Did anyone hear Randi yesterday say that there were 275

[Amy6627]

corporations in the US last year that made over $1 Trillion, and of those 75 have an off shore address therefore paid $0 in Federal Taxes? I am trying to find a link to that. Also, along the same lines how much corporate welfare was handed out last year?

Thanks, Amy

[ladjf]

1. That figure doesn't jib with a stat that I heard last week.

ExonMobile reported 8.9 billion in the previous quarter and that was called the largest profit ever made in a quarter by any American corporation. I don't recall where I read that.

[smartvoter]

2. Can't be... She must be mistaken. nt

[eleny]

3. Maybe they all made a trillion or trillions together

[cosmicdot]

4. found this link

"Eighty-two of America’s largest and most profitable corporations paid no federal income tax in at least one year during the first three years of the George W. Bush administration — a period when federal corporate tax collections fell to their lowest sustained level in six decades. This is one of the many troubling findings of a major new report on corporate tax avoidance by Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy (ITEP). The report covered 275 profitable Fortune 500 corporations, with total U.S. profits of $1.1 trillion over the three-year period."

http://www.ctj.org/corpfed04pr.pdf
http://www.ctj.org/corpfed04an.pdf (full report)


Of course, according to this article, "More than half of US corporations paid no federal income taxes during the boom years of the late 1990s, and those that did were able to shelter much of their income, according to congressional accountants."


hope this helps


edit: 'Offshore tax sheltering', i.e., Bermuda, is addressed in the full-report link above, Report Page 11/pdf page 15 of 72.

[Amy6627]

5. Thank you so much!