Top 10 tax-free corporations

In this four-year period, Boeing's profits have ranged from $1.5 billion to $5.1 billion. Not once has it paid taxes on those net earnings, however.2008-2011Net Profits Earned: $14.847 billionTotal Tax Refund: $812 millionFormerly Bell Atlantic, Verizon extended its reach to nationwide after including cellular telephone service to its line. Today, it provides cellular and landline service, as well as Internet and data services. The company has laid off over 21,000 workers since 2008, although it's profited in every year, and spent over $52 million in lobbying for 2011 alone. 2008-2011Net Profits Earned: $19.783 billionTotal Tax Refund: $758 millionThis century-old corporation that provides power to two-thirds of California homes and businesses has not paid taxes on its earnings for the last four reported years (and it has clearly profited in each of those years, too)2008-2011 Total Net Profit: $6.001 billionTotal Tax Refunds: $1.104 billionView the list »
In the fiscal years of 2008-2011, General Electric averaged almost $5 billion in profit every 12 months. That's profit -- net -- cleared after expenses.  The corporation still managed to get huge tax refunds in this time period, though. 2008-2011Total Net Profits: $19.616 billionTotal Tax Refunds: $3.705 billion

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Facebook, the most popular social website on the Internet, picked up even more publicity this week - but not necessarily in positive light.

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After going public last year with shares regularly sold and traded on Wall Street, the corporation's first annual shareholder report shows not just high profits, but high tax refunds, too.

That's right - while single, non-senior citizens have to pay taxes on a meager $9,350 in gross annual income, Facebook will get hundreds of millions in refunds after clearing over $1 billion in profit.

And if these findings by Citizens for Tax Justice don't upset you enough, then learning that Facebook ranks only seventh in the amount of tax refunds received by profitable corporations in the last few years sure will. Citizens for Tax Justice offers details on 30 other companies that get these benefits, as well.

(Not to upset you even more, but it’s we citizens who foot the bill for those refunds, too.)

See the Top 10 list for more details.

View the list
  • In the fiscal years of 2008-2011, General Electric averaged almost $5 billion in profit every 12 months. That's profit -- net -- cleared after expenses.  The corporation still managed to get huge tax refunds in this time period, though. 2008-2011Total Net Profits: $19.616 billionTotal Tax Refunds: $3.705 billion
  • This century-old corporation that provides power to two-thirds of California homes and businesses has not paid taxes on its earnings for the last four reported years (and it has clearly profited in each of those years, too)2008-2011 Total Net Profit: $6.001 billionTotal Tax Refunds: $1.104 billion
  • Formerly Bell Atlantic, Verizon extended its reach to nationwide after including cellular telephone service to its line. Today, it provides cellular and landline service, as well as Internet and data services. The company has laid off over 21,000 workers since 2008, although it's profited in every year, and spent over $52 million in lobbying for 2011 alone. 2008-2011Net Profits Earned: $19.783 billionTotal Tax Refund: $758 million
  • In this four-year period, Boeing's profits have ranged from $1.5 billion to $5.1 billion. Not once has it paid taxes on those net earnings, however.2008-2011Net Profits Earned: $14.847 billionTotal Tax Refund: $812 million
  • AEP provides power to over 5 million customers in 11 states, and with notable profit every year. Its actual tax rate, when considering the refunds its received, is -6.4%, however.2008-2011Net Profits Earned: $8.229 billionTotal Tax Refund: $525 billion
  • Pepco provides power to Washington, D.C. and the surrounding Maryland region. Already with a bad reputation due to poor peformance, during an 8-day service interruption last June the corporation had the nerve to charge its customers 50 cents daily as "non-service fee."2008-2011Total Net Profits: $1.263 billionTotal Tax Refund: $499 million
  • Using a strange tax deduction based on the stock options Facebook provided its CEO, the corporation reports it will receive a very high tax refund from its first year of availability on the stock market. 2012Total Net Earnings: $1.062 billionTotal Tax Refund: $429 millionIn its annual report to shareholders, Facebook told of an additional $3.2 billion in tax savings it will explore. 
  • CenterPoint provides electricity and natural gas in Texas, Louisiana, Mississippi, Arkansas, Minnesota and Oklahoma. The corporation spent $2.65 million in lobbying from 2008 to 2010.2008-2011Total Net Profit: $3.081 billionTotal Tax Refund: $347 million
  • Wisconsin Energy Corporation provides electricity and gas across its home state and into the upper peninsula of Michigan. The company says it passed its refunds onto customers by not raising its billing rates very much, but it looks like the refunds went to its executives, instead. In 2010,  Wisconsin Energy gave its five executives a 6% raise. 2008-2011Total Net Profit: $2.442 billionTotal Tax Refund: $323 million
  • North Carolina's Duke Energy is the large power provider in the U.S., and averages over $1.8 billion in annual profit. Where does it spend its money?  About $17.5 million on lobbying, between 2008 and 2010; and in 2010 Duke Energy awarded its top five executives with pay increases of 145%. Last year, it acquired Progress Energy; about 20 minutes after closing the deal, Duke paid Progress Energy's CEO $44 million, including a severance bonus. 2008-2011Total Net Profit: $7.234 billionTotal Tax Refund: $253 million
View the list

, Charleston Democrat Examiner

Rob Groce is an active Democrat in the Charleston, SC area, has served as county, state and national delegate, and was even a last-minute congressional candidate to represent the progressive side of politics in 2010. Aside from his regular work in marketing research and consultation, Groce spends...

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