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The Verizon strike enters its third day as more than 45,000 employees protest the company’s demand for more than $1 billion in cutbacks to health care, retirement and other benefits.

But the company’s aggressive efforts to win concessions come at a time when it is pulling in billions in profits.

Not only did Verizon make more than $20 billion in profit in the last four years – all while paying no corporate income tax – it used loopholes in the tax code to get a billon dollar refund check from the IRS, says the Center for Tax Justice, a policy think tank, according to the company’s annual report:

Verizon not only paid nothing in corporate income taxes, it actually received nearly $1 billion (the same amount as the concessions they are seeking) in tax benefits from the federal government.

The center finds that if Verizon had paid its corporate tax at the official rate of 35 percent, it would have been enough (more than $11 billion) to prevent cuts to student loan programs made in the recent congressional debt deal.

Verizon is one of most infamous corporate tax cheats, becoming a top target of activists looking to crack down on tax loopholes that let billion dollar companies pay little to nothing in taxes.

Says the Center for Tax Justice:

Given their record on taxes and compensation, it’s hard to believe Verizon will come around to being a good corporate citizen anytime soon, yet unions and the public alike need to keep up the pressure by asking Verizon: Can you hear us now?

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Comment Preferences

  •  Robber Baron Scum Belong in JAIL, if Ju$tice (0+ / 0-)

    wasn't such a for sale joke in this country.

    SOMEDAY we'll have an accounting system that recognizes the costs ON the community of managers who steal everything while treating employees like serfs.  Then, stealing management will get JAIL for ripping off the community, NOT bonuses.

    BTW - I am NOT some let's-all-just-barter-tofu-and-hum trustafarian who thinks we can run a world of billions on barter bean sprout shirts, shoes and shingles.

    I got NO problem with the crew who invented google or penicillin getting rich - I got a REAL problem when yuppie fucks and management fucks start pretending like they grow their own shirts and manufacture their own water and they don't need nobody for nottin, so they ain't paying their share of support to the community that made their getting rich possible.

    BEFORE you use google, your computer needs to be plugged into a reliable and safe electric grid.  BEFORE you use google, you had to get the computer home from the store, and you had to have a dwelling that wouldn't blow over in a gust to put the computer in, and you had to buy the computer from a company which wouldn't rip you off, and they had to get their inventory delivered on safe and reliable roads, and their inventory had to be manufactured in someplace that isn't killing its workers, and the manufacturing plant had to get the parts to put together and someone had to make the parts and someone had to get the raw materials for the parts - and if the people who clean the bathrooms and prep the food for all these different workers didn't do their jobs cleaning and fooding, everyone would have been sick and not got the raw materials into parts, or the parts manufactured into gee-gaws, or the stuff delivered or the stuff in the store, or made your dwelling, or kept the power running ...

    Personally, I'd give 1 hour to educate people who don't want to pay to support the community, and if they still wanted to be selfish fucks I'd have their ass flown to the sahara desert and dropped off.

    I digress - GOOD LUCK from a seattle teacher.

    SOMEDAY we'll have an accounting system that recognizes the costs ON the community of managers who steal everything while treating employees like serfs.  Then, stealing management will get JAIL for ripping off the community, NOT bonuses.

    Fucking Robber Baron Scum Belong in JAIL.

    rmm.

    Yond Cassius has a lean and hungry look; He thinks too much: such men are dangerous

    by seabos84 on Wed Aug 10, 2011 at 07:43:08 AM PDT

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