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 CommunicationsProfits: $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.):
$15,000General ElectricProfits: $19.6 billion Effective tax rate: -18.9%
Top recipients, 2011-2012
Mitt Romney:
$53,750
President Barack Obama (D):
$30,493
Sen. Scott Brown (R-Mass.):
$23,900
Rep. Howard Berman (D-Calif.):
$21,860
Rep. Chris Murphy (D-Conn.):
$19,750BoeingProfits: $14.8 billion Effective tax rate: -5.5%
Top recipients, 2011-2012
Rep. Buck McKeon (R-Calif.):
$31,750
Rep. Adam Smith (D-Wash.):
$25,000
Former Sen. George Allen (R-Va.):
$23,500
Sen. Maria Cantwell (D-Wash.):
$23,125
Rep. Ron Paul (R-Texas):
$20,986NextEra Energy: North America's largest solar and wind power operator, based in FloridaProfits: $8.8 billion Effective tax rate: -2%
Top recipients, 2011-2012
George LeMieux (R-Fla.):
$9,500
Mike Haridopolos (R-Fla.):
$4,800
Sen. Maria Cantwell (D-Wash.):
$2,000
Rep. Ron Paul (R-Texas):
$2,000
Rep. Tom Rooney (R-Fla.):
$2,000American Electric Power: Electric utility based in Columbus, OhioProfits: $8.2 billion Effective tax rate: -6.4%
Top recipients, 2011-2012
Rep. John Boehner (R-Ohio):
$34,750
Rep. Steve Stivers (R-Ohio):
$34,050
Rep. Bob Gibbs (R-Ohio):
$21,700
Sen. Joe Manchin (D-W. Va.):
$19,750
Sen. Sherrod Brown (D-Ohio):
$18,450Pacific Gas & Electric: California electrical utilityProfits: $6 billion Effective tax rate: -8.4%
Top recipients, 2011-2012
President Barack Obama (D):
$6,250
Rep. Jim Costa (D-Calif.):
$5,000
Rep. Kevin McCarthy (R-Calif.):
$5,500
Rep. Fred Upton (R-Mich.):
$5,000
Rep. Jeff Denham (R-Calif.):
$3,500Apache: Houston-based oil and gas companyProfits: $6 billion Effective tax rate: -0.3%
Top recipients, 2011-2012
David Dewhurst (R-Texas):
$25,000
Rep. Connie Mack (R-Fla.):
$5,000
Rep. Bill Cassidy (R-La.):
$2,500
Rep. Mike Conaway (R-Texas):
$2,500
Rep. Gene Green (D-Texas):
$2,500
Sen. Mitch McConnell (R-Ky.):
$2,500
Brendan Doherty (R-R.I.):
$2,500Consolidated Edison: New York energy companyProfits: $5.9 billion Effective tax rate: -1.3%
Top recipients, 2011-2012
Sen. Maria Cantwell (D-Wash.):
$15,050
Sen. Kirsten Gillibrand (D-N.Y.):
$8,000
Rep. Edolphus Towns (D-N.Y.):
$6,650
Then-Rep. David Wu (D-Ore.):
$2,500
Rep. Joseph Crowley (D-N.Y.):
$1,500
Sen. Harry Reid (D-Nev.):
$1,500
Rep. Jose Serrano (D-N.Y.):
$1,500El Paso: Houston-based energy company that operates the country's largest natural gas pipelineProfits: $4.6 billion Effective tax rate: -0.9%
Top recipients, 2011-2012
David Dewhurst (R-Texas):
$7,500
Mitt Romney (R):
$5,000
Rep. John Barrow (D-Ga.):
$3,000
Rep. Diane Black (R-Tenn.):
$2,750
Sen. John Barrasso (R-Wyo.):
$2,500
Sen. Max Baucus (D-Mont.):
$2,500
Sen. Mitch McConnell (R-Ky.):
$2,500
Gov. Rick Perry (R-Texas):
$2,500
Rep. Fred Upton (R-Mich.):
$2,500
Sen. Roger Wicker (R-Miss.):
$2,500CenterPoint Energy: Electric and gas utility company based in HoustonProfits: $3.1 billion Effective tax rate: -11.3%
Top recipients, 2011-2012
David Dewhurst (R-Texas):
$22,050
Gov. Rick Perry (R-Texas):
$13,458
Sen. Mitch McConnell (R-Ky.):
$10,299
Rep. Greg Walden (R-Ore.):
$7,000
Rep. Kevin Brady (R-Texas):
$4,000Giving data from the Center for Responsive Politics. Includes all 2011-12 campaign donations from each company's employees and corporate PACs.
between the amount of profits and the amount of donations shown here. I do not doubt that these corporations and many others not listed here, get away without paying taxes. But it makes no sense to think that these politicians, and others, are "selling out" to these corporate "masters" for the mere pittance revealed here. To suggest that these paltry amounts of donations could purchase any significant influence in government is ludicrous. This disconnect between power wielded and capital paid alone reveals the enormous "invisible" machinery that exists to produce the "best government money can buy."