Sept. 22—Nearly one-third of the nation’s largest and most profitable corporations paid no federal income tax between 2001 and 2003—yet still received billions of dollars in tax rebates, according to a new study.
Corporate Income Taxes in the Bush Years, released Sept. 22 by Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy, finds 82 of 275 companies CTJ examined enjoyed at least one year in 2001–2003 in which they paid no federal income taxes yet received billions of dollars in outright tax rebates. In 2003 alone, 46 of the companies paid no federal income taxes and in some cases, received tax rebates.
The companies, all on the Fortune 500 list, were profitable in each of the three years analyzed.
General Electric Co., which lobbies extensively for tax breaks, topped the list of corporate tax-break recipients, receiving nearly $10 billion in tax subsidies over the three-year period, according to the report.
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