Welcome, Guest
Pewter Report  >>  Boards  >>  Pirate's Cove (Moderators: 3rd String Kicker, PRPatrol)  >>  Topic: 30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes 08-10 « previous next »
Page: 1 2 3

Skull and Bones

******
Hall of Famer

Posts : 23246
Offline
: December 10, 2011, 04:42:28 PM

Source: International Business Times

http://www.ibtimes.com/articles/264481/20111209/30-major-u-s-corporations-paid-lobby.htm

--------------

30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008-2010

By ASHLEY PORTERO: Subscribe to Ashley's RSS feed

December 9, 2011 6:24 AM EST

By employing a plethora of tax-dodging techniques, 30 multi-million dollar American corporations expended more money lobbying Congress than they paid in federal income taxes between 2008 and 2010, ultimately spending approximately $400,000 every day -- including weekends -- during that three-year period to lobby lawmakers and influence political elections, according to a new report from the non-partisan Public Campaign.

The Public Campaign, a non-partisan research and advocacy organization, reports 30 major U.S. corporations spent more money lobbying Congress than they did on federal income taxes between 2008 and 2010.

Despite a growing federal deficit and the widespread economic stability that has swept the U.S since 2008, the companies in question managed to accumulate profits of $164 billion between 2008 and 2010, while receiving combined tax rebates totaling almost $11 billion.

Moreover, Public Campaign reports these companies spent about $476 million during the same period to lobby the U.S. Congress, as well as another $22 million on federal campaigns, while in some instances laying off employees and increasing executive compensation.

29 Major Corporations Paid No Federal Taxes, 2008-2010

Of the 30 companies analyzed in the report, which include corporate giants such as General Electric, Verizon Communications, Wells Fargo (WFC), Mattel (MAT) and Boeing (BA), 29 of them managed to pay no federal taxes from 2008 to 2010. Only FedEx, which raked in about $4.2 billion in profits during that period, paid a three-year tax rate of 1 percent -- totaling $37 million -- far less than the statutory federal corporate tax rate of 35 percent.

The Public Campaign report expanded on a newly released analysis on corporate tax dodging by the liberal-leaning Citizens for Tax Justice, a non-profit research and advocacy group, as well as lobbying expenditure data provided by the non-partisan Center for Responsive Politics.

Citizens for Tax Justice, the sister organization to the Institute on Taxation and Economic Policy, reports that 68 of the 265 most consistently profitable Fortune 500 companies did not pay a state corporate income tax during at least one year between 2008 and 2010, while 20 of them paid no taxes at all during that period.

"Our report shows these corporations raked in a combined $1.33 trillion in profits in the last three years, and far too many have managed to shelter half or more of their profits from state taxes," Matthew Gardner, Executive Director at the Institute on Taxation and Economic Policy and the report's co-author, said in a statement. "They're so busy avoiding taxes, it's no wonder they're not creating any new jobs."

According to the report, titled "Corporate Tax Dodging in the Fifty States, 2008-2010," state corporate tax revenues have been declining for 20 years, due to the passage of multiple state tax subsidies, as well federal tax breaks that further reduce state corporate income tax revenues since states usually accept corporations' federal tax.

Moreover, Gardner said multi-state corporations are constantly "devoting their money and legal firepower to coming up with tax avoidance schemes."

Between 2008 and 2010, the 265 companies analyzed paid state income taxes equal to only 3 percent of their U.S. profits, half of the statutory 6.2 percent state corporate tax rate. As a result, these companies avoided a total of $42.7 billion in state corporate taxes over three years.

"As recently as 1986, state corporate income taxes equaled 0.5 percent of nationwide Gross State Product (a measure of nationwide economic activity)," states the report.

"But in fiscal year 2010, state and local corporate income taxes were just 0.28 percent of nationwide GSP, equaling the low-water mark set in 2002."

Companies' Laying Off Workers While Receiving Tax Rebates, Raising Executive Pay

Among the 20 companies who paid zero or less in state corporate taxes are utility provider Pepco Holdings, the pharmaceutical company Baxter International, and Intel Corporation (INTC).

