Many wealthy corporations, like many wealthy individuals, pay lower tax rates than the rest of us.
A new report finds that during the past three years, GENERAL ELECTRIC paid a tax rate of negative 45%. Among 30 major corporations paying negative taxes (they are richer after taxes than before, often receiving rebate checks) were WELLS FARGO and VERIZON.
Big corporations want the rights of “persons” but don’t want to pay any taxes. Instead, they get the public – actual persons – to pay their taxes and subsidize them . . . even as these businesses amass huge profits.
Corporations are supposed to pay 35% in taxes. But Wells Fargo received $17.9 billion in tax breaks. Verizon got $12.3 billion. G.E. took $8.4 billion.
Thanks to public dollars, these corporations can buy politicians who facilitate their wildest desires – including tax breaks, predatory lending, sales of personal data, war profiteering, and the elimination of net neutrality.