently. What we need is a progressive sales tax that way when a CEO goes into any store to buy milk he or she pays 5K for a gallon of milk. I would just like to see the look on their faces as the guy next to tthem to whom they pay crap wages too gets to pay 53 cents for the same gallon of milk.

      You see Merrill it is rather disturbing when people say same percentage and act like that is equal so how about a flat pay raise system but in actual dollars. Instead of telling people hey we are all getting 2% this year even us executives that we are all getting 2k pay raises this year even us executives. Or maybe a regressive pay raise system to where the more you make the less your percentage is.

      You know so we all are equal and not the false belief that those who have more money are more equal, smarter, and more important than the rest of us to include the false belief that they somehow work harder for that money than say a ditch digger or more correctly all those who made that executives salary possible.

    • 1 year ago
  • Warren_Merrill
    • -5
      Warren_Merrill  

    • The lefty lemmings (all of you) fall for the left wing propaganda again. It turns out the reporter doesn't know how to read financial reports LOL! ....
      Follow MeEnergy Source

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      131
      Share 0diggs
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      inShare. Exxon Says It Does Pay U.S. Income Taxes
      Apr. 7 2010 - 3:44 pm | 6,592 views | 0 recommendations | 7 comments

      Posted by Christopher Helman

      Recently we published the story “What the Top U.S. Companies Pay In Taxes,” and a related blog post, “Big Oil’s Tax Bill.” What’s received the most attention from readers and bloggers was our assertion that ExxonMobil, despite recording more than $15 billion in income taxes, “paid none of its 2009 income taxes in the U.S.”

      Although I came up with that by reading the company’s annual 10-k filing with the SEC, ExxonMobil spokesman Alan Jeffers assures me that this is wrong, that Exxon did indeed pay substantial income taxes to the U.S. Treasury in 2009, and that it overpaid taxes in 2008. How much? Well, Jeffers says so far he’s not at liberty to disclose that information. “That’s not something we’re required to disclose, nor do we.”

      So what gives? Jeffers explains that what ExxonMobil reports in its annual consolidated financial statements is just accounting, that the numbers reflect expenses or credits recorded throughout the year and “do not represent our tax bill,” which has not yet been filed, let alone settled. The financial results listed in the 10-k “is an accurate reflection of what it is, but not what you thought it was,” says Jeffers.

      What the financial statement says is that ExxonMobil, in 2009, after a handful of deferrals, recorded a total U.S. income tax benefit (i.e., a refund) of $46 million. Next to this, it shows total non-U.S. income taxes of $15.165 billion.

      My mistake was in thinking that these figures somehow reflected actual tax benefits and liabilities. So what we should have written was that ExxonMobil “recorded” no U.S. income taxes for 2009 instead of “paid.” All you re-bloggers out there, please note the clarification. Mea culpa.

      And for all you commenters outraged that Exxon isn’t paying taxes in the U.S., don’t worry, it is. Our article only focused on income taxes, but it’s worth noting that the 10-k also records $7.7 billion in other taxes in the U.S. (like sales taxes) and more than $50 billion of other taxes and duties paid (I mean recorded) overseas.

      There’s a lingering issue here. If Exxon’s income tax line items don’t mean what they say, then what does that imply about other important stuff? Are “earnings after income taxes,” really $19.28 billion? Are earnings per share really $3.99? Does it all wash out? We’ve asked Exxon to explain and will let you know what they say.

    • 1 year ago
  • August_K
    • +5
      August_K  
    • Warren_Merrill:

      Senator Bernie Sanders (Independent from Vermont) gave a now famous speech on the Senate floor late last fall.
      Near the end he stated very clearly that Exxon made 19 Billion but paid Zero in taxes and they even got 156 million back from the IRS.

      I doubt Senator Sanders made those figures up out of thin air.
      It makes even more sense in light of the things going on.

      http://www.youtube.com/watch?v=Tq1zpHF0J04

    • 1 year ago
  • Warren_Merrill
    • -3
      Warren_Merrill  
    • August_K:

      I can't imagine Bernie Sanders making up anything. (choke, gag). He can say whatever he wants. ExxonMobil's financial statements are public information. If you can read a 10-K you can see how much they paid in taxes.

