Top 10 Tax Avoiders
#1
Posted 04 April 2011 - 07:24 PM
1) ExxonMobil 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. [Note: Our post last April reported that ExxonMobil was owed $46 million by the IRS.]
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.
http://motherjones.c...10-tax-avoiders
#2
Posted 04 April 2011 - 07:24 PM
#6
Posted 04 April 2011 - 07:49 PM
And people continue to believe that the DNC is the party of the working man. Who was in charge and have a decisive majority when most of that took place?
Who wrote the laws that allowed it to happen? And believe me, I think that both parties are about the same... Obama is little more than a rubber stamp for Bush's policies. Whoda thunk it?
#8
Posted 04 April 2011 - 08:43 PM
Bernie Sanders (D-Vt) top 10 corporate tax avoiders.
1) ExxonMobil 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. [Note: Our post last April reported that ExxonMobil was owed $46 million by the IRS.]
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.
http://motherjones.c...10-tax-avoiders
amazing! this shit just shouldn't be
#9
Posted 04 April 2011 - 08:53 PM
#10
Posted 04 April 2011 - 09:19 PM
What laws? The bailouts? The tax code?
I was referring to the tax code. TBH, I am not really up on it, but I would assume that a lot of the code revisions were rewritten in the 80s and 90s???
#12
Posted 04 April 2011 - 09:35 PM
Bernie Sanders (D-Vt) top 10 corporate tax avoiders.
1) ExxonMobil 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. [Note: Our post last April reported that ExxonMobil was owed $46 million by the IRS.]
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.
http://motherjones.c...10-tax-avoiders
I'm tired of these welfare Mommas taking all my tax money!
#13
Posted 04 April 2011 - 10:47 PM
@adamsmith if you had an invisible hand would you nudge the markets in the right direction or steal everything you could?
Aren't the existing tax codes and regulations that allow businesses to avoid paying taxes and receive bailouts when they fail against the very notion of the free market?
#14
Posted 05 April 2011 - 12:23 AM
@adamsmith if you had an invisible hand would you nudge the markets in the right direction or steal everything you could?
Aren't the existing tax codes and regulations that allow businesses to avoid paying taxes and receive bailouts when they fail against the very notion of the free market?
They certainly are. This is one of the issues I tend to mull over a lot. Does this sort of interference mean we're prohibited from a free market; or, is the nature of capitalism such that it seeks out any advantage, including the power of the state, to enhance the bottom line?
I'm sure it's some of both, though I feel no surprise at the fact that those who've competed to the reward of great wealth would then use that wealth to insulate their power. In one sense, we lack a free market. In another, our market is TOO free, in that it lets the market have so much power over the state apparatus and levers of political power. Much like we advocate a wall of separation between church and state, one has to consider whether a free market requires a similar wall between economy and state. It goes much further than saying "government regulations are hurting business". That's one side of the story. The other side is that business power and influence over government is so pervasive that the market itself is behind its own un-free nature.
And people continue to believe that the DNC is the party of the working man.
They certainly are not. As far as corporate money, lobbying, and influence goes, they're in full bore. We have two capitalistic parties. One sides with workers; the other with management. But both are generally for the system as it exists.
#15
Posted 05 April 2011 - 08:20 AM
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