Companies with the biggest tax subsidies over the eight years, the institute’s report said, included:
■ AT&T ($38.1 billion) ■ Wells Fargo ($31.4 billion) ■ JPMorgan Chase ($22.2 billion) ■ Verizon ($21.1 billion) ■ IBM ($17.8 billion) ■ General Electric ($15.4 billion) ■ Exxon Mobil
($12.9 billion) ■ Boeing ($11.9 billion) ■ Procter & Gamble ($8.5 billion) ■ Twenty-First Century Fox ($7.6 billion) ■ Time Warner ($6.7 billion) ■ Goldman Sachs ($5.5 billion)
Some of the tax incentives, including those enacted during the recession, were meant to increase economic growth and hiring,
but the institute’s report said they often didn’t work that way.
“Over the last decade, G. E.
paid $32.9 billion in cash income taxes worldwide, including in the U. S.,
and pays more than $1 billion annually in other U. S. state, local and federal taxes.”
She added: “The tax code is complex and outdated, which is exactly why tax reform must happen this year.
In just two sectors — health care and retail — companies paid more than 30 percent of their profits in federal income tax.
The report, by the Institute on Taxation and Economic Policy, a left-leaning research group in Washington, found
that 100 of them — nearly 40 percent — paid no taxes in at least one year between 2008 and 2015.
It means small business and middle-income families are paying more.”
But Tara DiJulio, a spokeswoman for General Electric, called the report “deeply flawed and misleading.”
is one of the largest payers of corporate income taxes,” she said.
