Friday, April 15, 2011

With Tax Day 2011 almost here, Public Campaign has released a report called “The Artful Dodgers” about 12 well-known corporations that have spent $1 billion on lobbying and campaign donations to reduce their tax bills to nearly nothing. In several case (e.g., Exxon, Bank of America, Boeing and CitiGroup), the corporations paid ZERO taxes and got huge tax rebates. Through their political clout, they’ve added loopholes to the tax code so they can profit from public resources while minimizing their responsibility to society. Progressive States Network has assembled several useful resources about corporate freeloaders. Bottom line: Corporate taxes now account from less than 9% of federal revenue, compared to 27% in 1955, while the share from individuals climbed from 58% to 81% during the same period.


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