- Posted September 19, 2012 by
Many of the people who Romney said were basically moochers of the system are mostly, elderly or poor. They still pay other taxes such as payroll and sales taxes but there are some freeloaders who are so greedy they want more even though they are already living a good life. They hide their money in foreign bank accounts, but there are several corporations that pay zero. Here are five mentioned in this article. If there are more feel free to add them.
From the article
(1) Boeing: The massive airline producer and weapons company is one of the worst freeloaders. From 2002 to 2011, it paid nothing in federal corporate income taxes. In fact, it even reported more than $2 billion in federal tax benefits over that period of time. This doesn?t even mention the billions of dollars Boeing gets from the Import-Export bank or the military budget.
(2) Wells Fargo: From 2008 to 2010, this megabank actually got away with paying a net tax rate of negative 1.4 percent.
(3) Verizon: This telecommunications corporation paid a negative 2.9 percent tax rate between 2008 and 2010. At the same time, it made nearly $32 billion in profits. It likely took some of that money to use for union-busting in the coming years.
(4) Pepco: This corporation paid a -57.6 percent income tax rate from 2008 to 2010 while at the same time accumulating $882 million in profits. That?s news that?s sure to make their customers ? who have suffered from subpar service for years ? groan.
(5) Bank of America: Bank of America didn?t pay a penny in federal income taxes in 2010, but it did report a tax benefit of almost a billion dollars.
How is it that massive corporations are able to get away with paying less in taxes than most middle-class Americans? They have massive armies of lobbyists and public relations gurus, and they?re able to flood campaign coffers with a nearly unlimited amount of money. That results in a tax code full of loopholes and unfair credits and deductions.