20 U.S. Companies that Paid 0% in Taxes

[Barefootsies]

Merck, the second largest pharmaceutical company in the U.S., actually had a negative effective tax rate of 7.5% during the second quarter, which means it got a tax credit. Eight of the 20 companies were in real estate or real estate-related businesses.

"This is insanity because every day we hear people saying the corporate tax rate is a mess and that's holding back our economy," says Yahoo Finance Editor-in-Chief Aaron Task.

Yahoo Finance's Henry Blodget agrees that the argument the tax system is hurting the economy is a "complete crock," but he says the "corporate tax situation is a big problem" because companies often do whatever they can -- like moving headquarters overseas AKA "corporate inversions" -- just to save on taxes. "We have to change the system," says Blodget, "because corporations are doing what anybody with the resources they have would do: minimize the taxes they pay."

He suggests that policymakers consider the "radical idea" of eliminating corporate income taxes all together.

Steven Rattner, the former New York Times reporter turned private equity investor who led the Obama Administration's auto industry overhaul, favors that solution.

In a May New York Times op-ed, Rattner argued that "tax avoidance" has emerged as "a full-fledged business strategy" which ultimately reduces the share of corporate profits paid in taxes. He suggests instead eliminating corporate taxes and raising the tax rates shareholders pay on capital gains and dividends, and increasing rates on the earned income of wealthy Americans.

SOURCE

[k0nr4d]

News Corp = FOX? You'd think they'd have more more then 13 mil...

[iSpyCams]

My 4 US companies generally pay zero tax as well, because all the income passes through to my personal 1040 and I pay it as personal income tax.

Not paying corporate income tax is not the same as not paying any taxes.

[L-Pink]

At 3,951,104 words long, the U.S. Tax Code is seven times the length of Leo Tolstoy?s ?War and Peace? - one of the longest reads of all among the academically minded. But wait. The Code is also twice the length of the King James Bible plus the entire works of Shakespeare combined.

That's millions of pages of tax loopholes, credits, and various tricks written into legislation after corporate lobbyists pushed their employers special interests thru.

After all, without loop-holes, common sense says a simple breakdown of income earned, and percentage's to pay would only take a couple of pages. The code is nothing but a tax avoidance system for corporations.

[Rochard]

Why pay taxes if you don't have to? Get a good accountant and write everything off.

[BlackCrayon]

Originally Posted by Rochard

Why pay taxes if you don't have to? Get a good accountant and write everything off.

you sound like an audit waiting to happen.

[L-Pink]

Originally Posted by Rochard

Why pay taxes if you don't have to? Get a good accountant and write everything off.

Like the everyday breakfast's with your wife you mentioned in the past? Just wait till you get hit with an audit.

I have major deductions as well but the AMT (Alternative Minimum Tax) kicks in making some of them irrelevant. Surely your accountant knows what the AMT is …..


.

[Barry-xlovecam]

Eliminate the Income Tax and have a National Sales Tax on goods and services.

5 to 8 percent on the churn (GDP turnover) might be enough.

Add a targeted tax credit for useful expense for product development and capital goods purchases (accelerated depreciation).

There are too many vested interests for this to ever happen ...

[BlackCrayon]

Originally Posted by L-Pink

Like the everyday breakfast's with your wife you mentioned in the past? Just wait till you get hit with an audit.

I have major deductions as well but the AMT (Alternative Minimum Tax) kicks in making some of them irrelevant. Surely your accountant knows what the AMT is ?..


.

i got audited and a lot of stuff the my accountant "wrote off" was not allowed...though its really best to get a tax lawyer if you get audited. i wish i had.

[mineistaken]

They paid plenty of taxes from employees earnings.

[Brad Mitchell]

Originally Posted by mineistaken

They paid plenty of taxes from employees earnings.

Most people are too simple minded to understand what "matching" is.

Brad

[Brad Mitchell]

...whether or not that's enough tax on these mega corporations.. Probably not! Bad tax code.

Brad

[JA$ON]

Originally Posted by pompousjohn

My 4 US companies generally pay zero tax as well, because all the income passes through to my personal 1040 and I pay it as personal income tax.

Not paying corporate income tax is not the same as not paying any taxes.

Im guessing their tax structures are slightly more complex than an LLC ;)

[baddog]

Personally, I always pay taxes I don't have to just for that happy feeling it gives me.

[sandman!]

Originally Posted by baddog

Personally, I always pay taxes I don't have to just for that happy feeling it gives me.

[TrashyGirl]

Originally Posted by mineistaken
They paid plenty of taxes from employees earnings.

Originally Posted by Brad Mitchell

Most people are too simple minded to understand what "matching" is. Brad

Quite a few large corporations deduct employees state income taxes out of their paychecks, but don't remit these taxes to the states. It's supposed to be a job retention *subsidy*.

Nissan, Sears, Ford, Goldman Sachs, GE, GM, Verizon, Adobe, P&G among others

[Relentless]

Taxing income beyond a low flat rate is counterproductive. Taxing spending is much more effective and better from a macroeconomic standpoint. That's true on the corporate side if things as well.

When you tax spending you can use your tax rates to promote useful spending (R&D etc) while curtailing less helpful spending on superfluous items.

