Pepco spent more lobbying Congress than it paid in taxes between 2008 and 2010, a new report shows.
The electric utility paid $3.8 million to lobbyists in that period, while it paid no taxes. In fact, it made $508 million in profits from federal tax rebates — paying an effective tax rate of negative 57.6 percent, according to the report by the U.S. Public Interest Research Group and Citizens for Tax Justice.
Pepco, named “the most hated company in America,” was one of 30 corporations listed in the report that collectively made nearly $164 billion in U.S. profits and received $67.9 billion in tax subsidies between 2008 and 2010. It was one of 29 corporations that paid an average negative federal tax rate, effectively profiting from corporate incentive programs.
The report comes about a month after Pepco — which provides power to 778,000 residents and businesses in the District of Columbia, Montgomery County and Prince George’s County — asked for a $68 million rate increase.
