U.S. Senator Bernie Sanders needs a new playbook when it comes to Verizon and taxes
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NEW YORK – Verizon today strongly refuted U.S. Senator Bernie Sanders’ continued claims that Verizon avoids paying its fair share of taxes.
“Verizon is a solid, American company and is among the largest corporate taxpayers and investors in the nation,” said Jim Gerace, Verizon’s chief communications officer. “We take issue with those who falsely claim that we avoid paying our fair share of taxes. This campaign of misinformation and inaccurate data needs to stop.”
The reality is that Verizon complies with all tax laws and pays the taxes it owes under the law. Last year, the company paid a total of $8.445 billion in taxes. That’s $5.293 billion in income taxes (net amount of any refunds the company received); $1.284 billion in employment taxes related to its 177,700 employees; and $1.868 billion in property and other taxes. Even greater detail and a link to the company’s 10-K can be found here.
Verizon’s annual tax payments are attested to each year by its CEO and CFO, and are verified by independent auditors. Taxes paid by Verizon in 2015 were even more than the $7.180 billion in 2014.
During the same two-year period in which the company paid a total of $15.6 billion in taxes, Verizon invested nearly $35 billion in capital expenditures to bring the nation’s premier wireless and wireline communications services to millions of Americans.
“It’s time for the campaign rhetoric to cease,” said Gerace. “It benefits no one to have false and inaccurate statements circulated about a company that does the right thing and takes pride in our investments, our employees and the services that we provide.”
Gerace added, “Here’s the bottom line: Verizon is one of the largest taxpayers and investors in America both in terms of people and capital. Any claim that the company has avoided paying its fair share of taxes is simply wrong.”