Tax Day for You and Me But Not GE

Tax Day for You and Me But Not GE

For millions of Americans, Tuesday was the deadline for filing federal income tax returns. But if this year is like the past, many of the largest and most profitable corporations in America won’t be paying any income taxes at all. Believe it or not, each year, one in four corporations pays nothing in federal income taxes. In fact, in many cases, crafty lawyers and accountants have taken advantage of offshore tax shelters or found other loopholes in order to get fat refund checks.

“Each and every year, millionaires, billionaires and profitable corporations are avoiding $100 billion in taxes by stashing their cash in the Cayman Islands and other offshore tax havens,” Sen. Bernie Sanders said. “Over the past five years, General Electric, Boeing, and Verizon paid nothing in federal income taxes, even though they made $78 billion in profits combined since 2008.  We cannot allow that to continue.”

General Electric, for example, posted U.S. profits of almost $34 billion from 2008 to 2013, but the Internal Revenue Service ended up sending them checks totaling $2.9 billion. During the same period, Boeing made more than $26.4 billion in U.S. profits, but received $401 million in IRS refunds. And on and on it goes...

Read more about America’s Top 10 Corporate Tax Avoiders