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Companies' Tax 'Subsidies' Targeted

GE, Boeing, others cited as group lobbies for overhaul that generates revenue.

By Steven Sloan and Richard Rubin | Updated on June 02, 2011

Eleven U.S. corporations including General Electric Co., Boeing Co. and Wells Fargo & Co. together reported $62 billion in domestic profits in 2010 while paying a negative 3.6 percent federal tax rate, according to data released today by Citizens for Tax Justice.

The Washington-based interest group, which is backed by labor unions, hopes the data will help persuade President Barack Obama to abandon his efforts to rewrite the corporate tax code without collecting additional revenue. The organization said the figures make the case for using a corporate tax overhaul to generate more revenue.

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