"These 280 corporations received a total of nearly $223 billion in tax subsidies," says Robert McIntyre, director at Citizens for Tax Justice and the report's lead author, in a statement. "This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit."
"Our study provides proof that too many corporations are already being coddled by our tax system," he adds.
All of the companies monitored by the study were big ones -- each was included in the Fortune 500, the largest, most profitable companies in the U.S. The data show that, by and large, America's largest companies pay a lower tax rate than the secretaries, customer service reps and line workers the companies employ.
Here's a breakdown from the Citizens for Tax Justice Web site:
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV