It’s long past time for a little corporate patriotism. From The Hill:
A number of U.S. corporations had an effective tax rate of less than zero in recent years, a new study has found.
Citizens for Tax Justice (CTJ) released an examination on Wednesday that said that a dozen major companies had, between them, an average effective tax rate of roughly -1.5 percent between 2008 and 2010 ““ well below the top marginal corporate rate of 35 percent.
[…] General Electric came in with the lowest tax rate of the dozen, -61.3 percent over those three years, after The New York Times earlier reported that it had paid no 2010 taxes and claimed a $3.2 billion tax benefit for that year. Jeffrey Immelt, GE’s chief executive, is the chairman of President Obama’s Council on Jobs and Competitiveness.
But seven other companies ““ American Electric Power, Dupont, Verizon, Boeing, Wells Fargo, FedEx and Honeywell ““ had tax rates between -0.7 percent and -9.2 percent, according to CTJ.
IBM (3.8 percent effective rate over the three years) and United Technologies (10 percent) were the only two of the dozen to have a positive effective rate all three years. ExxonMobil had the highest effective rate of the 12, at 14.2 percent, and Yahoo came in at 8.7 percent.
The image of Mr. Immelt as Pres. Obama’s “Council on Jobs and Competitiveness” remains embarrassing.