Washington, DC, November 15, 2011 -- A new report released today reveals how Verizon Communications achieves a negative federal tax rate to avoid paying its fair share of taxes, and aggressively uses tax loopholes and subsidies to cut its tax bills even more.
“Unpaid Bills: How Verizon Shortchanges Government Through Tax Dodging and Subsidies,” was produced by Citizens for Tax Justice and Good Jobs First, and released by the two organizations and the Communications Workers of America. The report shows that Verizon, a $100 billion dollar corporation, paid an effective federal tax rate of –2.9 percent between 2008 and 2010. For the year 2010 alone, Verizon’s federal tax rate was -5.7 percent. While most Americans are struggling to make ends meet and pay their fair share of taxes, Verizon actually received a federal tax rebate of nearly $1 billion rebate from the United States Treasury.