Posts Tagged ‘S&P 500’

Big Corporations That Spent More Lobbying Than They Paid In Taxes.

Friday, December 23rd, 2011

Twenty nine of 30 big corporations that made billions of dollars in profits while dodging most taxes at the same time spent millions to lobby Congress and influence elections, according to a report compiled by publicampaign.org.  From the highlights:

Amidst a growing federal deficit and widespread economic insecurity for most Americans, some of the largest corporations in the country have avoided paying their fair share in taxes while spending millions to lobby Congress and influence elections. This report builds on a recent report on corporate tax dodging by Citizens for Tax Justice by examining lobbying expenditure data provided by the Center for Responsive Politics. We also look at publicly available data on job creation, federal campaign contributions, and executive compensation, to understand how these corporations have been spending their cash.

Key Findings

  • The thirty big corporations analyzed in this report paid more to lobby federal policymakers than they paid in federal income taxes for the three years between 2008 and 2010, despite being profitable.
  • Despite making combined profits totally $164 billion in that three-year period, the 30 companies combined received tax rebates totaling nearly $11 billion.
  • Altogether, these companies spent nearly half a billion dollars ($476 million) over three years to lobby Congress—that’s about $400,000 each day, including weekends.
  • In the three-year period beginning in 2009 through most of 2011, these large firms spent over $22 million altogether on federal campaigns.
  • These corporations have also spent lavishly on compensation for their top executives ($706 million altogether in 2010).

Beezer here.  The full report link is embedded in this summary.   They include companies like General Electric, Honeywell International and Baxter.  All are Fortune 500 outfits.  In total they paid negative taxes totalling $10.6 billion on $163.6 billion in reported profits.  At the same time they spent $475.6 million lobbying Congress and donating to campaigns.  Some corporations may be paying too much in federal taxes, of course, but not these behemoths.  This, folks, is called a plutocracy not a Democratic Republic, which is what the United States is supposed to be. 




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