Our Most Corrupt Tax Breaks: 10 Loopholes to Close Right Now - Page 1 - News - San Francisco - SF WeeklyQuicklink submitted by Mari Eliza Permalink
|A year ago Citizens for Tax Justice, a Washington, D.C., nonprofit, studied the tax returns of 280 corporations. What it found was a Beltway version of a Mafia protection scheme. From 2008 to 2010, at least 30 Fortune 500 companies -- including PepsiCo, Verizon, Wells Fargo, and DuPont -- paid more for lobbyists than they did in taxes. They collectively spent $476 million sucking up to Congress, buying protection for tax breaks, loopholes, and special subsidies. It didn't matter that these same 30 firms brought home a staggering $164 billion in profit during that three-year period. They not only managed to avoid paying taxes; they actually received $10.6 billion in rebates.|
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