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Wealthy companies don't pay their fair share in taxes

11:04 PM, Jan. 24, 2013  |  Comments
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It's not a spending problem, it's a revenue problem. The nonprofit research group Citizens for Tax Justice reports that 26 major American corporations paid no net federal income taxes generating billions in profits. If they had paid the full 35 percent tax rate, the government would have been $78 billion richer. To name a few, they are Verizon, General Electric, Boeing, Next Era Energy, and Consolidated Edison, among others. Some paid rates as low as 0.3 percent to 1.3 percent. While we in the public sector paid to bail out the banks, the wealthy and rich corporations are avoiding their fair share of taxes.

Sheila Garot

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