09 Nov '11, 8pm

Energy companies get $24 billion of corporate welfare from taxpayers

Energy companies get $24 billion of corporate welfare from taxpayers

Cross-posted from ThinkProgress Green . Tax breaks and subsidies for energy companies have gotten so extreme that dozens of top companies have made billions in profits while having negative taxes -- actually receiving taxpayer welfare instead of paying anything to the federal treasury. An analysis by Citizens for Tax Justice and the Institute on Taxation and Economic Policy found dozens of companies that had a negative tax balance [PDF] between 2008 and 2010, while making billions in profits. Because of tax breaks and questionable tax dodging, these companies reported higher post-tax profits than pretax profits, often actually getting checks from the Internal Revenue Service. During these years of negative taxation, 32 companies in the fossil-fuel industry -- from Exxon Mobil and Peabody Energy to ConEd and PG&E -- transformed a tax responsibility of $17.3 billion on $49.4...

Full article: http://www.grist.org/energy-policy/2011-11-09-energy-comp...

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