Verizon Paid a -2.9% Tax Rate From 2008-2010 (nearly $1 billion in rebates from the government)

[Omaha Steve]

http://crooksandliars.com/kenneth-quinnell/verizon-paid-29-tax-rate-2008-201

November 15, 2011 12:00 PM
Verizon Paid a -2.9% Tax Rate From 2008-2010

By Kenneth Quinnell


Video & FULL story at link.

Citizens for Tax Justice released a report Tuesday that shows that anti-union telecom company Verizon not only paid no taxes in the last three years, the company received nearly $1 billion in rebates from the government.

Verizon enjoyed some $14 billion in federal and state corporate income tax subsidies in the 2008-2010 period even though it earned $33.4 billion in pre-tax U.S. income during that time.

At the federal level, Verizon should have paid about $11.4 billion at the statutory rate of 35 percent during the three-year period. Instead, it got $951 million in rebates, putting its federal tax subsidies at $12.3 billion. Its effective federal tax rate was -2.9 percent.

Verizon has also managed to avoid most state-level taxes as well while pursuing a strong anti-worker set of policies that we have reported on previously. The company has demanded $1 billion in benefit concessions from workers despite paying no taxes and raking in profits.

[fascisthunter]

1. politicians basically take our tax money and gave it to the 1%

this is thievery. This is why OWS will grow even bigger.

[xchrom]

2. Recommend

[Mimosa]

3. Is there a master list of the Corporate Welfare recipients?

I'd be interested to see one.