Key word - offshore. As mentioned later in the sentence, taxes are paid when money repatriates.Bank of America
Had $17.2 billion in profits offshore in 2012 on which it paid no U.S. taxes. Reported it would owe $4.3 billion in U.S. taxes if profits are brought home.
Had $42.6 billion in profits offshore in 2012 on which it paid no U.S. taxes. Reported it would owe $11.5 billion in U.S. taxes if profits are brought home.
Energy companies always get subsidies. That's why you pay 3 bucks a gallon and not 8. I wouldn't complain too much. Also, they repatriated quite a bit of overseas treasury money, which is why their current effective tax rate is 39% (as I alluded to above - no honest women in their 40s).ExxonMobil
Paid just a 15% federal income tax rate from 2010-2012, less than half the official 35% corporate tax rate – a tax subsidy of $6.2 billion. Had $43 billion in profits offshore in 2012 on which it paid no U.S. taxes.
I'm not going to highlight every last damn one, but they're on that list because of contracts and subsidies. Government contracts are used to offset taxable corporate income, rather than just counting it toward actual corporate revenue. Kind of a bunk trick, but oh well. Your problem is with Uncle Sam, not corporations. It also works about the same way with subsidies, as they just go toward tax abatement as opposed to gross revenue. It's an accounting trick.
What's also not mentioned is that many of these are parent companies with subsidiaries that pay taxes, but are offset by divisions that show loss, thereby being offset through upstream taxation.
Keep going. I'm enjoying this.
If you tell corporations that they'll start being taxed like individuals, you'll see every CEO of every major corporation strain his fat, old body doing somersaults in his suit.
"It is only when men contemplate the greatness of God that they can come to realize their own inadequacy." Jean Calvin