NEW: GOP Tax Scam Schweikert Voted For Helped Corporations Avoid Paying Their Fair Share

PHOENIX — A new report from the Institute on Taxation and Economic Policy (ITEP) shows how the GOP Tax Scam that Congressman David Schweikert voted for has led to an increase in tax avoidance from corporations, who consistently paid less than the 21 percent corporate tax rate despite earning massive profits.

According to ITEP: 

“The 342 companies included in this study paid an average effective income tax rate of just 14.1 percent during this five-year period, almost a third less than the statutory rate of 21 percent.

“Nearly a quarter of the corporations in this study (87 companies) paid effective tax rates in the single digits or less during this five-year period.

“Of these, 55 (16 percent of the total 342 companies) paid effective rates of less than 5 percent. This is particularly striking given that all these companies were profitable for at least five years consecutively. Companies paying less than 5 percent include T-Mobile, DISH Network, Netflix, General Motors, AT&T, Bank of America, Citigroup, FedEx, Molson Coors, Nike, and many others.

“Twenty-three corporations paid zero federal tax over the five-year period despite being profitable in every single year. And 109 corporations paid zero federal tax in at least one of the five years.”

"Because of Congressman Schweikert's GOP Tax Scam, corporations are paying less than their fair share and even paying less than the statutory rate while reaping massive profits," said Andrea Moreno, executive director of Honest Arizona. "Congressman Schweikert needs to stop supporting cuts to Arizonans’ hard-earned benefits and instead make corporations pay their fair share."

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