Baxter International (BAX) and Intel are among the corporations that Public Campaign reports did not did not pay federal incomes during the same three-year period.

Of those companies, General Electric (GE) spent the most on lobbying, expending about $84 million on lobbying while paying a federal income tax rate of negative 45 percent on more than $10 billion in U.S. profits. PG&E Corp. followed General Electric, spending almost $79 million on lobbying, while paying a negative 21 percent tax rate on $4.8 billion of U.S profits, and Verizon Communications, which spent $52 billion on lobbying while paying a negative 3 percent tax rate on $32.5 billion of profits.

A negative effective tax rate means that a company enjoyed a tax rebate, usually obtained by carrying back excess tax deductions and credits to an earlier year, thereby allowing the company to receive a tax rebate check, according to Citizens for Tax Justice.

U.S. House Deputy Whip Kevin Brady, R-Tex., is currently making a last-ditch effort to include a corporate tax repatriation holiday on legislation to extend a payroll tax cut, an extension that Senate Majority Leader Harry Reid, D-Nev., said could put an extra $1,500 into the pockets of middle class families each year.

While those in favor of the corporate tax repatriation provision -- which would give U.S. businesses a temporary tax break on as much as $1 trillion in overseas income -- insist it would boost the nation's sluggish economy and make it easier for corporations to create jobs, the Congressional Budget Office reports tax repatriation holidays ranks dead last among 13 policy options for creating jobs.

The CBO estimates that over the 2012-2013 period, a repatriation holiday would, at best, create the equivalent of one-full time job for every $1 million in federal costs.

Even while dodging most of their state and federal taxes between 2008 and 2010, Verizon (VZ) laid off more than 21,000 U.S. employees, while Boeing, Wells Fargo, General Electric, American Electric Power, and FedEx also let go of thousands of workers.

Because companies can be reluctant to make data changes in U.S. employment available, Public Campaign reports it was not able to find up-to-date employment statistics for many of the companies evaluated in the report.

Moreover, as it was laying off employees, General Electric gave their top executives a 27 percent pay raise between 2008 and 2010 -- executives received more than $75 million in compensation in 2010.

Wells Fargo increased executive pay by a whopping 180 percent, upping executive compensation from $17.8 million in 2008 to almost $50 million in 2010, while Boeing, FedEx and American Electric Power also instituted lavish executive pay raises while laying off thousands of lower-level workers.

In fact, 2010 year was a record year for executive compensation. The CEO's of some of the largest U.S. corporations made, on average, $11.4 million in 2010, about 343 times more than workers' median pay, according to an analysis by the American Federation of Labor, the widest gap between executive and employee pay in the world. CEO pay has skyrocketed since 1980, when chief executives were only paid about 42 times more than the average blue collar worker.

Meanwhile, the U.S. Census Bureau reports that the median household income fell $3,719 between 2000 and 2010, when measured in 2010 dollars.

Public Campaign released its report on Wednesday, just as thousands of unemployed Americans from across the nation swarmed K Street in Washington, D.C., the lobbying center for some of the world's most profitable corporations.

The march was part of "Take Back the Capitol," a four-day series of events aimed at persuading Congress to pass comprehensive job creation measures that will benefit their constituents, rather than special interest groups.


ONEBIGDADDY

******
Hall of Famer

Posts : 4527
Offline
#1 : December 11, 2011, 08:20:49 PM

I hope others can now see clearly why we are in this mess...These Corporations really don't have any care for this country or its citizens except for whats in it for me...OBD


dbucfan

*
Hall of Famer
******
Posts : 46214
Offline
#2 : December 12, 2011, 05:56:39 AM

Don't let the politicians off the hook - the fact Lobbying has become a major business is just as much at issue. 

\"A Great Coach has to have a Patient Wife, A Loyal Dog, and a Great Quarterback. . . . but not necessarily in that order\" ~ Coach Bud Grant

GameTime

*
Hall of Famer
******
Posts : 19528
Offline
#3 : December 12, 2011, 06:31:52 AM

These Corporations really don't have any care for this country or its citizens except for whats in it for me

"whats in it for me" should be the new American mantra.

