All Things
WASHINGTON---With federal income taxes due in a few weeks, Sen. Bernie Sanders, the Vermont independent allied with Democrats, on Sunday released a list of ten big profitable U.S. companies paying little or no taxes. Sanders wants to close the loopholes that make this tax avoidance legal. Some people call the income tax system with generous loopholes for big companies corporate welfare or corporate entitlements. As Congress returns to work this week--after yet another break--to negotiate over big budget cuts--with social safety net programs facing reductions--Sanders is pushing for corporations to pay more of a fair "share."
The Bernie Sanders Ten, per release....
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
-
p { margin-bottom: 0.1in; direction: ltr; color: rgb(0, 0, 0); line-height: 120%; }p.western { font-family: "Liberation Serif","Times New Roman",serif; font-size: 12pt; }p.cjk { font-family: "SimSun"; font-size: 12pt; }p.ctl { font-family: "Mangal";...
-
p { margin-bottom: 0.08in; } Oh, no! The Debt. In the current year the Federal government takes in $2.5 trillion. But it spends $3.6 trillion. It must borrow $1.1 trillion on top of the $14 trillion we owe already. Let's put that in terms...
-
p { margin-bottom: 0.08in; } p { margin-bottom: 0.08in; } Taxes It's tax time again. No one likes paying taxes; everyone feels done to. The news of people who pay no taxes sells a lot of newspapers. What is really going on? General...
-
p { margin-bottom: 0.08in; } Bah, humbug! It is Christmas. Once again we celebrate the birth of Jesus who, born into utter poverty, spent his life exhorting us to take care of the poor, to love our neighbor as much as ourselves, and to treat them as...
- Corruption Is In The Eye Of The Beholder
Corruption is in the Eye of the Beholder Newspapers recently reported that $20 billion of American aid to Afghanistan was spent on consultants, advisers, technical experts sent by the US government to Afghanistan to advise different ministers and others...
All Things
Ten giant U.S. companies avoiding income taxes: Sen. Bernie Sanders list
The Bernie Sanders Ten, per release....
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
-
p { margin-bottom: 0.1in; direction: ltr; color: rgb(0, 0, 0); line-height: 120%; }p.western { font-family: "Liberation Serif","Times New Roman",serif; font-size: 12pt; }p.cjk { font-family: "SimSun"; font-size: 12pt; }p.ctl { font-family: "Mangal";...
-
p { margin-bottom: 0.08in; } Oh, no! The Debt. In the current year the Federal government takes in $2.5 trillion. But it spends $3.6 trillion. It must borrow $1.1 trillion on top of the $14 trillion we owe already. Let's put that in terms...
-
p { margin-bottom: 0.08in; } p { margin-bottom: 0.08in; } Taxes It's tax time again. No one likes paying taxes; everyone feels done to. The news of people who pay no taxes sells a lot of newspapers. What is really going on? General...
-
p { margin-bottom: 0.08in; } Bah, humbug! It is Christmas. Once again we celebrate the birth of Jesus who, born into utter poverty, spent his life exhorting us to take care of the poor, to love our neighbor as much as ourselves, and to treat them as...
- Corruption Is In The Eye Of The Beholder
Corruption is in the Eye of the Beholder Newspapers recently reported that $20 billion of American aid to Afghanistan was spent on consultants, advisers, technical experts sent by the US government to Afghanistan to advise different ministers and others...