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Despite $858 billion in December 2010 tax cuts, companies still complain that they pay too much in tax.
General Electric (GE) is infamous for paying zero tax on its $5.1 billion profit.
Meanwhile, the New York Times reports that GE is not alone and that the prevailing estimate for the actual U.S. corporate tax rate is 25% — costing the U.S. about $100 billion in lost revenue.
But corporations have absolutely no reason to complain about taxes.
After all, they earned record 2010 profits of $1.68 trillion and 85% of them beat their first quarter 2011 earnings estimates.
70% are growing revenue faster than expected while their operating margins stand at a near record 19.8%.
http://www.forbes.com/sites/petercohan/2011/05/03/do-tax-cuts-create-jobs/
General Electric (GE) is infamous for paying zero tax on its $5.1 billion profit.
Meanwhile, the New York Times reports that GE is not alone and that the prevailing estimate for the actual U.S. corporate tax rate is 25% — costing the U.S. about $100 billion in lost revenue.
But corporations have absolutely no reason to complain about taxes.
After all, they earned record 2010 profits of $1.68 trillion and 85% of them beat their first quarter 2011 earnings estimates.
70% are growing revenue faster than expected while their operating margins stand at a near record 19.8%.
http://www.forbes.com/sites/petercohan/2011/05/03/do-tax-cuts-create-jobs/