How Much Do Top Companies Pay In Taxes?

A recent Forbes publication should serve as a reminder of the serious tax loopholes that allow large US companies to escape what would otherwise be a significant tax-based contribution to our government and country's economy.

Exxon Mobile was one such example. The company earned $35 billion of pre-tax profits in 2008. And how much did they pay on their federal income taxes? Zero dollars.

Perhaps if we want to work towards reducing the tax burden on our nation's citizen's, especially in challenging economic times, we should look to our corporations. They seem to be granted many rights, such as free speech rights to donate unlimited funds to federal political candidates says SCOTUS recently, yet often don't make a fair tax contribution, causing an undue burden on the rest of us.

Article from Forbes: http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes_slide_3.html

NJ Gubernatorial Election Update: Corzine Restores Property Tax Rebates

New Jersey's tax amnesty program - a 45-day time period where New Jersey taxpayers could repay back owed taxes without penalty and only pay half of the interest - was originally expected to generate approximately $100 million that the state could use to help this year's budget. They were wrong.

The tax amnesty program has generated over $625 million (as of the 20th, with many envelopes still not counted) in revenue for the state. This unexpected massive generation of funds has been put to good use - direct relief for taxpayers.

Governor Corzine, who previously was not planning on distributing property tax rebates because of the state's financial situation (except for seniors and the disabled), now has said that all homeowners who make under $75,000 a year, senior citizens and disabled residents will receive a rebate, and homeowners who make up to $250,000 will be be able to apply for a rebate.

The number one issue in this election is taxes. And surprisingly, Republican candidate Chris Christie, who has blamed the current economic downturn on Corzine and been extremely critical of his tax policy (among others). And now, only a few months before the election Corzine will sign tens of thousands property tax rebate checks off to New Jersey residents. Although campaign spending has been fairly equal in the early part of the election, Christie is going to have to do a lot of work and advertising to not loose at least a few points in the polls because of this. Perhaps he'll even create a tax plan of his own.

Sources & Reading
http://www.nj.com/news/index.ssf/2009/06/gov_corzine_christie_spend_sim.html
http://www.nj.com/news/index.ssf/2009/06/gov_corzine_says_tax_amnesty_w.html
http://www.nj.com/news/index.ssf/2009/06/top_nj_democrats_hope_to_resto.html
http://www.nytimes.com/2009/06/19/nyregion/19njbudget.html?ref=nyregion
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090622&id=10043310