Title: Boeing Paid No Federal Income Tax Last Year: Analysis | HuffPost
Headings: Boeing Paid No Federal Income Tax Last Year: Analysis
Boeing Paid No Federal Income Tax Last Year: Analysis
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Content: In fact, Boeing is not known for engaging in some of the more notorious “creative accounting” practices, like moving profits offshore to avoid paying U.S. taxes on them. “We know that an awful lot of Fortune 500 corporations have found ways to zero out their taxes in a lot of years,” Gardner said. “ [ Boeing is] doing what the tax law allows them to do. At the same time, we know that other companies are being inventive — they’re creating their own tax breaks.” Still, the company’s sheer scale has allowed it to score some major tax concessions. Washington state gave Boeing what is believed to be the biggest state tax break in U.S. history. Lawmakers voted last year to give the company $8.7 billion in tax breaks through 2040 in an effort to convince Boeing to locate a new, large manufacturing plant in the state. The company insisted on more, though, threatening to pull production from the Seattle area and possibly move it to a less union-friendly state if the machinist union didn’t agree to major concessions. Ultimately, the promise of jobs won out. The union voted by a narrow margin to approve an eight-year contract extension that included a pension freeze.