    • 1 year ago
  • totally_dilapidated
  • Weedy_Seadragon
  • Devin_MacGregor
    • 0
      Devin_MacGregor  
    • Warren_Merrill:

      So Merrill should we actually go ooo ahh at the sales tax paid because if this reporter went a little bit deeper like when he actually goes and pays for his gas that the sales tax is passed down to the consumer. It gets collected into an account that collects interest and then that company pays the sales tax periodically but again the money is actually coming from the consumer.

    • 1 year ago
  • fjt805
  • Gillian_Marktoo
  • jubal
  • figgdimension
  • bundlebear
    • +8
      bundlebear  
    • Image

    • The 16 Profitable Companies That Pay Almost Nothing In Taxes

      #16 Red Hat, Inc. (RHT)
      Pre-tax income: $463 million
      Taxes paid: $21 million
      Tax rate: 4.62%

      #15 Boeing Co. (BA)
      Pre-tax income: $17,587 million
      Taxes paid: $796 million
      Tax rate: 4.46%

      #14 Amazon.com (AMZN)
      Pre-tax income: $3,512 million
      Taxes paid: $152 million
      Tax rate: 4.33%

      #13 Broadcom Corp. (BRCM)
      Pre-tax income: $1,228 million
      Taxes paid: $41 million
      Tax rate: 3.32%

      #12 Host Hotels & Resorts Inc. (HST)
      Pre-tax income: $1,116 million
      Taxes paid: $34 million
      Tax rate: 3.05%

      #11 NRG Energy, Inc. (NRG)
      Pre-tax income: $5,343 million
      Taxes paid: $154 million
      Tax rate: 2.88%

      #10 TECO Energy, Inc. (TE)
      Pre-tax income: $1,620 million
      Taxes paid: $37 million
      Tax rate: 2.31%

      #9 Allegheny Energy Inc. (AYE)
      Pre-tax income: $2,538 million
      Taxes paid: $58 million
      Tax rate: 2.28%

      #8 NVIDIA Corporation (NVDA)
      Pre-tax income: $1,817 million
      Taxes paid: $41 million
      Tax rate: 2.24%

      #7 Xcel Energy (XEL)
      Pre-tax income: $4,334 million
      Taxes paid: $77 million
      Tax rate: 1.78%

      #6 NextEra Energy, Inc. (XEL)
      Pre-tax income: $8,572 million
      Taxes paid: $149 million
      Tax rate: 1.74%

      #5 Plum Creek Timber Co. Inc. (PCL)
      Pre-tax income: $1,355 million
      Taxes paid: $22 million
      Tax rate: 1.62%

      #4 Western Digital Corp. (WDC)
      Pre-tax income: $2,507 million
      Taxes paid: $40 million
      Tax rate: 1.6%

      #3 HCP, Inc. (HCP)
      Pre-tax income: $614 million
      Taxes paid: $9 million
      Tax rate: 1.42%

      #2 Carnival Corporation (CCL)
      Pre-tax income: $11,250 million
      Taxes paid: $126 million
      Tax rate: 1.12%

      #1 Range Resource Corporation (RRC)
      Pre-tax income: $1,228 million
      Taxes paid: $7 million
      Tax rate: 0.53%

      Read more: http://www.businessinsider.com/companies-pay-lowest-tax-loopholes-2011-2#1-range...#ixzz1EeswphJ1

    • 1 year ago
  • dickmdown
  • ArchDruid
  • dickmdown
    • 0
      dickmdown  
    • ArchDruid:

      no actually, i'm a medium and the spirits tell me you are blind, and to tell you that you may want to invest in the kleenex stock, oh and to switch to jergen's cause the chemicals are getting to your almighty brain that cannot take a joke and feels impulsed to feed the ego by slandering someone's intelligence, narcissistically you feel good by pointing the finger my friend, you get some joy from your superiority complex and that is sad, poor-sod

    • 1 year ago
  • Alaskajoe
  • dickmdown
  • Arizona_Huey
    • +5
      Arizona_Huey  

    • We cannot burden the uber rich with tax liabilities for they need to purchase gross sized mansions, property, and jets. After all, how can they show their faces around the club if they are driving the same boring luxury car each week? The poor don't need insurance, social security, medical assistance, and a decent wage!!! That's just obscene! Thank you tea bagger republicans for your idiotic voting habits for we are stuck with more destructive leadership that can now ensure our country implodes.

