Bernie Sanders: The Top Ten U.S. Corporate Tax Avoiders

Goldman Sachs is one of the offenders.

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Tax Time?  Not for Giant Corporations

BURLINGTON, Vt., March 27 - While hard working Americans fill out their income tax returns this tax season, General Electric and other giant profitable corporations are avoiding U.S. taxes altogether.

With Congress returning to Capitol Hill on Monday to debate steep spending cuts, Sen. Bernie Sanders (I-Vt.) said the wealthiest Americans and most profitable corporations must do their share to help bring down our record-breaking deficit.

Sanders renewed his call for shared sacrifice after it was reported that General Electric and other major corporations paid no U.S. taxes after posting huge profits. Sanders said it is grossly unfair for congressional Republicans to propose major cuts to Head Start, Pell Grants, the Social Security Administration, nutrition grants for pregnant low-income women and the Environmental Protection Agency while ignoring the reality that some of the most profitable corporations pay nothing or almost nothing in federal income taxes.

Sanders compiled a list of some of some of the 10 worst corporate income tax avoiders.

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.

Sanders has called for closing corporate tax loopholes and eliminating tax breaks for oil and gas companies. He also introduced legislation to impose a 5.4 percent surtax on millionaires that would yield up to $50 billion a year. The senator has said that spending cuts must be paired with new revenue so the federal budget is not balanced solely on the backs of working families.

"We have a deficit problem. It has to be addressed," Sanders said, "but it cannot be addressed on the backs of the sick, the elderly, the poor, young people, the most vulnerable in this country.  The wealthiest people and the largest corporations in this country have got to contribute. We've got to talk about shared sacrifice."

Source - Senator Bernie Sanders

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Background...

• G.E. Made $14 Billion In 2010 And Paid NO U.S. Tax

• 60 Minutes: New Corporate Tax Havens

Comments

[DailyBail]

Corporate Profits At All-Time High As Recovery Stumbles

http://www.huffingtonpost.com/2011/03/25/corporate-profits-2011-all-time-high_n_840538.html

[DailyBail]

Sanders has introduced legislation that would establish a surtax on millionaires and strip tax deductions for oil companies -- a proposal he claims would cut the deficit by about $50 billion.

http://www.rawstory.com/rs/2011/03/27/sen-bernie-sanders-slams-corporations-for-not-paying-u-s-taxes/

[Cheyenne]

It never ends. TARP apologies on the big screen. We would've been consumed by lizards without bailouts...

http://www.businessinsider.com/too-big-to-fail-preview-2011-3

[josie]

Wow! Boat trips profited $11B in 5 years?? Guess margins on 10-day-old cheese in a firebox on the water are big...

@cheyenne

HBO + Ross Sorkin = propoganda/fluff/puff. I prefer to read Whalen's "Inflated" and Ritholz's "Bailout Nation" for some good info on the banks and bailouts...

[S. Gompers]

The goal of every corporation, pay no taxes, maximize profits, maximize corporate welfare, socialize loses while privatizing profits, and erase all laws that would make you liable for what you do.

[Benny and the Talibanks]

Honestly,
There aren't words to describe my feelings about these corporations. We are all truly living in a time period that can only be described as Bizaro World.

No one cares. In fact, half the country blames gov't employees: Powerless people who make nothing, who have no political power, no earning power and have for the most part tried to eak out a middle class living. The same employees who if they try to write off dry cleaning will get audited and have to pay thousands in penalties and fees.

It will all come crashing down and the republicans will Larry Kudlow the people again. Larry Kudlow defined: telling people what is when it isn't and what isn't when it is.

Bernie Sanders, an admited socialist, is more of a capitalist than all of these billionaire communists.

[Bendix20]

The fact that these companies wrote off huge losses and that is why they paid no taxes is never mentioned. Also never mentioned is the fact the corporations do not pay taxes the purchasers of their products do. By increasing taxes or attacking corporations all you are doing is screwing the public. But the left has been very clever in their new speak to hide that fact from the cool aid drinkers.

[Jordan]

I do not have any soft spots for the large corporations, but even Bernie The Socialist knows those corporations do not write their own tax laws, they simply use the law to avoid taxes, the difference between them and us is they use piles of money and expensive (read crafty) tax lawyers. The key words are, 'tax avoidance', please notice, no 'tax evasion' here.

There is only some satisfaction for us tax payers in knowing those lawyers cost big bucks, some corporations have legal staffs as large as a medium sized law firm.

Why in the world should Bernie complain, it is he and the other idiots in government who write the tax laws. Big Business is simply using the holes provided by the 'Bernie's' and the tax code.

[Cheyenne]

Jesus. Looking at that list I realize I invested in three of those tax dodgers in 2006-07: COP (big win), CVX (ditto), and BAC (~20% loss). BAC's toilet dive is one of the things that made me realize that all was not what it seemed.