\"Lets put the O back in Country\"

Skull and Bones

******
Hall of Famer

Posts : 23246
Offline
#4 : December 12, 2011, 08:27:12 AM

it's always been that way.  You think the coal companies cared about the miners?  Did they not hire hit squads to kill union organizers?  Capitalism is pure evil.  I just don't know of a better economic system.  This country and it's constitution was designed to protect the status quo of the wealthy elite.
: December 12, 2011, 08:29:53 AM Skull and Bones


dalbuc

******
Hall of Famer

Posts : 21569
Offline
#5 : December 12, 2011, 01:50:19 PM

In the end the thing is the way to stop this is to limit the influence of government on the economy. The reason companies invest in lobbying is that it helps them gets "wins" in Washington they can't get in the market. The more government regulates the more it behooves the targets of that regulation to try and game the system.

All posts are opinions in case you are too stupid to figure that out on your own without me saying it over and over.

Fitz66

******
Hall of Famer

Posts : 4079
Offline
#6 : December 12, 2011, 07:07:47 PM

Everyone who keeps bashing the Evil Corporations needs to watch this.


www.Atlbucs.com
Facebook:  Atl Bucs

BucfanNC12

******
Hall of Famer

Posts : 2023
Online
#7 : December 13, 2011, 09:09:52 AM

I hope others can now see clearly why we are in this mess...These Corporations really don't have any care for this country or its citizens except for whats in it for me...OBD

You can't get mad at a dog bitting someone if the owner let him off the leash. Corportations can't be blaimed if politicians are willing to sell themselves for campaign dollars.

spartan

*
Hall of Famer
******
Posts : 7091
Online
#8 : December 13, 2011, 09:55:04 AM

I hope others can now see clearly why we are in this mess...These Corporations really don't have any care for this country or its citizens except for whats in it for me...OBD

It's not Corporations job to care for the citizens of the country, it is their job to care about their shareholders. Just like it is not the job of Seminole County to care for the citizens of Orange County, or the State of Florida to care about the State of Wisconsin. They have different responsibilities and if they step out of line there are consequences to be suffered. The sooner people get out of this kum by ya mentality and accept the reality of life the better we will be IMO.



Guest
#9 : December 13, 2011, 10:25:43 AM

True Fitz, but how was this lifestyle created in the first place?

The Industrial Military Complex (see also Eisenhower's speech on the subject) has dominated the world for what? Freedom? Men have given their lives for what? Freedom? Guess again. Fitz, do you call what you're living in right now freedom? This country is a pawn....it's about over man, don't kid yourself. And the denial is getting beyond absurd. For years I've been on this board trying to help folks see who is ultimately behind this according to the Bible and it's quickly coming to light (Luke 4:4, John 12:30-32; 14:29.31; 16;10-12, Eph 2:1-3; 6:12). The US has killed & continues to kill for corporations (including the UN & the bankers, all backed by false religion). Ask the Major General:





Please don't mistake this post for political activism because man has proved he can't govern himself. I'm looking to God's Kingdom to straighten this mess out. - Dan 2:44, Matt 6:9-11

OBD: At that time, you'll see the 'God of War' - He does the fighting, not us.

BucfanNC12

******
Hall of Famer

Posts : 2023
Online
#10 : December 13, 2011, 11:25:18 AM

True Fitz, but how was this lifestyle created in the first place?

The Industrial Military Complex (see also Eisenhower's speech on the subject) has dominated the world for what? Freedom? Men have given their lives for what? Freedom? Guess again. Fitz, do you call what you're living in right now freedom? This country is a pawn....it's about over man, don't kid yourself. And the denial is getting beyond absurd. For years I've been on this board trying to help folks see who is ultimately behind this according to the Bible and it's quickly coming to light (Luke 4:4, John 12:30-32; 14:29.31; 16;10-12, Eph 2:1-3; 6:12). The US has killed & continues to kill for corporations (including the UN & the bankers, all backed by false religion). Ask the Major General:

Please don't mistake this post for political activism because man has proved he can't govern himself. I'm looking to God's Kingdom to straighten this mess out. - Dan 2:44, Matt 6:9-11

OBD: At that time, you'll see the 'God of War' - He does the fighting, not us.