    • 1 year ago
  • HeadTrauma
    • +4
      HeadTrauma  
    • Arizona_Huey:

      So true... I mean... how dare we expect our very wealthiest and clearly most Divinely Blessed citizens to plate their 114 Olympic sized swimming pools with something as trashy as sterling silver... they deserve gold, surely. We must not let them walk in shame !

    • 1 year ago
  • ozoneocean
  • Throowrocks
  • Throowrocks
    • -7
      Throowrocks  

    • http://www.bir.gov.ph

      Below are the top 100 for 2009, the latest data available. Local telecomm giants Smart and Globe top the list. Units in P Million.

      1. SMART COMMUNICATIONS INC., 10,196.06
      2. GLOBE TELECOM, INC., 5,495.36

      3. CHEVRON MALAMPAYA LLC, 4,190.84
      4. SAN MIGUEL BREWERY INC., 3,578.81
      5. NESTLE PHILIPPINES INC., 3,549.02
      6. PLDT COMMUNICATIONS AND ENERGY VENTURES, INC., 3,528.25
      7. SHELL PHILIPPINES EXPLORATION, B.V., 3,237.25
      8. MANILA ELECTRIC COMPANY, 2,794.39
      9. FORTUNE TOBACCO CORPORATION, 1,879.59
      10. SM PRIME HOLDINGS INC., 1,815.18

      11. HOME DEVELOPMENT MUTUAL FUND, 1,744.91
      12. TEAM SUAL CORPORATION, 1,598-25
      13. FIRST GAS POWER CORPORATION, 1,512.80
      14. HOLCIM PHILIPPINES, INC., 1,437.65
      15. ENERGY DEVELOPMENT EDC CORPORATION, 1,427.76
      16. METRO RAIL TRANSIT CORPORATION, 1,356.51
      17. QUEZON POWER (PHILIPPINES), LIMITED CO., 1,344.64
      18. CE CASECNAN WATER AND ENERGY COMPANY, INC., 1,082.63
      19. MANILA WATER COMPANY, INC., 1,047.94
      20. PHILIP MORRIS PHILS MANUFACTURING INC., 1,008.74

      21. GMA NETWORK INC., 1,007.55
      22. PNOC EXPLORATION CORPORATION, 953.03
      23. MONDE NISSIN CORPORATION, 904.60
      24. MEAD JOHNSON NUTRITION PHILIPPINES, INC., 899.97
      25. WYETH PHILIPPINES INC., 878.06
      26. UNILEVER PHILIPPINES,INC., 836.50
      27. SAN MIGUEL FOODS INC., 807.42
      28. SHELL PHILIPPINES LLC, 755.52
      29. SUPERVALUE, INC., 742.03
      30. UNITED LABORATORIES, INC., 675.86

      31. FGP CORPORATION, 657.14
      32. ROBINSONS LAND CORPORATION, 645.38
      33. PHILIPPINE DEPOSIT INSURANCE CORPORATION, 633.58
      34. THE COCA-COLA EXPORT CORPORATION, 599.67
      35. INTERNATIONAL CONTAINER TERMINAL SERVICES INC., 598.55
      36. KEPCO PHILIPPINES CORPORATION, 596.94
      37. REPUBLIC CEMENT CORPORATION, 554.13
      38. HANJIN HEAVY INDUSTRIES AND CONSTRUCTION CO., LTD., 553.06
      39. CBK POWER COMPANY LIMITED, 502.50
      40. MERCURY DRUG CORPORATION, 495.56

      41. THE HONGKONG AND SHANGHAI BANKING CORPORATION, 485.67
      42. COLGATE PALMOLIVE PHILIPPINES INC., 475.22
      43. MEGAWORLD CORPORATION, 471.91
      44. KEPCO ILIJAN CORPORATION, 471.63
      45. PHILIPPINE LONG DISTANCE TELEPHONE COMPANY, 468.28
      46. AVON COSMETICS INC., 464.60
      47. CHEVRON GEOTHERMAL PHILIPPINES HOLDINGS, INC., 459.37
      48. TOYOTA MOTOR PHILS CORPORATION, 458.30
      49. PHILEX MINING CORPORATION, 455.31
      50. ABS-CBN CORPORATION, 425.20

