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Friday, November 4, 2011
Boomer with Attitude Duke Energy among 37 big corporations that paid ZERO tax in 2010
Posted By John Grooms on Fri, Nov 4, 2011 at 5:37 PM
In 2010, Duke Energy reported an annual profit of more than $2 billion. Considering that the statutory federal corporate income tax rate is 35 percent, you’d probably think Duke Energy should have owed the IRS around $750 million. Well, guess what? According to a major new report by the Institute on Taxation & Economic Policy and Citizens for Tax Justice, Duke actually had a tax liability of minus $2 million. Progress Energy, with which Duke wants to merge, made $1.4 billion in profit, yet wound up with a tax liability of minus $46 million.
Duke and Progress are not even close to being the worst corporate tax dodgers. In 2009, Wells Fargo had $28.1 billion in profit. Tax liability? Minus $4 billion. General Electric reported $10.5 billion in profit in 2010 but wound up with $4.7 billion worth of negative taxes.
At a time when many lawmakers want to lower corporate taxes because the 35-percent rate supposedly hurts job creation, this blockbuster report, “Corporate Taxpayers & Corporate Tax Dodgers 2008-10,” shows just how few taxes many of the largest corporations in America actually pay.
Read the press releases about the report here. Then you’ll be able to click through to a pdf of the entire report. Next, remember the report the next time you hear some huge corporation poor-mouthing, in search of more government breaks.
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