The Top Ten Most Corrupt Tax Breaks
Did you know Apple Inc. was Irish?
Did you know the mortgage interest deduction can be applied to yachts? Big million dollar yachts?
Or that even though the five biggest oil companies made a collective $137 billion in revenue last year, they also got $20 billion in tax breaks?
A year ago Citizens for Tax Justice, a Washington, D.C. nonprofit, studied the tax returns of 280 corporations. What it found was from 2008 to 2010, at least 30 Fortune 500 companies -- including PepsiCo, Verizon, Wells Fargo and DuPont -- paid more for lobbyists than they did in taxes.
Rice Owls Mens Basketball vs. St. Thomas University Men's Basketball
TicketsWed., Dec. 21, 7:00pm
Advocare V100 Texas Bowl
TicketsWed., Dec. 28, 8:00pm
Rice Owls Mens Basketball vs. Middle Tennessee State Univ Blue Raiders Mens Basketball
TicketsThu., Jan. 5, 7:00pm
PRCA XTreme Bulls
TicketsFri., Jan. 6, 7:30pm
They collectively spent $476 million sucking up to Congress, buying protection for tax breaks, loopholes and special subsidies.
See this week's online extra feature "The 10 Most Corrupt Tax Loopholes" for more on the exact ways certain companies are not only getting incredible benefits but are making you, the ordinary taxpayer, pick up more of the tax load so their special deals can continue.
Get the ICYMI: Today's Top Stories Newsletter Our daily newsletter delivers quick clicks to keep you in the know
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Houston, delivered to your inbox Monday through Friday.