Hey folks, “It’s tax time once again.”
That is, unless you're a large, extremely profitable corporation like General Electric, Verizon, Boeing, Dow, DuPont or Bank of America. Then April 15th is officially “Free Skate Day.”
In fact you might call it a “paid holiday” for some mega-corporations, like G.E., that actually pocketed some $5 billion in refunds from U.S. taxpayers! Imagine that? Yet the majority of any “new job creation” has been in China and India. What a great deal for America, right?
Every politician from Obama to Romney is promising to cut corporate tax rates that are already the lowest overall average (12.1 percent) since 1972, according to Citizens for Tax Justice and the Institute on Taxation and Economic Policy.
Twenty-six of the 30 Fortune 500 companies they examined paid a negative tax rate while getting $6.5 billion in refunds between 2008-2011. Had they paid the actual 35 percent corporate rate, they would have reduced our federal deficit by some $78.3 billion.
You might consider looking back a decade or so and reflect upon how well these same corporations have treated the majority of their employees.