Eleven U.S. corporations including General Electric Co., Boeing Co. and Wells Fargo & Co. together reported $62 billion in domestic profits in 2010 while paying a negative 3.6 percent federal tax rate, according to data released today by Citizens for Tax Justice.
The Washington-based interest group, which is backed by labor unions, hopes the data will help persuade President Barack Obama to abandon his efforts to rewrite the corporate tax code without collecting additional revenue. The organization said the figures make the case for using a corporate tax overhaul to generate more revenue.
“Our elected officials have a duty to the American public to make reducing or eliminating the vast array of corporate tax subsidies the centerpiece of any deficit-reduction strategy,” Bob McIntyre, the director of Citizens for Tax Justice, said in a press release accompanying the report.
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