Trends How Are America’s Top Companies Taxed? Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mint.com Published May 18, 2010 1 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. Today, American households fork over anywhere from 10% to 35% of their annual income to Uncle Sam — not to mention the state and local governments’ cut on top. After all, nothing is certain, but death and taxes, right? Well, not quite, it turns out, if you’re a large corporation. Many of America’s 25 largest companies pay less – much less – in taxes than the average American. How so? Unlike most Americans, large companies can operate losing businesses in the U.S. – and profitable ones abroad, where tax rates are lower. That’s how a company like General Electric has managed to owe a negative $1.1 billion in income tax in 2009 ( that’s quite a refund), despite its $10.3 billion pretax income and $157 billion in sales. Some banks made out quite well last year, too: Bank of America did not pay a dime in taxes on its $4.4 billion income, thanks to a slew of deductions and provisions for credit losses; neither did Citigroup. Our latest infographic gives you a summary of the taxes paid by America’s top 25 companies, as reported by Forbes. Embed the above image on your site <br /> <a href="http://www.mint.com/blog/wp-content/uploads/2010/05/MNT-COMPANY-TAX-R2.png" target="_blank"><img fetchpriority="high" decoding="async" src="http://www.mint.com/blog/wp-content/uploads/2010/05/MNT-COMPANY-TAX-R2.png" alt="" title="MNT-COMPANY-TAX-R2" width="900" height="2381" class="alignnone size-full wp-image-11151" /></a><br /> <br /> <a href="http://www.mint.com/free-online-financial-calculator/" target="_blank">Budget Calculator</a> Mint.com<br /> Previous Post Congress at the Cash Register: How Financial Reform Could Affect… Next Post What Pop Music Can Teach Us About Personal Finance Written by Mint.com More from Mint.com Browse Related Articles Financial Planning Do the Wealthy Really Pay Lower Taxes Than the Average … Trends The Buffett Rule Explained Debt How To Determine Your Tax Bracket Investing 101 Chequing Or Checking? How Canadian And U.S. Personal Fi… Trends Election Season Economics: What Does “The Economy… Trends How the Payroll Tax Expiration Might Affect Your Payche… Financial Planning 10 Commonly Overlooked Tax Deductions Debt 7 States Without Income Tax How To How the Wealthy Slash Their Income Tax Bills Financial Planning What’s My Tax Bracket?
