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Corporate Tax Dodgers

On tax day, here’s some news that will make your blood boil – Citizens for Tax Justice re-released its report about Fortune 500s federal tax payments from 2008 through 2010, adding new information for 2011. One of our NC based companies – Duke Energy – paid a net federal tax bill of negative 3.5% for those years.

Duke Energy just received a big fat rate increase, is looking for another one this year and would love for the legislature to give them the ability to get even more money out of ratepayers to pre-fund nuclear power plants – plants that even Wall Street won’t invest in.

The report also shows that if companies actually paid the 35% corporate tax rate, it could help reduce the nation’s deficit.  If the Fortune 500s had paid the full 35% corporate tax rate between 2008 and 2011, we’d have $78.3 billion more in federal tax income.

Thanks to NC WARN for bringing this report to my attention.

7 Comments

  1. Frank Burns

    April 17, 2012 at 6:49 pm

    I do agree that companies should pay taxes. I do think you should be fair with the reason for rate increases. The recent one that we just had was due to environmental groups demanding that older coal plants be closed and those costs have been passed on to ratepayers. This after we had a rate increase a few years ago to upgrade those same old coal power plants. There was no good reason to close those plants or to pass those costs on to ratepayers. CO2 emissions are not a problem. There are times where somebody needs to stand up for the rate payers and tell the environmentalists to just shut up.

  2. Lisa Finaldi

    April 17, 2012 at 9:24 pm

    CO2 is killing us and the planet. CO2 from coal plants cause thousands of premature deaths every year, contribute to mercury in our food and is a major source of global warming. And then there is the pollution caused by mining – the oldest mountains in our country are blown up, waterways contaminated and filled in and miners die. So we won’t shut up, we tell the truth.

  3. Leigh Dickens

    April 17, 2012 at 10:07 pm

    Since when did conservatives and liberals, developers and conservationists , blues and reds, women and men, cats and dogs….breathe different air? It should matter to us all….no matter what our politics are.
    Let the truth be told!

    “In a free society, there comes a time when the truth — however hard it may be to hear, however impolitic it may seem to say — must be told.” ~ All Gore

  4. Frank Burns

    April 18, 2012 at 5:47 am

    CO2 is killing nothing, there is no evidence that it is doing any harm. Period. No evidence, only an unproven theory. So your misguided “truth telling” is costing me with rate increases. So I will respond in kind, “shut up”!

  5. gregflynn

    April 18, 2012 at 9:42 am

    Frank, I have read many of the references you have ever posted about CO2. Most of these hostile references, to my recollection, acknowledge that CO2 levels are rising and that there is a related increase in temperature. They generally theorize, for varied reasons, that either CO2 will not rise at the predicted rate, that temperatures will not rise at the predicted rate, or that even if they do they will do little harm. They can’t all be true at the same time and, of course, they are “unproven theories”.

    What is true is that CO2 levels have been rising, that temperatures have been rising and, that anomalous climate change has been occurring. You’re like the last Japanese soldier holding out on a Pacific island in 1974 because he won’t believe WWII is over.

    For over 20 years you apparently worked loyally on energy projects for Duke Energy, the third largest emitter of CO2 in the US. Yet, Duke has a plan to substantially reduce carbon emissions by 2050. Call Jim Rogers and tell him to “shut up”. You think Rogers is going to scrap the plan and say “Thanks Frank, you really saved us a bunch of money on that one”?

    The world’s population jumped from 2 billion to 7 billion in the last 80 years. While the US population of 313 million may seem a small part of that, it’s more people that the entire planet had in 1 AD. US GDP leads the world, double the nearest competitor China and, about equivalent to the entire EU. That GDP represents a lot of the world’s resources used (disproportionate to our population) and a lot of carbon put into the atmosphere that was previously buried underground or otherwise sequestered on the surface.

    There is plenty of evidence. You choose not to accept it, then claim there is none. You can run around saying “shut up” to your heart’s desire. It’s somewhat entertaining, but each time you do, the clown costume gets a little more faded, a little more ragged, and the makeup runs a sad trickle of carbon black.

  6. Frank Burns

    April 18, 2012 at 10:58 am

    Greg,
    There is no evidence that CO2 is the cause of the recent warmings. There is a theory that CO2 is the cause but there is no evidence. If you have some evidence, show us. In fact when you look over history these temperature swings are happening all the time. You can continue to ignore that fact but that’s the way it is. Do you think they generated a lot of CO2 during the medieval warming period? Your analogy with the Japanese soldier should be applied to warmists like yourself who hold onto this flawed theory. Most of the public agrees with me that CO2 emissions are not a concern. A recent report showed of the environmental issues out there, the public rated global warming dead last.

    I don’t know what your motivations are for insulting me, but if you think your insults will prevent me from continuing to tell the truth, you are sadly mistaken. This is what the left does when people dare to offer opposing view, they get insulted, called racist, homophobic, anti woman, etc, etc. This is why I don’t take it personal when you all do this, it’s just your way so to speak.

  7. gregflynn

    April 19, 2012 at 11:26 am

    You tell people to “shut up” Frank. Rude much?