      51. SIEMENS POWER OPERATIONS INC., 423.06
      52. ASIAN TERMINALS INC., 421.76
      53. MANILA INTERNATIONAL AIRPORT AUTHORITY, 421.47
      54. PHILIPPINE PORTS AUTHORITY, 411.90
      55. MONSANTO PHILIPPINES, INC., 384.01
      56. METROBANK CARD CORPORATION, 376.05
      57. AYALA LAND INC., 371.70
      58. ALASKA MILK CORPORATION, 361.56
      59. MONDE M.Y. SAN CORPORATION, 355.47
      60. KRAFT FOODS (PHILIPPINES) INC., 343.75

      61. DAVAO LIGHT AND POWER CO., INC., 338.62
      62. SUPER SHOPPING MARKET, INC. 331,828,773.00
      63. BAUANG PRIVATE POWER CORPORATION, 329.94
      64. PHIL RECLAMATION AUTHORITY (FORMLY: PEA), 314.22
      65. SAN MIGUEL CORPORATION, 312.04
      66. CITIBANK, N.A., 299.46
      67. PEPSI-COLA PRODUCTS PHILIPPINES INC., 297.66
      68. TAIHEIYO CEMENT PHILIPPINES, INC., 296.59
      69. DM CONSUNJI INC., 283.33
      70. ZUELLIG PHARMA CORPORATION, 279.56

      71. BANCO DE ORO UNIBANK, INC., 273.35
      72. CATHAY PACIFIC AIRWAYS LTD, 272.86
      73. COCA COLA BOTTLERS PHILIPPINES INC., 271.87
      74. CARGILL PHILIPPINES, INC., 270.18
      75. CITI CORP FINANCIAL SVCS. & INSCE BRKGE PHILS. INC., 263.15
      76. THERMA LUZON, INC., 255.80
      77. CHEVRON PHILIPPINES INC., 249.11
      78. EMPERADOR DISTILLERS, INC., 244.65
      79. JOLLIBEE FOODS CORPORATION, 242.65
      80. FIRST ASIA REALTY DEVELOPMENT CORPORATION, 240.33

      81. DMCI PROJECT DEVELOPERS INC., 239.56
      82. MITSUBISHI MOTORS PHILS CORPORATION, 239.25
      83. PHILIPPINE GAMING MANAGEMENT CORPORATION, 237.50
      84. BANK OF THE PHILIPPINE ISLANDS, 234.91
      85. TANDUAY DISTILLERS INC., 233.07
      86. METROPOLITAN BANK AND TRUST COMPANY, 232.51
      87. TEAM ENERGY CORPORATION, 227.98
      88. FORT BONIFACIO DEVELOPMENT CORPORATION, 224.11
      89. YAKULT PHILS INC., 220.84
      90. PEPSI COLA FAR EAST TRADE DEVELOPMENT COMPANY, 218.86

      91. PROCTER AND GAMBLE DISTRIBUTING PHILIPPINES, INC., 217.93
      92. RIO TUBA NICKEL MINING CORPORATION, 215.87
      93. AMERICAN POWER CONVERSION CORPORATION, 213.12
      94. APO CEMENT CORPORATION, 210.20
      95. GOLDEN ARCHES DEVELOPMENT CORPORATION, 20611
      96. BANK OF MAKATI A RURAL BANK, INC., 205.56
      97. FILINVEST LAND INC., 205.56
      98. UNIVERSAL STOREFRONT SERVICES CORPORATION, 203.53
      99. ROCKWELL LAND CORPORATION, 200.74
      100. VISAYAN ELECTRIC CO., INC., 194.75

      source: Bureau of Internal Revenue, www.bir.gov.ph

    • 1 year ago
  • sffsmessiah
  • WakeUpPeople
  • figgdimension
  • totally_dilapidated
    • +8
      totally_dilapidated  
    • Image

    • just to throw gas on the flames
      this is recent news:

      Deutsche Börse just bought the New York Stock Exchange and
      Dominique Strauss-Kahn of the IMF is calling for the Yuan to be
      onboard to create a single currency SDR.
      .
      .
      that above reminded me of this below:

