Top Twelve American Banks, Coal and Oil Companies Paid Less Taxes Than You Top Twelve American Banks, Coal and Oil Companies Paid Less Taxes Than You
Environment

Top Twelve American Banks, Coal and Oil Companies Paid Less Taxes Than You

by Ben Jervey

April 23, 2011

Yesterday, along with hundreds of millions of Americans, you likely settled up your taxes formally with the IRS. Incredibly, most of the biggest and most profitable finance and energy companies in the country are paying far less than their fair share. Last, month, Alex wrote about the most startling—and highest profile—incident involving GE, the country's largest corporation.

Amazingly, Bank of America, Massey Energy, BP and Shell paid a whopping zero percent of their profits into our federal coffers. The RAN report notes:
If just the top banks, oil and coal companies actually paid the IRS corporate tax rate of 35%, they would be giving back $62 billion this tax season. That is almost double the current $38 billion proposed federal budget cuts. 
We're talking about twelve companies that could, essentially, end our budget woes if only they paid their fair share, like most citizens and respectable, patriotic small business owners in the country. 
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Top Twelve American Banks, Coal and Oil Companies Paid Less Taxes Than You