Really big business turns small for tax purposes
By NBC News and MSNBC
Some firms with billions in revenues get to pay less tax than traditional corporations.
A number of companies with multi-billion dollar revenues have been registered as small businesses for tax purposes, according to a report.
Among them were the “biggest companies in the world and the richest people in this country” Keith Olbermann said in a special report on his msnbc cable show Wednesday night titled, “Small Business in Name Only.”
The term “small business” was an “utter misnomer,” he claimed.
Because IRS tax returns are not public record, the names of companies were ascertained from public documents such as court records or the companies’ postings:
Among the examples given on “Countdown with Keith Olbermann” were:
• Enterprise Products Partners, L.P., a pipeline company with 2009 revenues of $25 billion.
• Kohlberg Kravis Roberts & Co., a Wall Street firm with $445 million in revenue in 2009.
• Price Waterhouse Coopers, an accounting firm with $26 billion in revenue in 2009.
• Koch Industries, a conglomerate of partnerships with 70,000 employees.
• The Hillman Company, an investment founded by billionaire philanthropist/industrialist Henry Hillman.
• Venn Strategies, Inc., whose chief operating officer is Brian Reardon, a former special assistant to former President George W. Bush.
• Ferrellgas, a propane and propane accessories business, with $2 billion in revenues in 2009 and 1 million customers.
• CoorsTek, a ceramics manufacturer founded by Adolph Coors, with 2009 revenue of $549 million.
• Dead River Co., with $500 million in revenue and 1,200 employees.
• McIlhenney Co., the Tabasco maker, with $250 million in revenue in 2007.
The revelation comes as Democrats and Republicans debate tax cuts and the economy.
