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...
Jan 31, 2012 at 2:12 PM
Reader Comments (31)
http://www.huffingtonpost.com/2011/03/25/corporate-profits-2011-all-time-high_n_840538.html
http://www.rawstory.com/rs/2011/03/27/sen-bernie-sanders-slams-corporations-for-not-paying-u-s-taxes/
http://www.businessinsider.com/too-big-to-fail-preview-2011-3
@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...
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.
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.
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.
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?
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.!
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.
Bottom line, were Fucked............................................................! Sleep Tight Tonight !
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
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.....................
...@ 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..................................!
"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.
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.
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
http://www.politicususa.com/en/socialism-bernie-sanders
Call it what you want but the numerology recently has been evident.
What is going on here?
I am a lay historian living Asia and I enclose is an email I recently sent to some friends of mine inside and outside of the military. I hope it will help you understand what is really going on in the United States of America. As a life-long Republican (a moderate Republican) I have some food for thought about our current national debt crisis and the mental paralysis afflicting congress; there certainly are a liberal loonies in the Democratic party but there are even more right-wing crazies in the Republican party. I am ashamed to say it but over time the right-wing crazies have damaged America far more than most people realize. This is because the right wing crazies are funded by (and controlled by) the wealthiest people in America. While their opponents struggle to raise a few hundred thousand dollars to run for congress, these right ring toadies receive millions of dollars in campaign contributions from the ultra-rich portion of our society, and specifically from many of the 400 billionaires living inside the United States. (Forbes Magazine lists each of these billionaires and shows how many billions each of them control.)
These same greedy ultra-rich people meet in secrecy behind closed doors and decide what THEY want the United States government including its MILITARY and State Department and international Justice Department functions to do for their multi-national companies, while their well-financed congressmen enact new tax reduction laws that have already reduced the high-end tax rates to historic lows. Case in point: during Clinton's era, (a president who became notorious for his sexual escapades but was a financial wizard when it came to creating American jobs and balancing the budget) the ultra rich paid a 39% tax rate and we had a balanced budget. In fact, we were within 7 years of paying off the ENTIRE national debt.
Then President Bush and Cheney took over the White House; they worked hand-in-hand with the newly elected Republican congressmen to slash the taxes the ultra rich pay to approximately 20%. Most Americans are unaware of it but for the ultra rich, tax rates remain at their lowest rates in EIGHTY YEARS!!!! http://www.businessinsider.com/history-of-tax-rates-2012-5?op=1 (Inserted note: Now Senator Bernie Sanders tells us major American corporations PAY NO TAXES and some of them actually receive rebates!!!!!)
The Bush and Cheney White House worked with right wing Republican congressmen to create massive tax loopholes and subsidies which use Federal Dollars to subsidize these same multi-national corporations as well as the rich people who own them. These loopholes and subsidies help multi-national companies owned by American investors to busily transfer millions of manufacturing jobs OUT of the United States, while the same products that were formerly made by Americans -- continue to be sold in the United States, but are now manufactured (for the most part) in Communist China. Fact in point, while Communist China has an astonishing ONE HUNDRED MILLION manufacturing jobs,* America is down to a paltry ELEVEN MILLION manufacturing jobs because during President Bush’s era, the United States lost almost five million of those precious manufacturing jobs to Communist China.
* http://www.manufacturingnews.com/news/09/1215/Chinamanufacturingjobs.html
As a life-long but moderate Republican, I say Bush was either incompetent (or crooked?) because he started a war in Iraq under the guise of stopping the use of Weapons of Mass Destruction; while the real goal was allowing American oil companies to control the lion’s share of Iraqi oil. American companies acquired temporary control of much of that oil, but we finally know the entire scenario about WMD was big lie. The other blunder President Bush did was create a world financial crisis. Right to the end of his presidency this economically ignorant politician continued advocating "deregulating Wall Street," even though his policies had already ruined our banking system and threatened to plunge the entire world into a depression, much like the 1929 Depression.
As a lay historian living in Asia, I believe war with Communist China will become a very real possibility in the next decade and if it does occur, where the hell do the lunatics running Washington think the United States military is going to obtain the parts and weapons we need to fight the Chinese? Since we have no manufacturing base left, to these toadies of the ultra rich plan to buy war supplies from the Communist Chinese?
The next congressional election is not too far away; I urge the American people to look deeper than the "idiotic hot buttons" the liberal left and the right ring crazies like to throw about. Instead of voting for or against gun control or lower taxes (primarily for the ultra rich) or social issues such as national medical insurance or immigration from Mexico or gay rights, ask yourself one question: Will this congressman or congresswoman do things that make American corporations as well as the ultra rich (who own those corporations) pay their fair share of taxes, while restoring American manufacturing jobs that make America stronger and eventually debt free; or will this candidate (with an enormous war chest of funds given him by the ultra rich) help continue the systematic looting of the United States of America?
As a lay historian I can tell you this: fifty years from now, gay marriage or national medical insurance or illegal immigration will NOT be important issues in the lives of your children and grand children --WHEN COMPARED to the inevitable financial collapse of the United States. Such a collapse will have horrifying consequences on the lives of our children and grandchildren: the United States could become a third world country and our children and grand children may have to emigrate somewhere else – much like the flood of illegal Latino immigrants entering the United States! I ask the readers of this letter to think about that dire possibility when you vote for congressmen in the next election.
Regards,
Dane Dahl
http://www.theamericanmirror.com/bernie-bust-150-turn-sanders-ohio-stop-hillary/
Progressives now know what a shit sandwich really tastes like….It's deplorable!