Legalized Tax Fraud: How Top US Corporations Continue to Profit Through Offshore Tax Havens
A Report by Senate Budget Committee Ranking Member Bernie Sanders February 18, 2015 (excerpts)
...Several (members of the Business Round Table) have paid nothing at all but instead received refunds from the IRS during these years including American Electric Power, Boeing, Corning, Duke Energy, General Electric, the Interpublic Group, NextEra Energy, PG&E Corporation, Tenet Healthcare, and Verizon.... (p3)
NEXTERA ENERGY, INC.
State where headquarters is located: Florida.
Effective federal income tax rate from 2008 through 2012: Less than zero.
Received refunds of $178 million.
Total federal income tax breaks from 2008 through 2012: $4.2 billion.
If NextEra Energy had paid the full 35 percent federal corporate income tax rate on its $11.4 billion in profits from 2008 through 2012, it would have paid $4.2 billion more in federal income taxes than it did. (p24)
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