Everyday Americans pay more in federal income taxes than some of the nation’s most profitable corporations.
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Twenty-five Fortune 500 corporations paid nothing in federal income taxes between 2008 and 2012, while working families–some of whom are struggling to stay afloat–filed their taxes every year.
Tax handouts to the 288 Fortune 500 companies that were profitable each of those five years cost the nation $362 billion, according to a recent study by Citizens for Tax Justice and the Institute on Taxation and Economic Policy.
At our Delegate Assembly in Des Moines I spoke (actually through others since I had laryngitis) about the Valentine Check the state of Iowa pays to our big corporations who also do not pay Iowa taxes. This issue has to be addressed by those of us who vote. Anyone who thinks this system will continue a viable capitalistic society is just not thinking.