Bernie Sanders Calls Verizon a Tax Dodger How little Verizon actually pays in taxes has come up a few times, given that like most large companies, Verizon uses every trick in its arsenal to reduce its tax burden (including lobbying for law changes, or in Verizon's case taking tax breaks and subsidies for fiber broadband that wasn't deployed). Verizon's tiny tax burden recently popped up again when Presidential hopeful Bernie Sanders fired a few shots at the telco at Twitter for being one of several companies that the government effectively pays to exist: »twitter.com/SenSanders/s ··· 0336129

The Sanders campaign also released data accusing Verizon of being the nation's third-largest tax avoider. "From 2008 to 2013, while Verizon made over $42.4 billion in U.S. profits, it received a total tax refund of $732 million from the IRS," notes that Sanders campaign. "Verizon’s effective U.S. corporate income tax rate over this six-year period was -2 percent. In 2012, Verizon stashed $1.8 billion in offshore tax havens to avoid paying U.S. income taxes." Needless to say, Verizon isn't particularly happy about the claims. In a blog post, Verizon called the Sanders campaigns claims "misinformation," while insisting that in 2015 alone Verizon paid $5.293 billion in income taxes; $1.284 billion in employment taxes related to its 177,700 employees; and $1.868 billion in property and other taxes. Verizon then proceeded to insist that the US corporate tax rate remains too high. "The U.S. Corporate tax rate is the highest in the world, but there are too many loopholes," claims Verizon. "This is counterproductive and results in U.S. companies being uncompetitive on the world stage." The Sanders campaign states that companies continue to fiddle with numbers to ensure loopholes allowing them to dodge taxes remain intact, placing the largest tax burden for necessary infrastructure on the middle and lower classes. The campaign has argued the The Sanders campaign states that companies continue to fiddle with numbers to ensure loopholes allowing them to dodge taxes remain intact, placing the largest tax burden for necessary infrastructure on the middle and lower classes. The campaign has argued the 35% or higher corporate tax rate cited by most companies is actually more like 12.6%, and has proposed a number of reforms to try and balance the scales.







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Most recommended from 130 comments



buzz_4_20

join:2003-09-20

Biddeford, ME (Software) Sophos UTM Home Edition

Ruckus R310

30 recommendations buzz_4_20 Member Well... A lot of these companies get profits from the USA in terms of sales. They rely on roads ETC, yet do everything in their power to keep from contributing to the very system that they profit from.

These are the same companies that try to kill unions every chance they get, and send jobs overseas instead of hiring Americans.

They do what they can to not have to pay benefits to workers by hiring contractors ETC.



Who's the real moocher in this scenario?

The company who does everything they can to keep from putting money in the economy, or the people who need food stamps working 40 hours a week because those jobs were shipped away?

spewak

R.I.P Dadkins

Premium Member

join:2001-08-07

Elk Grove, CA 21 recommendations spewak Premium Member Aren't most tech companies? Parking money offshore to avoid their fair share?

NOCMan

MadMacHatter

Premium Member

join:2004-09-30

Colorado Springs, CO 8 recommendations NOCMan Premium Member Need AMT for large corporations Small businesses do not have the kinds of tax breaks that effectively let Verizon to get paid a refund on 42 billion in profits. We have limits on what we can do, it's time these businesses pay into the system they exploit. Verizon puts trucks on our roads which result in wear and tear and they pay nothing for upkeep? It goes beyond that, but it's a great example of them not paying for the system that allowed them to get where they are today.

xpbx

No Compassion

Premium Member

join:2000-11-08

Errington, BC ·Shaw

ARRIS TG3482

4 recommendations xpbx Premium Member mr sanders speaks the truth ever since they used that reverse morris trust scheme to unload most of new england, that loophole should have been closed a long time before verizon screwed the public one last time before they left. lowell mcwireless and fran shamwow are as dirty as you can get. ive seen it from the inside out.