Tuesday, June 7, 2011

Our biggest companies, awash in profits, paid negative taxes

Courtesy of Forbes magazine (which can't be accused of having anything close to a liberal bias) comes this report by Rick Ungar.

Short version: During the recent, worst economic crisis since the Great Depression, our largest corporations made $170 billion in profits, but paid no taxes.

Twelve of the Fortune 500 companies, he writes, actually paid negative 1.5% in taxes.

Please don't say the country is broke. Don't say we can't afford Social Security, Medicare or public education. It's just not true.

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