General Electric had profits of over $14 billion in 2010 and yet paid no taxes. In fact, they received a tax benefit of $3.2 billion. Now that’s corporate welfare! How does GE do it? By hiring former treasury officials to work in their tax department, and by aggressive lobbying to get tax laws changed to their favor.
Fifty or so years ago, 30% of all federal revenue came from corporations. Now it is only 6.6% — far less than individuals pay. In fact, a majority of large corporations don’t pay any taxes at all. And yet Republicans still want to cut corporate taxes even more.