Between 2008 and 2011, 26 major American corporations paid no net federal income taxes despite bringing in billions in profits, according to a new report (PDF) from the nonprofit research group Citizens for Tax Justice. CTJ calculates that if the companies had paid the full 35 percent corporate tax rate, they would have put more than $78 billion into government coffers.
Here's a look at the 10 most profitable tax evaders and the politicians their CEOs, employees, and PACs give the most money to.
Verizon Communications
Profits: $19.8 billion Effective tax rate: -3.8%
Top recipients, 2011-2012
President Barack Obama: $51,493
Sen. Robert Menendez (D-N.J.): $24,450
Sen. Mitch McConnell (R-Ky.): $23,700
Rep. John Boehner (R-Ohio): $22,500
Sen. Kirsten Gillibrand (D-N.Y.): $15,000
Donald Trump made a surprise announcement doubling tariffs on imported steel and aluminum from 25% to...
Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce,...
