ThinkProgress has reported, many of the nation's largest corporate interests pay literally nothing in corporate income taxes. ExxonMobil made nearly $20 billion in profits in 2009, but paid nothing in corporate income taxes. Other extremely profitable companies GE, CitiGroup, Wells Fargo, Bank of America, and Boeing similarly have had entire quarters or years without paying corporate income taxes.
At the Tea Party summit last weekend, we spoke to former Gov. Tim Pawlenty (R-MN), a prospective GOP presidential candidate, about corporate tax cheats. Asked about Bank of America, another wildly profitable American bank that paid nothing in corporate taxes in 2009, Pawlenty simply relied "Well actually the corporate tax rate in Minnesota and around the country is too high."