Corporate Tax Dodgers

Corporate Tax Dodgers

"At a time when we have massive wealth and income inequality and when corporate profits are soaring, it is an outrage that many large, profitable corporations not only paid nothing in federal income taxes last year but actually received a rebate from the IRS,” Sen. Bernie Sanders said on Thursday. He was commenting on a new report by Citizens for Tax Justice which detailed how many of the biggest and best-known corporations in America pay little or no federal income taxes. Sanders said the report underscores the need to close corporate tax loopholes. “Instead of balancing the budget on the backs of the elderly, the children, the sick and the poor, as the Republicans in Congress have proposed, we need a tax system that demands that large, profitable corporations and the wealthy start paying their fair share in taxes,” Sanders said.

Citizens for Tax Justice said it found that:

1. Media giant Time Warner paid nothing in federal income taxes last year when it  received a rebate of $26 million from the IRS even though it made $4.3 billion in U.S. profits.

2. CBS made $1.8 billion in U.S. profits last year, but instead of paying federal income taxes it received a rebate from the IRS of $235 million.

3. Xerox made $629 million in U.S. profits in 2014, but received a tax rebate of $16 million from the IRS.

4. Prudential Financial made $3.5 billion in U.S. profits last year, but instead of paying federal income taxes, it received a tax rebate of $106 million from the IRS.

5. The toy maker Mattel made $268 million in profits last year, but received a tax rebate of $46 million from the IRS.

6. Priceline.com not only paid nothing in federal income taxes last year, it received a tax rebate of $9 million, even though it made $73 million in profits last year

7. Pacific Gas and Electric not only paid nothing in federal income taxes last year, it received a tax rebate of $84 million from the IRS even though it made $1.8 billion last year.

8. Wireless technology maker Qualcomm made $3.2 billion in U.S. profits last year, but instead of paying federal income taxes, it received a refund from the IRS. of $98 million.

9. General Electric made over $5.8 billion in profits in the U.S. last year, but paid just 0.9 percent of that amount — less than 1 percent — in federal income taxes.

10. Jetblue Airways made $615 million in U.S. profits last year but paid just 0.4 percent of that amount — less than half of 1 percent — in federal income taxes.