From 2008 to 2010, GENERAL ELECTRIC made $ 44 BILLION and paid no taxes! But not only did they pay ZERO, the U.S. Treasury gave them $ 4 BILLION in tax credits. *
In 2010 BANK of AMERICA paid no tax.
In 2009, EXXON MOBIL made $ 34 BILLION and paid nothing.
WELLS FARGO bought Wachovia and claimed a $ 19 BILLION tax credit for doing so
Your tax rate was probably between 27 and 30%, HEWLETT-PACKARD’s tax rate in 2009 was 2.3 % (That’s 2 POINT 3 PERCENT or less than 1/10 of what you’re paying)
CHEVRON’s tax rate was 1%
BOEING made $ 4 BILLION in America but paid nothing and even got $ 124 MILLION “back” although not paying in in the first place
And this is just the beginning.
* “Tax Credit” is different from a Tax Deduction. You can claim a deduction only when you have taxable income to charge it against. A credit can be claimed even though no taxable income is identified. A tax credit is free money. Generally, if a working person gets free money from the Government, it’s called “welfare” even if the working person has paid for it his entire working life, i.e. Social Security. If a rich person, or corporation, gets free Government money, welfare, it’s called a “tax credit”.