Verizon is tax deadbeat, report shows
WASHINGTON – In the last three years, as it raked in more than $100 billion in revenues and $33 billion in U.S. profits, Verizon – which is campaigning to cut its unionized workers’ health care – has been a tax deadbeat, a new report says.
Unpaid Bills: How Verizon Shortchanges The Government, by Good Jobs First and the Citizens for Tax Justice, reveals Verizon actually got tax rebates from the federal Treasury worth a total of $951 million, and also paid only about one-third of the state taxes it owed.
With the nominal U.S. corporate tax rate at 35 percent, Verizon should have paid about $11.4 billion in taxes, the report adds, rather than getting about a billion dollars back.
“Verizon doesn’t use its tax avoidance gains to keep up its copper network or extend its fiber optic technology to cities like Boston, Baltimore, Buffalo, or other communities, or create quality jobs. It isn’t negotiating a fair contract with the workers who have made this company so successful,” said CWA senior director George Kohl.
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