>I was recently reading an article on The Nation and came across a link to an article titled “Tax Time? Not for Giant Corporations.” It spiked my interest so decided to check it out. What I found was an article unfortunately not that shocking. Corporations are not paying taxes and have not for a long time. On top of that, our government is giving them refunds.
This is happening at a time when the GOP are tearing unions apart, the last bastion of power that the blue collar worker has, and are in the midst of cutting funding for our public schools, healthcare for the elderly and poor, Pell Grants, and so on (all of which of course benefit and/or help middle/lower classes). To add insult to injury, the blue collar Republicans (those people who get their news from FOX and other conservative-biased media) are allowing them to do this by voting these people in office to their own detriment.
Here is the list compiled by Vermont Senator Bernie Sanders “of the 10 worst corporate income tax avoiders.” You can find the full article here http://1.usa.gov/hpp8dt.
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.
Another great article that I think is mandatory reading is by Allison Kilkenny of The Nation. She reports on the movement to try and stop tax evaders http://bit.ly/hFpeVS.