      On September 11, 1990 at 9:09 PM, President George Herbert
      Walker Bush spoke before a joint session of Congress, regarding
      the Persian Gulf War. Among other topics, he stated that the war
      presented an opportunity for a "New World Order" to emerge.

      here is the full text of the speech:
      www.sweetliberty.org/issues/war/bushsr.htm
      .
      .
      now, today
      at this moment
      at the state house in Madison
      it appears the front line to repel the New World Order is taking place

      is this the long range vision of the republican party all
      the way back to H.W.?
      even before? (see nixon,regean)

      are the Tea Party activists the foot soldiers for the republican plan?

      will the tea party activists realize they have been duped into being
      pawns for the republican master plan?

      these and other questions coming to you soon
      at the next
      brain-bash session
      stay tuned….
      .
      .

    • 1 year ago
  • Warren_Merrill
    • -5
      Warren_Merrill  

    • There's a reason the article didn't name companies. 60% of US companies are small business S type corporations. At the end of the year any profits are taken out and given to owners and employees as bonuses. Many S type corporations lose money each year and go out of business. Talk about slanted reporting!

    • 1 year ago
  • kvb1
    • +3
      kvb1  
    • Warren_Merrill:

      Exxon-Mobile, BP to name a few that paid no taxes or got refunds from the federal government. That revenue has to be made up, along with the $1 trillion dollars that went with the Bush tax cut extensions. You and I get to pick up that tab or we borrow what we gave away.

    • 1 year ago
  • timetide
  • Nephwrack
  • SpencerTreeGarden
  • PeteLeS33
    • 0
      PeteLeS33  

    • Than it is time to bring back the Tarriff's. Tax the shit out of goods coming into the country. If they don't send goods to the US, than we will just have to make our own.

    • 1 year ago
  • Itsbatman_Durr
    • -9
      Itsbatman_Durr  

    • while the loopholes are everywhere and the corporations and banks are indeed killing us, this is such a misleading story and study that it makes those opposed to the corporations look no better than the spin doctors they employ

    • 1 year ago
  • ozoneocean
    • 0
      ozoneocean  
    • Itsbatman_Durr:

      I voted you up because I'd be very interested to know exactly HOW this is misleading.
      What are the incorrect and exaggerated claims that it makes?
      A good, straight forward counter argument would be an interesting read. (extra underlines for good)

    • 1 year ago
  • Itsbatman_Durr
    • -1
      Itsbatman_Durr  
    • ozoneocean:

      The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005

      the headline makes it seem most corps pay no taxes. the story though says that 57 percent AT ON POINT OR ANOTHER didnt pay taxes FOR ONE YEAR. so like if to round it off, in that 7 year stretch of time 8% of all the companies in america had a loss year and didnt owe taxes one time each and seperately, then over that stretch 56% would apply to their criteria, making it seem like MOST when in fact it could be as little as 8 out of a hundred on time each during a down turn.

      there is also a flavor to it that implies misdeeds, when in fact it is possible to legally work loopholes to balance your tax burden. that is not the corps fault that the code sucks.

      all in all its a poorly researched, misleading story meant to illicit a reaction, as opposed to solving the actual problem, and reporting the breath of it honestly.

    • 1 year ago
  • NiceN
    • 0
      NiceN  

    • Well, the swine does have to pay himself for his own filth. I swear huge corporations are the only people that get paid for fucking themselves and the whole country up.

    • 1 year ago
  • figgdimension
  • Leen61
    • +1
      Leen61  

    • They keep their money in the Cayman Islands--tax free. The corporations already own this country. So, why would they have to pay taxes?

    • 1 year ago
  • simplecj
    • +1
      simplecj  

    • This is why they need to re-do/simplify the tax code. Everyone could be taxed at a lower rate, simplified into 3 tiers, if they did away with all the loop holes that only big corporations can really take advantage of. Many of the biggest companies have an army of accountants and lawyers that ensure they get out of paying as much tax as possible. This needs to end!!!

      It's been said a simple 3 tier system with no loopholes and little or no allowed deductions could generate more revenue, while taxing 1/2 to 2/3 of the current tax rates.

    • 1 year ago
  • cantucwearebrothers
  • August_K
    • +5
      August_K  

    • While their report didn't name companies.....one company has been exposed for sheltering their income in off shore accounts. I imagine they are doing with their US income as well.

