So let's talk about what the largest corporations in the US pay in income taxes. And let's not use just Forbes spin, let's use other financial sites (WSJ, Money), too. And the entire point of this is that "the rich" are hardly "overtaxed", especially if you are a multinational keeping your profits overseas until a tax holiday is declared. We need a major revision of the tax code. Too bad the Republicans (actually the Tea Party) just nixed a start to it.
Exxon Mobile
"Paulo", quoting Forbes, says Exxon paid $17.6 Billion in taxes in 2010.
That's pretty amazing, because they only made a profit of $19 billion in 2009, and they paid zero income tax in 2009 They actually received a $156 million rebate in 2009 from the IRS, according to its SEC filings.
WalMart
$7.1 Billion taxes paid in 2010
In 2009, $22.1 billion in profit. Their tax rate is 35%. But after deductions they paid just under 32.4%
Chevron
They did pay $8.1 Billion in US taxes in 2010
In 2009, $10 billion profits, $19 million refund from the IRS
GE
2010 tax rate: $0
2009 tax rate: $0
GE says it made no profits in the US. It booked its profits overseas as to not yet pay taxes on it. This left GE with a $1.1 billion benefit to its bottom line from taxes -- and an effective tax rate of negative 10.5%, a nice break from the 5.3% tax rate it recorded in 2008.
Over the past five years, GE made $26 billion in US profits, and received $4.1 billion refund from the IRS.
Bank of America
2009: $1.9 billion tax refund from the IRS, based upon $4.4 billion in profits, and in spite of receiving a Federal Reserve bailout of nearly $1 trillion.
Boeing
2009: received a $30 billion contract from the Pentagon to build 179 airborne tankers, received $124 million IRS refund.
Valero Energy
2009: $68 billion in US sales, $157 million tax refund check from IRS
2006-2009: received $134 million tax break from the oil and gas manufacturing tax deduction.
Goldman Sachs
2008: profit of 2.3 billion, bailout of $800 billion from Federal Reserve, only paid 1.1 percent of income in taxes
Citigroup
2009: $4 billion in profits, $2.5 trillion bailout from Federal Reserve, paid zero federal income taxes.
ConocoPhillips
2007 - 2009: $16 billion in profits, $451 million in tax breaks through the oil and gas manufacturing deduction.
Carnival Cruise Lines
2009: $11 billion in profits, but federal tax rate only 1.1 percent.
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