In the three year period of 2008 through 2010, 30 major corporations including Wells Fargo, Verizon Communications, General Electric and Dupont, paid zero in federal income taxes. In the same three year period, 78 of the Fortune 500 companies paid zero federal income taxes for at least one year.
Corporate loopholes and tax-avoidance accounting practices cost billions of dollars of lost revenue. It is only fair that we require all corporations to pay some minimum in federal income tax, a sort of corporate Alternative Minimum Tax.