2016 Postmortem
Related: About this forumBoeing, Second Largest Federal Contractor, Pays No Federal Income Tax in 2013
In its just-released annual report, Boeing Company reported that it claimed $82 million in federal tax refunds, despite reporting $5.9 billion in U.S. pre-tax profits last year. This represents an effective tax rate of -1.4 percent. Boeing paid just $11 million in state income taxes, an effective state tax rate of just 0.2 percent. The disclosures were made in Boeings Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) last Friday.
Since 2008, Boeing has reported between $1.6 billion and $5.9 billion in profits each year, yet has paid no federal income taxes in three of those years. Over the last six years, Boeing has reported $26.4 billion in pre-tax profits to its shareholders, while claiming a total of $105 million in refunds from the IRS, an effective tax rate of -0.4 percent.
With $20 billion in sales to the federal government in fiscal 2013, Boeing was the nations second largest contractor. Boeing alone received 4.4 percent of all federal government contracts last year. Boeing reported to shareholders that 34 percent of its 2013 sales were made to the U.S. government.
Boeings CEO, W. James McNerney, Jr., received total compensation of $27.5 million in 2012, according to the companys proxy statement filed with the SEC. Information on McNerneys 2013 pay will be revealed when the company files its new proxy statement next month.
http://www.foreffectivegov.org/blog/boeing-second-largest-federal-contractor-pays-no-federal-income-tax-2013
lancer78
(1,495 posts)In order to get a refund, you have to pay in something. It is like saying a person who pays in through withholding $3,000 in a year and gets a $2,000 refund paid an effective negative tax rate.
Amonester
(11,541 posts)... after they're elected, they vote in laws that change the meaning of "refund" just for them.
Thor_MN
(11,843 posts)Who would be doing the witholding? They make quarterly estimated payments, or in this case, pay nothing and claim a refund at the end of the year. The amounts reported are correct, the annual statements lists a number for tax obligation, they don't report refunds separately.
One not need to pay anything in to get a refund if the rules are so screwed up that you can claim enough credits and deductions to offset more than your income. They do indeed have a negative tax rate, thanks to their purchases of government representation.
Response to Redfairen (Original post)
indie9197 This message was self-deleted by its author.