30 Corporations That Paid Nothing in Federal Income Taxes in 2008 - 2010
The first number is their profit (in millions) from 2008 – 2010. The second is their tax REBATE (in MILLIONS). The third is their effective tax rate.
Pepco Holdings $ 882 $ –508 –57.6%
General Electric 10,460 –4,737 –45.3%
Paccar 365 –112 –30.5%
PG&E Corp. 4,855 –1,027 –21.2%
Computer Sciences 1,666 –305 –18.3%
NiSource 1,385 –227 –16.4%
CenterPoint Energy 1,931 –284 –14.7%
Tenet Healthcare 415 –48 –11.6%
Atmos Energy 897 –104 –11.6%
Integrys Energy Group 818 –92 –11.3%
American Electric Power 5,899 –545 –9.2%
Con-way 286 –26 –9.1%
Ryder System 627 –46 –7.3%
Baxter International 926 –66 –7.1%
Wisconsin Energy 1,725 –85 –4.9%
Duke Energy 5,475 –216 –3.9%
DuPont 2,124 –72 –3.4%
Consolidated Edison 4,263 –127 –3.0%
Verizon Communications 32,518 –951 –2.9%
Interpublic Group 571 –15 –2.6%
CMS Energy 1,292 –29 –2.2%
NextEra Energy 6,403 –139 –2.2%
Navistar International 896 –18 –2.0%
Boeing 9,735 –178 –1.8%
Wells Fargo 49,370 –681 –1.4%
El Paso 4,105 –41 –1.0%
Mattel 1,020 –9 –0.9%
Honeywell International 4,903 –34 –0.7%
DTE Energy 2,551 –17 –0.7%
Corning 1,977 –4 –0.2%
EDIT - Source: Link to PDF — http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf
NY State Tax Credits
Learned something new today: New York State’s NY City School Tax Credit does NOT need to offset income.
Last year, for some unfortunate reasons, I didn’t earn any taxable income.
Generally, in tax, deductions and credits can be taken up to taxable income. There are other restrictions depending on which deduction or credit is being applied. But that general rule stands. And if deductions and credits are greater than a certain amount, the IRS allows the taxpayer to take the rest of it in following years.
The reason I’m posting about this today is because NY Department of Revenue has decided to just cut me a check for the excess losses I had last year, rather than letting me take the deduction for this year’s taxes when I file them next spring.
Canadian Federal Tax Rate Calculator
Here is a simple Federal Tax Calculator based on rates from the Canada Revenue Agency (CRA).
It is based on rates taken from here: http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html
Feel free to use or embed elsewhere. Simply insert this embed code:
<iframe width=”480” height=”400” frameborder=”0” scrolling=”no” marginheight=”0” marginwidth=”0” src=”http://uncharted.livesheets.com/forms/d3f1478be3d22946e1c8f32292561a6b21225abe”></iframe>
In case you’re interested, the model looked like this in Livesheets:
Sign up for our beta version at http://livesheets.com, we’ll send you an invitation when it’s ready.
YOU MEAN THE FEDERAL TAX? WHAT'S UP WITH THAT?
Did you know that the federal gas tax has remained unchanged for nearly two decades? The last time the gas tax changed was in 1993 for deficit reduction purposes. The US federal excise tax on gasoline is currently at 18.4 cents per a gallon (cpg) and 24.4 cpg for diesel. According to the price of crude oil or inflation, Americans pay a fixed amount of the tax whether oil prices are high or low. State and local taxes add about 31.3 cents to the fuel and 30.2 cents to diesel for a total US average of 49.5 cpg for gas and 54.6 cpg and diesel taxes/fee is 79.5 cpg.
US gas tax is actually less than most other nations. The federal gas tax does not even come close to covering the wide array of external social costs of driving cars and trucks. Not to mention that by under-taxing fuel we underprice gas, which can encourage over-dependency on energy derived from gasoline. Oil takes a loooooooonnnggg time to create in this world. We are taking so much of it that we might run out of oil soon!
Taking inflation into account, today, the gas tax has eroded to only 11 cents. This has seriously diminished the ability to pay for infrastructure already, with purchasing power of 45 cents in gas taxes for every dollar in national highway construction costs. This means that only half of the transportation investments made since 1993 could be afforded today, despite the fact that GDP has grown 55% and demands (vehicle miles traveled) have grown 29%.
US’s transportation system is running out of money. The Highway Trust Fund’s revenue is almost entirely from federal fuel taxes and distributed to all 50 states. 80% of the capital costs of federally-funded transportation projects are covered from it. Congress had to take about $34.5 billion from general fund revenues to continue projects that are already in the works and to make up the lack of funds.
Domestic gas prices are largely influenced by world oil markets. With transportation accounting for about 70% of U.S. oil consumption and record oil-company profits reached when world oil prices go up, it’s only fair that oil companies share the cost of providing transportation infrastructure. Structuring an oil fee assessed on producers and variable gas tax can be decreased. The oil security fee will make up for the revenue gap. When oil prices go down, the gas tax can be slowly returned. Gas taxes can be designed to better manage abrupt price swings domestically.
Take a Look at the Latest Tax Briefs and In-Depth Articles. Parker's Tax Bulletin April 24, 2013
parkertaxpublishing.comTake a Look at the Latest Tax Briefs and In-Depth Articles. Parker’s Tax Bulletin April 24, 2013
Challenge to Circular 230's Limitation on Contingent Fee Arrangements Dismissed
parkertaxpublishing.comA tax services firm and its founder, as well as another firm employee, challenged Circular 230’s limitation on contingent fees before the district court in Washington, D.C. In particular, they claimed that Circular 230’s restrictions on the use of contingent fee arrangements for ordinary refund claims violated their First and Fifth Amendment rights and asked for a permanent injunction barring the enforcement of those restrictions.
Court Rejects Attempt to Use QSub Election to Increase S Corp Stock Basis
parkertaxpublishing.comIn a recent Tax Court case, a group of S corporation shareholders used a novel argument in attempting to justify an increase in the basis of their S stock before selling it. The shareholders argued …
