Tax Criticism
In December 2011, the non-partisan organization Public Campaign criticized Wisconsin Energy for spending $2.45 million on lobbying and not paying any taxes during 2008-2010, instead getting $85 million in tax rebates, despite making a profit of $1.7 billion, and increasing executive pay by 6% to $24.2 million in 2010 for its top 5 executives.
Wisconsin Energy responded that it is in full compliance with federal and state tax laws. In its SEC 10-K filings, the corporation’s effective tax rate percentages were 37.7, 36.5, and 35.5 for years 2008, 2009, and 2010, respectively. Accelerated tax depreciation must be paid back in future years as required by law. Wisconsin Energy will be paying more than $200 million in federal taxes related to these years in future periods. The majority of tax benefits permitted under tax laws have already been passed on to customers and have been used to reduce utility rates. The corporation also stated that it would continue to maximize tax benefits allowed by law on behalf of its customers and shareholders. President Obama and Congress enacted tax laws to provide incentives to corporations to make capital investments to spur economic growth.
Read more about this topic: Wisconsin Energy Corporation
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