I won't debate on the bible versuses; however, I still don't think you get it. At the end of the day the joke falls on us. If politicians actually did their job, this wouldn't be a major issue. We the people elect politicians to do this and other jobs. Yet, we the people vote primarily on sound-bites from attack ads, media influence, and radio talk hosts more than what the candidates actually represent. That is part of the problem too many people like to ignore.



Guest
#11 : December 13, 2011, 03:07:20 PM

I see exactly what you're saying and you're right, but I think you're still missing the point.

The point is that man wasn't created to rule himself. But, having free will, choose that course (see Gen ch. 3- they lost perfection) and has had to temporarily live with the consequences (sin & death) to prove this out. This is a manifestation of God's justice, giving Satan and his world enough time to make it's case that man is better off under a different form of rulership. Like a court case, proving or setting the precedent, so that it can never be questioned again. It's also a manifestation of God's wisdom to allow the question to be answered in this way. God Jehova could've destroyed Satan, Adam & Eve right then and there in the garden after they disobeyed, but that wouldn't have proven anything would it?

The issue isn't where you've (the world of mankind in general) been conditioned to look for it. - 2 Cor 4:4 & 11:14-15, 1 John 5:19

Since Satan rules the world, he controls the choices, the entire paradigm if you will. To illustrate: If you choose to participate in that paradigm, to be of the world, you get to choose from A) rotten fruit or B) rotten vegetables. If you're not participating in the paradigm, if you're one of Christ's disciples, you remove yourself from that paradigm (John 17:14-19) and choose fresh produce -God's Kingdom.

Doesn't this make more sense than what we've been conditioned to believe?

BucNY

******
Hall of Famer

Posts : 7855
Online
#12 : December 13, 2011, 04:55:13 PM

Make it a simple tax code.

A certain percentage for everyone across the board. All pay that same percentage. Incorporate a different percentage for businesses. No deductions, no way around it, period. Getting everyone to pay rather than taxing the ones that already do pay is the better way to do it.

Tax everyone a smaller amount, we all keep more money, except those that are cheaters now, and everyone is happy.

\\\\\\\"This forum needs a poster like BucNY now more than ever\\\\\\\"
      - Everyone

BucfanNC12

******
Hall of Famer

Posts : 2023
Online
#13 : December 13, 2011, 05:37:37 PM

Everyone who keeps bashing the Evil Corporations needs to watch this.


Wow. Very good video. Thanks for the post.

BucfanNC12

******
Hall of Famer

Posts : 2023
Online
#14 : December 13, 2011, 05:39:01 PM

I see exactly what you're saying and you're right, but I think you're still missing the point.

The point is that man wasn't created to rule himself. But, having free will, choose that course (see Gen ch. 3- they lost perfection) and has had to temporarily live with the consequences (sin & death) to prove this out. This is a manifestation of God's justice, giving Satan and his world enough time to make it's case that man is better off under a different form of rulership. Like a court case, proving or setting the precedent, so that it can never be questioned again. It's also a manifestation of God's wisdom to allow the question to be answered in this way. God Jehova could've destroyed Satan, Adam & Eve right then and there in the garden after they disobeyed, but that wouldn't have proven anything would it?

The issue isn't where you've (the world of mankind in general) been conditioned to look for it. - 2 Cor 4:4 & 11:14-15, 1 John 5:19

Since Satan rules the world, he controls the choices, the entire paradigm if you will. To illustrate: If you choose to participate in that paradigm, to be of the world, you get to choose from A) rotten fruit or B) rotten vegetables. If you're not participating in the paradigm, if you're one of Christ's disciples, you remove yourself from that paradigm (John 17:14-19) and choose fresh produce -God's Kingdom.

Doesn't this make more sense than what we've been conditioned to believe?

Wow you really made a left turn on this subject.
Page: 1 2 3
Pewter Report  >>  Boards  >>  Pirate's Cove (Moderators: 3rd String Kicker, PRPatrol)  >>  Topic: 30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes 08-10 « previous next »
:

Hide Tools Show Tools