      "Media tycoon Rupert Murdoch may run one of the most profitable businesses in the UK, but it appears that he has somehow managed to avoid running up a tax bill over the past 11 years.

      According to The Economist, Mr Murdoch has saved at least £350m in tax - enough to pay for seven new hospitals, 50 secondary schools or 300 primary schools.

      How he has done it remains a mystery - and News Corporation is certainly loath to give away any financial secrets.

      But it appears that Mr Murdoch's tax accountants have surpassed themselves - making full use of tax loopholes to protect profits in offshore havens."

      http://news.bbc.co.uk/2/hi/business/299543.stm

    • 1 year ago
  • SIBob
    • +5
      SIBob  
    • Image

    • The sleazebag corporations know how to hide their assets from the IRS. There is no effort to chase this money down as there is no effort to chase after the taxes owed by “cash” workers. The main intent is to run the treasury dry and shortchange social programs. When they drive us into servitude they can reinstate the monarchy. I mean, we have a virtual monarchy already. The real power lies in private hands in families that have mostly passed on their hereditary wealth generation after generation. The real power behind the political puppets lies in the hands of the unseen aristocracy. For every Trump there are many more “old money” families who the public never notices. That is the source of all our troubles. They want it all and our inconsequential existence just gets in their way. http://sibob.org/wordpress/

    • 1 year ago
  • Gravity_Man
    • -4
      Gravity_Man  

    • I pay taxes on Purchases-Only since none comes out of the disability check. I must be as big a sinner as tax-avoiding corporations so I'll have to give them all a blanket pass. None of us are sinners.

      ??? No sins committed here y'all, Move Along. Boat boarding in 15 minutes single destination only River Styx. Lots of siren entertainment on the cliff sides so they say.

    • 1 year ago
  • tommic
  • trut
    • +1
      trut  
    • tommic:

      You really can't tax at a flat rate, all companies obviously are going to have to buy supplies and pay for labour. If those costs are high profits would be much lower.

    • 1 year ago
  • tommic
    • +1
      tommic  
    • trut:

      Corporate profits must be at a minimum 17% to 25% to stay in business, Harvard business 101. We could impose a flat tax on corporations of something small they cannot escape somewhere between 11 and 15 percent on gross sales. It would be acceptable by most except those who escape paying none at all. But any business owner or corporation could plan on it and deal with it.

    • 1 year ago
  • ozoneocean
    • 0
      ozoneocean  
    • tommic:

      There are no silver bullets and flat taxes are less silver than most. The idea sounds sparkly theory but in practice it's tinsel.
      Flat taxes multiply horrendously on sales upon sales, upon sales and really do disproportionately affect those most who're least able to pay them.
      On top of that all the added costs get deferred down the line so that those on the bottom end of the chain, workers and consumers, get hit hardest.

    • 1 year ago
  • tommic
    • 0
      tommic  
    • ozoneocean:

      To protect consumers you don't tax necessities, ie, food, clothing, (unless its luxury clothing as in fine firs and leathers etc) Face it, tax restructuring is necessary. A VAT tax or flat tax on corporations is fine. I have been self employed my entire life, built three businesses, a partnership, a s class and a sole proprietor in every case we had minimum federal taxes we had to pay as small businessmen. large corporate interests can be accounted for through lobbyists who get little amendments added to bills that grant specific tax breaks. I think you have a lot to learn how the system does and does not work.
      I don't mean that in a derogatory way, the system is manipulated by large industry not small business. Yet small business always pays a minimum tax. Large corporations threaten to leave the country for less taxed countries ( third world) We should tell them tariffs will be imposed that will render your move unprofitable. There are many ways to solve our problems, the biggest problem is every elected senator and representitive is always running for the next election, not whats in the peoples best interests.

    • 1 year ago
  • BenjaminDover
  • good_stuff
    • +1
      good_stuff  

    • And if you're a personal business that doesn't make money (i.e. net profit) for 2-3 years then they make you reclassify your business as a hobby so you can't deduct anything from your taxes.

    • 1 year ago
  • littlwarrior
  • WakeUpPeople
  • littlwarrior
  • WakeUpPeople
  • Valorie
  • kennymotown
  • WakeUpPeople
  • bailey78
  • Nephwrack
  • BenjaminDover
  • bailey78
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