These 10 Companies Paid No Taxes Despite Earning Billions in Revenue

1907289_821975547831464_850966165_n-2There’s always a lot of talk from conservatives about those “lazy welfare moochers abusing the system.”  Republicans like to pretend as if it’s these people who are responsible for all of our country’s problems.  That somehow the financial crash that led to trillions being added to our national debt was the fault of the poor and not the fault of the greedy bastards who Republicans often protect.

And while I don’t deny that there are those who abuse our welfare programs, their abuse pales in comparison to these companies who do everything they possibly can to avoid paying taxes.  See, while Republicans love to use the line that the United States has one of the highest corporate tax rates in the world, the effective tax rate (what these companies actually pay after taking advantage of loopholes in the tax code) is often much lower.

Take for instance a great top 10 list put together by Mother Jones that shows some of the worst tax evaders in this country.

Here they are:

Verizon Communications: Profits: $19.8 billion    Effective tax rate: -3.8%

General Electric: Profits: $19.6 billion    Effective tax rate: -18.9%

Boeing: Profits: $14.8 billion    Effective tax rate: -5.5%

NextEra Energy (North America’s largest solar and wind power operator, based in Florida): Profits: $8.8 billion    Effective tax rate: -2%

American Electric Power (Electric utility based in Columbus, Ohio): Profits: $8.2 billion    Effective tax rate: -6.4%

Pacific Gas & Electric (California electrical utility): Profits: $6 billion    Effective tax rate: -8.4%

Apache: (Houston-based oil and gas company): Profits: $6 billion    Effective tax rate: -0.3%

Consolidated Edison: (New York energy company): Profits: $5.9 billion    Effective tax rate: -1.3%

El Paso: (Houston-based energy company that operates the country’s largest natural gas pipeline): Profits: $4.6 billion    Effective tax rate: -0.9%

CenterPoint Energy (Electric and gas utility company based in Houston): Profits: $3.1 billion    Effective tax rate: -11.3%

That’s a combined $96.8 billion in revenue from these ten companies that didn’t pay any net federal income taxes between 2008-20011.  Yet you don’t hear much of anything from the Republican party about this rampant abuse.  Paul Ryan’s budget doesn’t go after this tax evasion.  Oh, no.  It attacks programs that help the poor, sick and elderly while cutting taxes further for corporations like these.

And remember, these are just the ten worst.  There are other companies who fall into the same tax dodging category as well.

So the next time a Republican goes off on a rant about those “horrible welfare abusers,” just go ahead and show them this list.  It won’t make a bit of difference with their delusional way of thinking as it relates to this huge economic problem, but it is quite amusing to see them try to defend this blatant tax evasion by these corporations.

About Allen Clifton

Allen Clifton is from the Dallas-Fort Worth area and has a degree in Political Science. He is a co-founder of Forward Progressives, and author of the popular Right Off A Cliff column. He is also the founder of the Right Off A Cliff facebook page, on which he routinely voices his opinions and stirs the pot for the Progressive movement. Follow Allen on Twitter as well, @Allen_Clifton.

  • auntielib

    One can only marvel that the Democrats and Obama REFUSED to change those tax codes when they had control of the House, the Senate, and the White House, a couple of years ago.

    I guess those Democrats were happy with the tax code the way it was, huh?

    • moe/larry & curly keys

      can U say,,,,,,,,,,,,,,,,,,,,
      republican obstruction/filibusters/obfuscation?
      go ahead and try————
      I do know U have a linguistic problem with multi-syllabic words

  • xpatYankeeCurmudgeon

    GE, worst offender on the list, is Rachel Maddow’ s employer.

  • Xavier

    Way past time to get rid of the loopholes, so many companies just bank the profits and don’t trickle down anything to grow the economy, they’re just building up their war chests/rainy day funds/executive bonuses. Politicians need to be held to a heat to change the code they helped enact, or at least now have a platform to. And the ones crying over welfare and minimum wage, scrutiny on them about their views and actions on tax reform for these loophole users and why after all these years they persist yet the focus doesn’t.