Today's Coming Crisis Movie

Wednesday, April 4, 2012

Free Ride! Meet the Companies That Don't Even Pretend to Pay Taxes

Like me, you’re probably knee-deep in receipts and forms right now, getting ready to pay your share in taxes so that our country can function. Meanwhile, many giant corporations are getting a free ride. Fairness is one of our most treasured American values, but “scam and dodge” has become the mantra of our corporations and the pols who protect them.

Big business apologists like to tell us that the U.S. corporate tax rate of 35 percent is too high, and makes companies less “competitive” with foreign firms. Yet we all know that corporations hire legions of wily accountants to find loopholes that often bring their tax rate down to next to nothing.

In 2008, Goldman Sachs paid a laughable 1.1 percent of its income in taxes. That same year, it earned a profit of $2.3 billion and received an $800 billion bailout, courtesy of you and me. Let’s savor that irony for a moment, as we recall that the bailout is not all we paid for Goldman Sachs to operate its rapacious business, which, as the cynical editors of Bloomberg recently reminded us, apparently has no obligation to serve humanity. Read More