Fortune 500 Companies Dodging Taxes
April 14, 2015 Taxation in USA
WASHINGTON D.C. – Some of the largest and most profitable companies in the USA are not only dodging their taxes entirely, but many are also receiving rebates from the government.
Late last week the non-government organization Citizens for tax Justice issued a new report showing that 15 Fortune 500 companies paid no federal income taxes in 2014.
The companies listed in the report are CBS, General Electric, Interpublic Group, Jetblue Airways, Mattel, Owens Corning, PG&E Corp, PEPCO Holdings, Priceline.com, Prudential Financial, Qualcomm, Ryder System, Time Warner, Weyerhaeuser, and Xerox.
In total, the companies paid a total of USD 23 billion, while cumulatively receiving USD 731 million in rebates, an effective tax rate of -3.1 percent.
The highest paying company was General Electric, which paid USD 51 million, from profits of USD 5.8 billion.
The company which faced the lowest tax rate was PEPCO Holdings, which faced an effective tax rate of -33.7 percent after receiving USD 137 million in tax rebates.
Over the four years between 2010 and 2014 these same companies received USD 1.7 billion in tax rebates after earning cumulative profits of USD 107 billion.
Photo By: Ervins Strauhmanis