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How stupid is US corporate tax law?

November 4th, 2011

Thirty corporations paid less than nothing in aggregate federal income taxes over the entire 2008-10 period. These companies, whose pretax U.S. profits totaled $160 billion over the three years, included: Pepco Holdings (–57.6% tax rate), General Electric (–45.3%), DuPont (–3.4%), Verizon (–2.9%), Boeing (–1.8%), Wells Fargo (–1.4%) and Honeywell (–0.7%).

DuPont and Monsanto both produce chemicals. But over the 2008-10 period, Monsanto paid 22 percent of its profits in U.S. corporate income taxes, while DuPont actually paid a negative tax rate of –3.4 percent.

Department store chain Macy’s paid a three-year rate of 12.1 percent, while competing chain Nordstrom’s paid 37.1 percent.

In computer technology, Hewlett-Packard paid 3.7 of its three-year U.S. profits in federal income taxes, while Texas Instruments paid 33.5 percent.

FedEx paid 0.9 percent over three years, while its competitor United Parcel Service paid 24.1 percent.

Robert S. McIntyre, Matthew Gardner, Rebecca J. Wilkins and Richard Phillips. Taken from Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010

Stop having a tax or find some way of making companies pay it.

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