The recent Citizens for Tax Justice report, “Corporate Taxpayers & Corporate Tax Dodgers, 2008-10,” lists 249 corporations that paid less than their fair share in federal corporate income taxes in 2010.
In other words, 249 of the country’s largest and most profitable corporations paid less than the U.S. statutory corporate tax rate of 35% in 2010. Instead, these 249 companies got a 2010 federal tax subsidy totaling over $87.27 billion.
One of these corporations, Exelon, got a 2010 federal tax subsidy of OVER $914 MILLION. This is the same Exelon that is acquiring BGE and parent company Constellation energy.
Maryland’s share of this massive corporate tax giveaway comes to OVER $17 MILLION.
That’s over $17 million that could have gone to pay for:
- Food, home energy, and housing assistance for the poor
- The Earned Income Tax Credit, the nation’s largest anti-poverty program
- Education programs for low-income preschoolers, special needs students, and undergraduates
- Disability compensation for veterans
What if Exelon had paid its fair share in 2010? What could it have meant for spending on these vital programs in Maryland?
HEALTH CARE: Over $1 million for Medicaid – enough to serve over 200 people.
FEEDING THE POOR: Over $414,000 for anti-hunger programs, including…
- Over $304,000 in food stamp benefits – enough to feed over 190 people.
- Over $35,000 in WIC benefits – enough to feed over 70 low-income mothers and children.
- Over $74,000 in nutritional assistance for low-income school-age children – enough to provide over 44,000 meals to over 160 children.
AFFORDABLE HOUSING AND UTILITIES: Over $200,000 for rental assistance – enough to help over 20 families find decent, affordable housing. Over $31,000 in home energy assistance – enough to help over 40 households keep warm during the winter and cool during the summer.
QUALITY EDUCATION: Over $262,000 for education programs, including…
- Over $34,000 in aid for high-poverty schools – the equivalent of providing extra academic support for over 40 at-risk students.
- Over $68,000 for schools to provide services to students with disabilities – the equivalent of helping to improve educational outcomes for over 30 students.
- Over $130,000 in Pell Grants – enough to help over 30 low-income students pay for college.
LIFTING FAMILIES OUT OF POVERTY: Over $251,000 in Earned Income Tax Credits – enough to help lift over 110 households out of poverty.
TAKING CARE OF THOSE WHO SERVE: Over $188,000 in disability compensation for veterans – the equivalent of helping over 20 disabled veterans and their families.
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