Tuesday, April 17, 2012

The Great Corporate Tax Swindle

Via Mother Jones and the Center of Responsive Politics. These ten corporations made billions in profits and paid zero in corporate taxes. General Electric made $19.6 billion in profits and got 18.9 percent tax return from the IRS. These and other corporations have been dodging taxes while many Americans have lost their jobs. Think about the tax breaks these ten corporations received the next time Mitch McConnell, Rick Scott or Mitt Ronney say corporations need tax cuts because they are job creators.


Verizon Communications Profits: $19.8 billion Effective tax rate: -3.8% Top recipients, 2011-2012 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

General Electric Profits: $19.6 billion Effective tax rate: -18.9% Top recipients, 2011-2012 Mitt Romney: $53,750 President Barack Obama (D): $30,493 Sen. Scott Brown (R-Mass.): $23,900 Rep. Howard Berman (D-Calif.): $21,860 Rep. Chris Murphy (D-Conn.): $19,750

Boeing Profits: $14.8 billion Effective tax rate: -5.5% Top recipients, 2011-2012 Rep. Buck McKeon (R-Calif.): $31,750 Rep. Adam Smith (D-Wash.): $25,000 Former Sen. George Allen (R-Va.): $23,500 Sen. Maria Cantwell (D-Wash.): $23,125 Rep. Ron Paul (R-Texas): $20,986

NextEra Energy: North America's largest solar and wind power operator, based in Florida Profits: $8.8 billion Effective tax rate: -2% Top recipients, 2011-2012 George LeMieux (R-Fla.): $9,500 Mike Haridopolos (R-Fla.): $4,800 Sen. Maria Cantwell (D-Wash.): $2,000 Rep. Ron Paul (R-Texas): $2,000 Rep. Tom Rooney (R-Fla.): $2,000

American Electric Power: Electric utility based in Columbus, Ohio Profits: $8.2 billion Effective tax rate: -6.4% Top recipients, 2011-2012 Rep. John Boehner (R-Ohio): $34,750 Rep. Steve Stivers (R-Ohio): $34,050 Rep. Bob Gibbs (R-Ohio): $21,700 Sen. Joe Manchin (D-W. Va.): $19,750 Sen. Sherrod Brown (D-Ohio): $18,450

Pacific Gas & Electric: California electrical utility Profits: $6 billion Effective tax rate: -8.4% Top recipients, 2011-2012 President Barack Obama (D): $6,250 Rep. Jim Costa (D-Calif.): $5,000 Rep. Kevin McCarthy (R-Calif.): $5,500 Rep. Fred Upton (R-Mich.): $5,000 Rep. Jeff Denham (R-Calif.): $3,500

Apache: Houston-based oil and gas company Profits: $6 billion Effective tax rate: -0.3% Top recipients, 2011-2012 David Dewhurst (R-Texas): $25,000 Rep. Connie Mack (R-Fla.): $5,000 Rep. Bill Cassidy (R-La.): $2,500 Rep. Mike Conaway (R-Texas): $2,500 Rep. Gene Green (D-Texas): $2,500 Sen. Mitch McConnell (R-Ky.): $2,500 Brendan Doherty (R-R.I.): $2,500

Consolidated Edison: New York energy company Profits: $5.9 billion Effective tax rate: -1.3% Top recipients, 2011-2012 Sen. Maria Cantwell (D-Wash.): $15,050 Sen. Kirsten Gillibrand (D-N.Y.): $8,000 Rep. Edolphus Towns (D-N.Y.): $6,650 Then-Rep. David Wu (D-Ore.): $2,500 Rep. Joseph Crowley (D-N.Y.): $1,500 Sen. Harry Reid (D-Nev.): $1,500 Rep. Jose Serrano (D-N.Y.): $1,500

El Paso: Houston-based energy company that operates the country's largest natural gas pipeline Profits: $4.6 billion Effective tax rate: -0.9% Top recipients, 2011-2012 David Dewhurst (R-Texas): $7,500 Mitt Romney (R): $5,000 Rep. John Barrow (D-Ga.): $3,000 Rep. Diane Black (R-Tenn.): $2,750 Sen. John Barrasso (R-Wyo.): $2,500 Sen. Max Baucus (D-Mont.): $2,500 Sen. Mitch McConnell (R-Ky.): $2,500 Gov. Rick Perry (R-Texas): $2,500 Rep. Fred Upton (R-Mich.): $2,500 Sen. Roger Wicker (R-Miss.): $2,500

CenterPoint Energy: Electric and gas utility company based in Houston Profits: $3.1 billion Effective tax rate: -11.3% Top recipients, 2011-2012 David Dewhurst (R-Texas): $22,050 Gov. Rick Perry (R-Texas): $13,458 Sen. Mitch McConnell (R-Ky.): $10,299 Rep. Greg Walden (R-Ore.): $7,000 Rep. Kevin Brady (R-Texas): $4,000

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