Major Corporations Get Away With Paying No Tax
April 14, 2015
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A new report by Citizens for Tax Justice reveals at least 15 Fortune 500 companies paid zero income taxes in 2014. Companies like CBS, General Electric, Pepco, Prudential, Xerox, Priceline and Mattel manipulated the U.S. tax code to avoid paying taxes on their massive profits. Some of them even received massive tax rebates, like Time Warner which received tax rebates totaling $26 million and Mattel received rebates of $46 million in 2014.
The report noted: “In recent years, the public’s attention has been drawn to the elaborate tax avoidance mechanisms used by a few huge corporations such as General Electric, Apple, Microsoft and others. But as this report indicates, the scope of corporate tax avoidance goes well beyond these few companies and spans a wide variety of economic sectors. Moreover, the tax breaks that have allowed these companies to be so successful in their tax avoidance are, by and large, perfectly legal, and often have been on the books for decades.
It suggested Congress needs, “take steps to ensure that profitable corporations pay their fair share of U.S. taxes.”