IRS & Corporations - How much do they pay

Sen Sanders of VT researched some data on how much corporate America pays in taxes. Well worth reading...

Corporations Must Pay Their Fair Share

 Today corporate profits are at an all-time high, while corporate income tax

revenue as a percentage of GDP is near a record low.

• In 1952, 32% of all of the revenue generated in this country came from large

corporations. Today, just 9% of federal revenue comes from corporate

America. 

• At 1.6%, corporate revenue as a percentage of GDP is lower than any other

major country in the OECD (Organization for Economic Cooperation and

Development) including Britain, Germany, France, Japan, Canada, Norway,

Australia, South Korea, Switzerland, Norway, Italy, Ireland, Poland, and

Iceland.

• In 2011, corporations paid just 12 percent of their profits in taxes, the lowest

since 1972.

• In 2005, 1 out of 4 large corporations paid no income taxes at all even

though they collected $1.1 trillion in revenue over that one year period.

• Large corporations and the wealthy are avoiding more than $100 billion in

taxes every year by setting up offshore tax shelters in places like the Cayman

Islands, Bermuda and the Bahamas.

• In 2009, Exxon Mobil made $19 billion in profits. Not only did they not pay

any federal income taxes, they actually received a $157 million rebate from

the IRS.

• In 2010, Bank of America received a $1.9 billion tax refund from the IRS,

even though it made $4.4 billion in profits. Bank of America operated 371

subsidiaries in offshore tax havens in 2010. 204 of these subsidiaries are

incorporated in the Cayman Islands, which has a corporate tax rate of 0%.

 At 15.7%, revenue as a percentage of GDP is at or near the lowest level in

sixty years.