Oh, well. It's water under the bridge now. I've withheld my mortgage payment for months and am headed to Vegas soon with the booty. You asked for moral hazard?

Tomorrow Johnny Lira is putting on a craps clinic in my place in preparation for the debauch. The ex-boxing champ was an assistant pit boss in Vegas. He is as disgusted with Wall Street milque-toastery as the rest of us and will be joining us in LV when we throw down the mortgage money.

To hell with these corrupt companies. Fuck 'em.

[Hold Onto Hope]

I have got a question...need the viewpoint of the DailyBail...

Nancy Pelosi says that she (and her pals) want a free and open internet?

We know that the Pelosi wants to control the internet (fairness doctrine / net neutrality shit). So, what the hell is she talking about? It it just that she wants to be the evil gatekeeper?

I don't think like Pelosi so can anyone fill me in on what the witch is brewing?

[Texas Dar]

It feels like were on the "Last Ride" at the Co. Fair..........................Many will be stuck on the top of the Merry-Go-Round ........It looks like were on the Last Days, as we know it.

The goverment has repeated history, once again.... This will be the ?????? time again, and they cant see it comming. The good part is , is that some of us here at the ( "DB" ) know whats commin down the road......

We will have 10 Cs. of Beer, bag's of Chips.................&-a 9mm. Becouse we will see the end comming. This goverment has done more than the last 50 Yr.

Its sad to see it all start destroying our country. Its not just the "Bank'esters", not just the goverment, nor big buissnes, or big Pharma, its everything.............

The little people should wake up, and get ready for the bigest fireworks, yeat to happen.............It will be 3-9 years before it all gos down, but we can see it comming........

Obama is in the "Coal-Car" shovelling coal as fast as he can. We must hit the stone wall as fast as we can..........Its like the Deer in the road can see your head lights..........................You now can see the Deer........................You now see the Deer's Eyes in your head lights...................................

You know whats about to happen.................."Deer Eyes", in Your Head Light's"...................."Oh Shit".......................( This is where we are now. Ya'll know whats next, right.............. )..

The best part is that all of Goverment, will be climbing all over them self's, tryin to blame someone, but its not the Dem. falt, for sure. Its got to be "BoNNer's" falt, becouse all the new Rep. said we will chop it by $100Billion...............

Guess what, if BoNNer, hadd'ent caved to the Union-Dem, not much would change. The timmer on the "Fuckkin-Bomb", has already been started....................

Wile the goverment is blaming each other, the Banks, Ins. Big Buissnes, has already flushed the toilet, on the country..............

Oh, im more than ready, I've got my jar of "Garlic-Olive's"..........................12 jug's of Vodica.!

[Hold Onto Hope]

What does all that mumbo jumbo mean Texas??? I tried to read it but??? Is it just the both parties the same mantra?

[Cheyenne]

Dar--

Do you happen to live somewhere reasonably close to Dallas? I seem to recall as much from distant posts, but alas that was many swigs of Vodica ago. When I'm done gambling etc. in Vegas with asshole bank's dough I'm swinging back through Dallas for some reason. It'd be killer to knock a few back.

[Texas Dar]

Were all in the same "Shit Filled Toilet", and my Lyme-brain fog brain is going into over load. BoNNer, Just spit in our face, im not happy tonight. I ramble 'On-&-On-&On" when im pissed.

Bottom line, were Fucked............................................................! Sleep Tight Tonight !

[Cheyenne]

Holy Jesus, Dar. It was a yes/no question.

[S. Gompers]

The internet is a powerful intelligence gathering tool Gobie, you should see your file. Nancy don't really have anything to do with it.

http://articles.cnn.com/2008-09-05/tech/facebook.spies_1_facebook-social-networking-site-space?_s=PM:TECH


http://americasnewsnow.com/does-the-cia-control-facebook-the-answer-may-scare-you.html

[Texas Dar]

******** @ Cheyenne ***************

I havent evan got to you yeat.........I was tryin to "E-Splain how my qurkey Lyme Brain Cells work, after 3-4 drinks. It gos "Round-&Round-& Round, and it drives Gobie NUT's.......................! Hold Onto Hope I know what im talkin about, just most cant understand me with my Lyme Brain Fog.....

Just skip pass my post's unless I make sence........but the bottom line is, the end is near. Everything is Corupt today......

******** @ Cheyenne **************

A Dr. slaped me on my ass back in 51 in Houston, and said go'eth and play country-rock, and have a great life. I did when mom-dad moved back in "Sconsin"............till 2 tick bites took everything away from me..............shut the show down and moved to Branson..........

