Sanders is Right About Verizon Avoiding Billions in Taxes

Verizon has attacked* presidential candidate Bernie Sanders for misrepresenting its record of paying federal taxes. But Bernie’s right, they’re wrong.

Let them know.

Here are the facts:

 

  • Bernie is correct that from 2008 to 2013 Verizon utilized tax code trickery to manage an effective federal tax rate of negative 2.5%, despite $42.5 billion in profits. It actually got money back from the Government.
  • Verizon did pay federal taxes the last two years — on $27.5 billion in profits — but its federal tax rate was 20%, less than its typical employee pays.
  • Over the last 15 years, despite $121.3 billion in profits, Verizon’s tax manipulations enabled them to pay federal taxes at the rate of 12.4%, far less than a typical worker.
  • And on top of all that, Verizon is currently trying to slash the health, job and retirement security of its East Coast workers — despite $39 billion in profits over the last three years.
  • And Verizon doesn’t just evade taxes in the US. In 2009, Verizon converted $1 billion of equity into debt, using a Dutch subsidiary, and escaped virtually its entire European tax burden.

Click here to download the fact sheet. 



Source: Citizens for Tax Justice: http://ctj.org/corporatetaxdodgers/tax-dodgers.php?id=273

* http://www.verizon.com/about/news/us-senator-bernie-sanders-needs-new-playbook-when-it-comes-verizon-and-taxes

This article was reposted from http://standuptoverizon.com/taxes/

One thought on “Sanders is Right About Verizon Avoiding Billions in Taxes

  • April 14, 2016 at 5:24 pm
    Permalink

    Disgraceful

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