Home » Consumer News »Public Policy & Gov't »Verizon »Video » Currently Reading:

Verizon Didn’t Pay a Penny In Taxes For The Last 3 Years, New Study Claims

Phillip Dampier November 9, 2011 Consumer News, Public Policy & Gov't, Verizon, Video No Comments

Verizon Communications, a highly-profitable multi-billion dollar corporation, has not paid a penny in taxes for the past three years.

That charge comes from a new report issued by two non-profit groups that want America’s tax burden spread more fairly.

Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010,” released by Citizens for Tax Justice and the Institute on Taxation and Economic Policy, scrutinized financial reports from nearly 300 profitable Fortune 500 companies.

At least 30 companies — including Verizon — were found to have maneuvered their way through corporate tax breaks and incentives, exporting revenue offshore, and other creative accounting to avoid paying a cent in taxes over the period.

Some of Verizon’s unionized workforce, fighting company efforts to curtail benefits and reduce pay, call the news a disgusting development.

“We wouldn’t mind if Verizon wasn’t paying taxes if they used the money saved to invest in American jobs,” said Myles Calvey, business manager of the International Brotherhood of Electrical Workers union Local 2222. “Instead, while they dodge paying taxes in the U.S., they’re eliminating jobs and opening centers in Mexico and India. They wonder why the union hates them.”

Verizon disputes the findings, which do not allege the company broke any laws while trying to reduce the company’s tax bill.  In fact, American corporations have exported billions of dollars to offshore bank accounts specifically to avoid America’s corporate tax rate.  Some of those companies, including Verizon, now want the government to provide a special discount on corporate taxes in return for an agreement to repatriate corporate earnings.

Phil Santoro, a Verizon spokesman called the report “union-orchestrated” and says the company isn’t avoiding taxes, it is deferring them through government incentive programs designed to boost the economy.  The company also says it invested $16.5 billion over the time period in infrastructure expansion.

http://www.phillipdampier.com/video/CNN Companies Avoid Taxes 11-3-11.flv

CNN reports on the growing number of American corporations that no longer pay taxes thanks to special tax breaks and incentive programs available only to them.  (3 minutes)

Search This Site:

Contributions:

Recent Comments:

  • Sherice Cuadra: Timely article ! I learned a lot from the facts - Does anyone know if my business might be able to grab a blank a form copy to work with ?...
  • Ethan: A few months ago, TWC gave me a quote for $23,268 for 12 (!) pole permits and about 1600 feet of cable, even though there's a line only 5 poles and 80...
  • Mark: My ailing 85-yo mother, who lives in Yucaipa, CA, has been completely without phone service for almost A WHOLE MONTH now!!! She cannot call her doctor...
  • Raymundo: Us simple folk in FL can only dream of being as smart as you, Joe. Thank you for taking the time to explain things to us so we can understand them....
  • Duffin: "So, we have created a new data plan that is so high that most of our customers will never have to think about how much data they use.” And therefore ...
  • Andy: I was paying $59.99/month for standard 15 MBPS download speed Time Warner internet. I used the tips in the article to get upgraded to 30 MBPS downloa...
  • Geoge: I would never vote for Ted Cruz, Donald Trump, or any Republican or political candidate that will undermine the FCC's ability to punish states that ba...
  • bay4hotrod: This is new news to me because I just recieved my business invoice today to the tune of a stright 50% increase. Smooth transition my butt. Frontier ...
  • Chris: Bob That is outdated. Comcast has divested most of it's ownership and plays NO role in day to day operations or governance of the company....
  • Bryan: My sister bought a home in a rural area just outside a metro area. She didn't even thing about city comforts such as internet/cable. Now she finally...
  • Mike: Here is some of the negative impact of no competition/caps and other overcharging schemes (ahem verizon please pay attention) “We wouldn’t choose a h...
  • Doug: My big complaint is that despite the mess of a conversion, despite numerous outages and the way they haven't lived up to their end of the deal, they a...

Your Account: