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For Immediate Release Contact: Gary Zuckett, 304-346-5891,
Citizen Action calls for closing loopholes on “Tax Dodging Dozen” Fortune 500 Companies who paid zero 2014 income taxes
Charleston, WV: WV Citizen Action volunteers distributed flyers at the downtown Charleston post office today to inform taxpayers about the “Tax-Dodging Dozen” Fortune 500 companies that paid ZERO federal income tax in 2014.
“Everyone should pay their fair share of income taxes, including these profitable corporations,” commented Gary Zuckett, executive director of WV Citizen Action, “These big companies make good profits based on the public infrastructure such as transportation, schools, police and fire protection and should contribute to the upkeep of these public benefits like everyone else. The loopholes that allow this tax dodging should be repealed!”
Information from Citizens for Tax Justice* outlines just how much these loopholes are costing our national treasury:
- Broadcaster CBS Corporation enjoyed $1.8 billion in U.S. profits last year, and received a federal income tax rebate of $235 million.
- Doll-maker Mattel, which has paid zero federal income taxes over the past five years, received a tax rebate of $46 million in 2014.
- The financial services corporation Prudential avoided all federal income taxes on its $3.5 billion in U.S. profits in 2014.
- Ryder System, which provides truck rentals and services, paid a negative 0.3 percent federal income tax rate in 2014 and over the past five years a negative 0.5 percent rate.
- California-based utility PG&E had negative tax rates both in 2014 and over the five-year period.
“Our Senators and Congressmen should be working to eliminate these tax giveaways to wealthy corporations and make them pay their fair share so we can put Americans back to work rebuilding our infrastructure and middle class,” added Zuckett.
Link to above referenced report http://ctj.org/ctjreports/2015/04/fifteen_of_many_reasons_why_we_need_corporate_tax_reform.php