[L-Pink]

Originally Posted by Relentless

Taxing income beyond a low flat rate is counterproductive. Taxing spending is much more effective and better from a macroeconomic standpoint. That's true on the corporate side if things as well.

When you tax spending you can use your tax rates to promote useful spending (R&D etc) while curtailing less helpful spending on superfluous items.

And, when you tax spending you are also collecting revenue from those that are part of America's growing cash economy.

[clickhappy]

Originally Posted by Rochard

Why pay taxes if you don't have to? Get a good accountant and write everything off.

lol, ive been audited twice. No thanks

[ExtremeBank_Adam]

Originally Posted by pompousjohn

My 4 US companies generally pay zero tax as well, because all the income passes through to my personal 1040 and I pay it as personal income tax.

Not paying corporate income tax is not the same as not paying any taxes.

Originally Posted by JA$ON

Im guessing their tax structures are slightly more complex than an LLC ;)

Sounds like an S-Corp.

[Brad Mitchell]

Originally Posted by TrashyGirl

Quite a few large corporations deduct employees state income taxes out of their paychecks, but don't remit these taxes to the states. It's supposed to be a job retention *subsidy*.

Nissan, Sears, Ford, Goldman Sachs, GE, GM, Verizon, Adobe, P&G among others

I guess that's states rights for ya.

Brad

[BFT3K]

[The Porn Nerd]

Yeah good luck with changing "the system".
Solution: become part of the fucking system and get motherfucking RICH.

Just like Jon Stewart and his brother (who runs the NYSE).
Fucking hypocrite.

[TrashyGirl]

Originally Posted by Brad Mitchell

I guess that's states rights for ya.

Brad

I couldn't find the link to an article that also featured a video expose where random employees of some of these companies were shocked to find out that their state income taxes weren't going to the states, but right back in their employers pockets. Meaning their employers never said a peep. I think transparency would have been a better option to maintain corporate integrity. But then again, *corporate integrity* is probably an oxymoron.

[Rochard]

Originally Posted by L-Pink

Like the everyday breakfast's with your wife you mentioned in the past? Just wait till you get hit with an audit.

I have major deductions as well but the AMT (Alternative Minimum Tax) kicks in making some of them irrelevant. Surely your accountant knows what the AMT is ?..
.

Did something change in the tax code where it is no longer legal to expense out a meal for business reasons? I am out of the country right now on a business trip - I am surely not here on pleasure - and I'll write off every meal I have here.

I don't write off breakfast every morning - that was a over statement - but if you don't think corporate America doesn't write off catered breakfasts for meetings and lunches, you are kidding yourself.

[iSpyCams]

Originally Posted by Rochard

Did something change in the tax code where it is no longer legal to expense out a meal for business reasons? I am out of the country right now on a business trip - I am surely not here on pleasure - and I'll write off every meal I have here.

I don't write off breakfast every morning - that was a over statement - but if you don't think corporate America doesn't write off catered breakfasts for meetings and lunches, you are kidding yourself.

My accountant says only 50% - and you need the receipt with notes on the meeting in case of an audit.

[PornoMonster]

Originally Posted by pompousjohn

My 4 US companies generally pay zero tax as well, because all the income passes through to my personal 1040 and I pay it as personal income tax.

Not paying corporate income tax is not the same as not paying any taxes.

EXACTLY.

Let's also keep in mind these companies pay LOT's of taxes for the people they employe.

Heck 50% of Americans do Not pay income taxes, and Many get thousands back they never paid in..... (if we are talking INCOME tax only)

Spot on!

[mozadek]

Nothing wrong with the current tax system, it's what the people want because if they did not want it they would take their grievances to their elected officials and demand change. Let the working poor bear the brunt of paying taxes who happen to support tax cuts for the job creators who ship jobs overseas.

[Dvae]

Originally Posted by The Porn Nerd

Just like Jon Stewart and his brother (who runs the NYSE).
Fucking hypocrite.

You mean Mr. Leibowitz?

[Dvae]

Corporate tax rates should be under 10% or even 0%. There would be a giant sucking sound from all those countries they do business in now back to the US.

[danielpbarron]

Originally Posted by mozadek

Nothing wrong with the current tax system, it's what the people want because if they did not want it they would take their grievances to their elected officials and demand change. Let the working poor bear the brunt of paying taxes who happen to support tax cuts for the job creators who ship jobs overseas.

The current tax system is wrong because of everyone taking their grievances to elected officials. You give everyone a voice and nobody gets heard (think: audience at a rock concert).

[BlackCrayon]

Originally Posted by Rochard

Did something change in the tax code where it is no longer legal to expense out a meal for business reasons? I am out of the country right now on a business trip - I am surely not here on pleasure - and I'll write off every meal I have here.

I don't write off breakfast every morning - that was a over statement - but if you don't think corporate America doesn't write off catered breakfasts for meetings and lunches, you are kidding yourself.

the big difference is they have an army of lawyers and you don't. they always go after the little guy because its easier. the little guy doesn't have five different lawyers going through each expense making sure its bulletproof. just wait..it may never happen but if it does, i bet you'll be denied a number of things you 'wrote off'.