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: Boeing reported an $82 million tax refund last year, but made $5.9 billion in U.S. pre-tax profits during the same period, the analysis of the company’s recent government filings found. That means Boeing paid a federal tax rate of -1.4 percent. At the same time, the company won 4.4 percent of all federal contracts last year, according to the report. “Companies that live by the taxpayer purse should be contributing to the welfare of the states and paying their taxes,” said Scott Klinger, the author of the report. “ The fact that we have major federal contractors that are consistently not doing that should raise questions for our legislators about how this could be.” The company has a history of using loopholes to lower its tax bill, according to Matt Gardner, the executive director of the Institute on Taxation and Economic Policy. The report found that Boeing paid a tax rate of -0.4 percent over the past five years. Download
“The fact that Boeing paid no income tax this year is not at all surprising because they have a very reliable track record of paying little or nothing in federal and income state tax,” Gardner said. Boeing disputes the report’s findings, saying its federal tax rate was actually 26.4 percent last year. Chaz Bickers, a Boeing spokesman, said the analysis ignores a crucial part of the company’s tax expense.