As reported by the Huffington Post, America’s ten most profitable corporations paid an average income tax rate of just 9% last year. The top two corporations not paying their fair share in taxes are oil companies – with ExxonMobile – the most profitable corporation in the history of the world paying a mere 2% income tax rate – and Chevron paying 4%. Those numbers clock in well below the 35% income tax rate corporations should be paying in America, but almost never do.
Over the last few decades, corporate taxes as a share of government revenue have plummeted, forcing working people to pay more and more taxes to cover the gap. Plain and simple, giving tax breaks to corporations that pollute our skies, offshore our jobs, and deny us healthcare is not just crazy – it’s immoral.