My health turned on me, and it was all over. Still here in "Toy's-R-Us-Mo.", but the show buissnes is Over for Dar............the beer is still cold and the sun is just as hot..........................

Oh, what was that you asked..................?????? I played drums for Bobby Darin for 6 1/2 years on the road, and he too, would ask, I asked a "Yes-No" and I get a par-a-graph.............."Sorry Boss"....!

Oh, slam a few "Bruskies Back"....................what a blast ! Gobie could bring a bunch of Chetos.....................

[Texas Dar]

What does all that mumbo jumbo mean Texas??? I tried to read it but??? Is it just the both parties the same mantra?
...@ Hold Onto Hope

Yea, thats about it. There is no real 2 party sides for the last 60 years or so. Both sides have been bought up by the Masters.........We have only but a hand full of real people working for "We the People".

My point was I guess is that the deer can see our head lights. We can see the eye's of the deer in our head lights. Its just a matter of time brfore they meet.

Then it will be all over for all of us. Everything is caving in from greed by everyone. Dont make no matter if its the banks, goverment, big pharma, big Ins, big buissnes, everyone has gouged frome all of us people, and our check book is on empty.......

& we know whats next. Till then we have DB to try and stay ahead of the "Bankesters"...................thats whAre it all starts. We got us a good man on the job..................................!

[Harry Johnson]

Despite all of the republiCON talking points and bullshit on here, from the end of WWII till the reagan regime, corporations paid taxes and the wealthy paid more than they do now though still less than their fair share. Unions were strong and workers were paid something approaching fair wages and benefits. Miraculously the whole country prospered including the already rich. After the reagan regime took hold the rich whined and pissed and moaned that everything was sooo unfair, that rich as they are, it still was not enough. All kinds of rules were taken away on the belief that everyone would prosper. Now after 30 years of republicon trickle down nonsense, the nonsense that corporations do not pay taxes, the nonsense that the rich will invest and create jobs; we see near economic collapse, high unemployment for the long term, falling wages, less prosperity for everyone except a tiny minority of heirs, hedge fund managers and other useless parasites. When it has not worked in 30 years, when it failed before in the 1930's, why on God's green earth are we even considering the repeatedly failed republicon, CONservative, libertaricon economic policies.

[Sagebrush]

Harry Johnson wrote,
"When it has not worked in 30 years, when it failed before in the 1930's, why on God's green earth are we even considering the repeatedly failed republicon, CONservative, libertaricon economic policies."

Because the (useless parasites) own the Congress, they also own the President and his Cabinet. Hell, that Cabinet is composed primarily of useless parasites.

Nothing is going to change. The Trickle Down Theory was GOP bull**it to placate the masses while they helped the useless parasites set up to destroy the American Middle-class. It's beginning to look like they've succeeded beyond their wildest dreams.

The major political parties in this country have outlived their usefulness. They are both corrupt beyond redemption and completely compromised by the elite special interests. They take turns serving their useless parasite masters and do very little that is beneficial for the American Majority.

What totally amazes me is that said American Majority hasn't kicked open the White House gates and the glass doors on Wall Street and strung up a whole bunch of useless parasites.

[TLNL]

PLEASE NOTE:

Sanders is a self-described democratic socialist
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So, most people here support the views of a socialist huh? At least on this topic.

One might hope you carry such sentiments further, and dispense with your usual, well-taught knee-jerk reactionary attitudes to socialism. But it's highly doubtful.

[DailyBail]

Reposting your link from the other thread TLNL

http://money.cnn.com/galleries/2011/news/companies/1104/gallery.foreign_untaxed_profits.fortune/?hpt=T1

UNTAXED FOREIGN PROFIT

GE - $94 Billion
Pfizer - $48.2 Billion
Merck - $40.4 Billion
Johnson & Johnson - $37 Billion
Exxon Mobil - $35 Billion
Citigroup - $32.1 Billion
Cisco Systems - $ 31.6 Billion
IBM - $31.1 Billion
Proctor & Gamble - $30 Billion
Microsoft - $29.5 Billion

[lili]

People say they are disgusted but every piece of credit we use or are determined to need is managed by these tax dodgers. Deal with bankers with your wallets and votes. Make them pay their fair share or reduce their services until they need the public again.

[DailyBail]

Right on Lili.

[Reb]

This is a no brainer. I made $21K last year and paid about $1K in income tax. GE made $14 billion and paid NO tax. What's wrong with this picture?

[TR]

Bernie has no friends.

http://www.politicususa.com/en/socialism-bernie-sanders

[Tom]

1.1%

Call it what you want but the numerology recently has been evident.

What is going on here?

[robertsgt40]

arnival paying no taxes should not come as a surprise. It's Israeli owned and operated. They owned the ship that sank a couple weeks ago also. They'll skate on their responsibility there too.