A comprehensive new report reveals that 280 of America's largest and most profitable companies received nearly $223 billion in tax subsidies over the last three years.
According to the report, released by Citizens for Tax Justice, thirty companies enjoyed a negative income tax rate over the three year period, despite combined pre-tax profits of $160 billion.
That's right: the US Treasury is paying hugely profitable corporations to operate in the United States.
Some of the most egregious offenders include General Electric, which reported $10.5 billion profit, yet received $4.7 billion from the US Treasury, and Wells Fargo, which received an incredible $18 billion in subsidies from 2008-2010.
Many of the subsidies make no sense whatsoever: From 2008-2010, Fed Ex paid 0.9% in taxes, while its competitor UPS paid 24.1%.
These subsides are obscene, unfair, and undemocratic. They must be stopped. Tell lawmakers to end corporate tax breaks!
We the undersigned urge you to halt the array of tax subsidies provided to some of the United States' most profitable corporations. As you know, 280 of America's largest and most profitable companies received nearly $223 billion in tax subsidies over the last three years.
Many of the subsidies make no sense whatsoever. From 2008-2010, Fedex paid 0.9% tax, while its competitor, UPS, paid 24.1%. For free markets to really be free, the government must impose a fair and transparent system of taxation. The current system is neither for nor transparent.
According to the report by Citizens for Tax Justice, thirty companies enjoyed a
negative income tax rate from 2008-2010, despite combined pre-tax profits of $160 billion. This is not fair to their competitors; nor is it fair to the American taxpayer.
In a time of recession, with many of Americans out of work, it is crucial that all American citizens--corporate or corporeal--pay their share of federal tax. Please work to impose the current corporate tax rate of 35% by eliminating all such subsidies.
