Boeing, Paccar had negative income tax rates 2008-10; Microsoft says pretax profits all overseas

Report: Corporate Taxpayers and Corporate Tax-Dodgers, 2008-10

A comprehensive study profiling 280 of America’s most profitable companies finds that 30 enjoyed a negative federal income tax rate from 2008-10 – including two with major operations in Washington state: Paccar (-30.5%) and Boeing (-1.8%). In total, 78 companies paid zero or less in federal income taxes in at least one year between 2008 and 2010 despite being profitable throughout this period.

Two other Washington “brand name” companies made the report:

  • Microsoft’s tax rate couldn’t be evaluated because the company reported most of its pretax profits as foreign – even though most of their revenues and assets are in the United States
  • Amazon.com paid an effective rate of just 7.9% from 2008-10, about one-third the average rate of a “married filing jointly” household earning between $16,750 and $68,000.

More from the Seattle Times »

Full Report from ITEP and CTJ »

  • Leave a Reply

Your email address will not be published. Required fields are marked *

More To Read

January 19, 2019

Only the Wealthy Decide What Social Issues to Fix

Corporate and billionaire giving helps their image more than it helps us

January 10, 2019

Response to Supreme Court Forgoing Direct Review of Seattle’s Income Tax on the Affluent

We look forward to the legal review of the Court of Appeals and ultimately the State Supreme Court

January 8, 2019

Governor Inslee Announces EOI-Backed Cascade Care, a Public Option Health Plan

Cascade Care ensures that Washingtonians pay no more than 10% of their income on health premiums