{"id":3012,"date":"2016-03-18T12:38:29","date_gmt":"2016-03-18T20:38:29","guid":{"rendered":"http:\/\/blog.huddlestontaxcpas.com\/?p=1485"},"modified":"2016-03-18T12:38:29","modified_gmt":"2016-03-18T20:38:29","slug":"5-gigantic-companies-that-didnt-pay-their-taxes","status":"publish","type":"post","link":"https:\/\/huddlestontaxcpas.com\/blog\/5-gigantic-companies-that-didnt-pay-their-taxes\/","title":{"rendered":"5 Gigantic Companies That Didn&#8217;t Pay Their Taxes"},"content":{"rendered":"<p>Although major companies and corporations are successful, not all of them pay their taxes. Individuals and rich people are not the only ones that avoid paying taxes. Corporations are keeping a good amount of their funds out of the U.S.<a href=\"http:\/\/blog.huddlestontaxcpas.com\/wp-content\/uploads\/2016\/03\/CitigroupPic.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1486 alignright\" src=\"http:\/\/blog.huddlestontaxcpas.com\/wp-content\/uploads\/2016\/03\/CitigroupPic-300x187.jpg\" alt=\"CitigroupPic\" width=\"300\" height=\"187\" \/><\/a><\/p>\n<p><strong>Bank of America<\/strong><\/p>\n<p>Bank of America has more than 300 off-shore subsidiaries. In 2012, the company reported $17.2 billion in off-shore profits. By having these subsidiaries in off-shore locations, the income is not taxable in the United States.<\/p>\n<p><strong>FedEx<\/strong><\/p>\n<p>FedEx received a giant tax subsidy of $2.1 billion for purchasing new airplanes to deliver goods. The tax code, as it is written, allowed the company to take this major deduction, which actually wiped out their tax debt.<\/p>\n<p><strong>General Electric<\/strong><\/p>\n<p>Known for providing electricity and making items such as light bulbs and home appliances, GE is a widely recognized company. Over the last decade, the company has received $29 billion in tax subsidies. For a period of 6 years, taxpayer-funded contracts gave the company $21.8 billion in additional income.<\/p>\n<p><strong>Citigroup<\/strong><\/p>\n<p>Citigroup is another company with foreign profits. It has been reported that $42.6 billion in foreign profits avoided having taxes paid on it in 2012. They avoid paying the tax on this money by keeping it in a tax-haven location.<\/p>\n<p><strong>ExxonMobil<\/strong><\/p>\n<p>No U.S. taxes were paid on $43 billion in off-shore profits for ExxonMobil. Again, keeping funds in tax-haven areas, the company has avoided paying $6.2 billion in taxes.<\/p>\n<p>Major corporations have learned their way around IRS tax loopholes. By keeping funds in off-shore accounts, they can avoid paying taxes since the funds are not technically held within the U.S.<\/p>\n<p>Image credit: <a href=\"https:\/\/www.flickr.com\/photos\/27045884@N05\/\">Neil Pulling<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although major companies and corporations are successful, not all of them pay their taxes. Individuals and rich people are not the only ones that avoid paying taxes. Corporations are keeping a good amount of their funds out of the U.S. Bank of America Bank of America has more than 300 off-shore subsidiaries. In 2012, the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-3012","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-news","7":"entry"},"_links":{"self":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts\/3012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/comments?post=3012"}],"version-history":[{"count":0,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts\/3012\/revisions"}],"wp:attachment":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/media?parent=3012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/categories?post=3012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/tags?post=3012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}