These companies managed to make a profit of $164 billion despite a widespread economic instability that has swept the U.S since 2008. During that period they also received tax rebates totaling about $11 billion. Displaying no conscience, these companies lay off some of their employees and increased the salaries of their executives while spending about $476 million during the same period to lobby the U.S. Congress and another $22 million on federal campaigns.
A staggering twenty-nine of those companies paid no federal taxes at all during that time frame, even though the statutory federal corporate tax rate is 35 percent! The companies mentioned in the report include giants like General Electric, Verizon Communications, Wells Fargo, Mattel and Boeing.
According to the report, big corporations and their CEOs get special deals in Washington at the expense of poor and middle class Americans. Congress continually votes to give tax breaks to oil companies and hedge fund managers, cutting important programs that benefit the majority of Americans.
