Corning Corporation Paid No Taxes For Four Years

Corning Corporation cast an interesting spotlight on itself this week with seeming contradictory testimony before the House Ways And Means Committee on the issue of taxes. A senior executive of Corning testified that the tax system put the company at a “disadvantage” compared to foreign manufacturing among other claims before Congress. Yet, the real truth is that Corning didn’t pay any taxes between 2007 and 2011, despite $3 billion in revenues.

Susan Ford seemed to claim that companies like Corning almost need to contract their work abroad because of the U.S. tax system, yet with the company being one of 26 large corporations that hasn’t paid taxes for four years, you wonder just what this contradictory testimony before Congress was supposed to really prove.

A large corporation already isn’t paying taxes, but seems to want to use the threat of outsourcing jobs unless Congress offers the company even better than zero taxes? What’s the deal with this this?

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  • cirby

    Of course, this same recycled story cuts off at four years ago.

    Why four years?

    Because of the big financial hits Corning took in 2008 – they’re still working off the deferred losses from that time, and it takes a while to wear down the 2.5 billion in tax credits they have left over from that.

    In other words, the reason they’re not paying much (or even getting credits) in their current balance sheet is because they lost such a ridiculously-large amount of money right before the suspiciously-convenient four year time span that was chosen to make Corning look bad…