Wealthiest Corporations Don’t Pay Taxes?

Yesterday was tax day.  Nearly every citizen in this country pitched in and paid their taxes.  This money went to pay for critical social services – like the Fire Department, Hospitals, Police, and more.  Unfortunately, some of it went to subsidize industries and corporations that are hurting our communities, our national security and our environment.

Large corporations, like oil companies, are moving their money to offshore banks to avoid paying taxes. This phenomenon is egregious because these companies aren’t paying their fair share.  What’s worse is that they dodge taxes while taking federal subsidies.

Earlier this year President Obama moved to eliminate $36.5 billion in subsidies to oil companies over the next 10 years.  That’s a good start for companies that do everything they can to avoid pitching in.

The American Petroleum Institute (API), which lobbies for the fossil fuel industry in Congress, immediately attacked the President’s idea – calling it a new energy tax when ordinary Americans cannot afford new taxes.

Despite the rhetoric of API and the rest of the dirty energy lobby, however, what the public really can’t afford is continuing to subsidize the most profitable companies in the world with our tax dollars.  Every dollar we give to oil companies is one less dollar that can be used for innovation and new technologies that will move us into the 21st century.  According to a wide-range of research compiled by the Center for American Progress, clean energy technology creates more jobs than staying with the fossil-fueled status quo.  In addition, eliminating

While oil companies continue to receive billions in subsidies, new energy technologies like solar, wind and geothermal receive far less and yet, they remain the fastest growing sectors of our economy.  As young people, we understand the need for a clean energy future – its time for the Senate to invest in the new technology and innovation.  More and more of us are graduating from school and entering the job market, and we are excited about the opportunities of a clean energy job. We hope the Senate is paying attention.

4 Responses to “Wealthiest Corporations Don’t Pay Taxes?”

  1. 1 marco busqueda Apr 17th, 2010 at 11:58 am

    about taxes and the like …yes you are right what a bunch of heartless pig …Nevertheless I would like to encourage you to be awAre that most of tha beastifull and plentyfull democracia organisation come from somewhere and it does not come from people with no education from people with no power …you need long word to write the laws that make all that possible to exist (not all because nature or the jungle dont care about our rationality )and onlY educated people can play that game and push the buttons …But are we really sincere about seraching any kind of uncomfortable truth Al Gore may be sincer but he is not talking to university student enough to my taste … he his too much blindfolded ..Greenpeace an Suzuki is good but they still dont talk to the student to tell them that are a super-big part of the problem …mosanto is not full hobbo and «bums» no no no just universities students …I’m sick to have to explain that all the time but that is life we have to repeast to learn piano and …Student of the world realize that capitalist or socialist is not enough we need that everyone of you posses a personnality …Do you know what is it ?Peace !

  2. 2 marco busqueda Apr 17th, 2010 at 12:00 pm

    hello student of the world DO realize that your ratiOnal education is part of the problem …you are a teacher too !

  3. 3 MARCO BUSQUEDA May 28th, 2010 at 11:52 am


  4. 4 Paul Jul 14th, 2010 at 1:06 am

    Where are the sources? Oil pays billions of dollars each year to the federal government and this is why both political parties are in bed with the oil companies. Oil is one of the largest profit centers for the federal government.

    Even if it were true that oil companies didn’t pay taxes let me explain some basic economics.

    Let me illustrate this with simple arithmetic:

    (cost of goods) + (corporate taxes) + (profit margin) = price we pay for goods

    Lets say “evil” corporation X had 100 sales in one week and each sale was $100. Lets say that the cost for the products/widget was $40 and the corporation was taxed at 15%. Lets also say that the company had a modest profit margin of 20%.

    The cost plus the profit margin is $48, and with taxes factored in the widget would sell for $48 + what the company might pay in taxes ($7) so the widget price for the customer would be ~$55.

    So here is the million dollar question: who pays for the taxes, the evil X corporation or us the customer? When corporations pay more in taxes so do we.

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