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.