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KILLER_CLOWN
07-31-2011, 11:29 AM
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

http://dailybail.com/home/bernie-sanders-the-top-ten-us-corporate-tax-avoiders.html

Backwards Masking
07-31-2011, 11:37 AM
But, but, but if these giants didn't receive the bailout money we couldn't spend 40 hours a week slaving away for the 30k we need to live. What's the govenment supposed to do with our tax dollars, let us keep them? /rich people that don't need to work to support themselves.

banyon
07-31-2011, 11:40 AM
We don't need any revenues, just ask the Tea Party.

"Prosperity is just around the Corner".

mlyonsd
07-31-2011, 12:16 PM
We don't need any revenues, just ask the Tea Party.

"Prosperity is just around the Corner".And singling out certain industries to pay more taxes for political points is the answer. Just ask you know who.

banyon
07-31-2011, 01:28 PM
And singling out certain industries to pay more taxes for political points is the answer. Just ask you know who.

To pay more than ZERO?

seriously?

mlyonsd
07-31-2011, 02:42 PM
To pay more than ZERO?

seriously?Why should some industries pay taxes and not others?

banyon
07-31-2011, 02:51 PM
Why should some industries pay taxes and not others?

? I'm not arguing to the contrary.

If they are profitable then, yes, I'm comfortable saying they should all at least pay something as opposed to nothing.

RaiderH8r
07-31-2011, 02:53 PM
I noticed Obama's buddies at GE aren't on that list. Perhaps because they're buddies, perhaps because GE just sent a few thousand jobs to China. Just an odd oversight.

Exxon pays plenty in taxes. This "subsidy" line is a farce. Oil and Gas pay roughly $100 Million/day in taxes in the US. Combining taxes, royalty payments, bonus bids, and lease payments the oil and gas industry accounts for the second most revenues to the US treasury behind only the personal income tax. So anybody buying this line that industry doesn't pay taxes is buying a load of steaming, stinking dogshit.

RaiderH8r
07-31-2011, 02:54 PM
And singling out certain industries to pay more taxes for political points is the answer. Just ask you know who.

Indeed, renewable energy accounts for about 12% of American energy supply yet receives roughly 77% of energy subsidies. If anybody should be ponying up it should be big wind.

banyon
07-31-2011, 03:01 PM
I noticed Obama's buddies at GE aren't on that list. Perhaps because they're buddies, perhaps because GE just sent a few thousand jobs to China. Just an odd oversight.

Exxon pays plenty in taxes. This "subsidy" line is a farce. Oil and Gas pay roughly $100 Million/day in taxes in the US. Combining taxes, royalty payments, bonus bids, and lease payments the oil and gas industry accounts for the second most revenues to the US treasury behind only the personal income tax. So anybody buying this line that industry doesn't pay taxes is buying a load of steaming, stinking dogshit.

Actually GE is #3 on the list.

mlyonsd
07-31-2011, 03:03 PM
? I'm not arguing to the contrary.

If they are profitable then, yes, I'm comfortable saying they should all at least pay something as opposed to nothing.I'm not either. I was just pointing out that the dems were picking and choosing who should have their tax rules changed and that they were politically motivated.

mlyonsd
07-31-2011, 03:04 PM
Indeed, renewable energy accounts for about 12% of American energy supply yet receives roughly 77% of energy subsidies. If anybody should be ponying up it should be big wind.Absolutely.

banyon
07-31-2011, 03:06 PM
I'm not either. I was just pointing out that the dems were picking and choosing who should have their tax rules changed and that they were politically motivated.

Well each time you close a loophole, you are going to be "picking and choosing".

It's time to decide which of these subsidies and loopholes are wasteful.

teedubya
07-31-2011, 03:09 PM
Further proof that we live in a Corporatocracy and not a republic any longer.

"Fascism should more properly be called corporatism because it is the merger of state and corporate power." - Benito Mussolini.

mlyonsd
07-31-2011, 03:25 PM
Well each time you close a loophole, you are going to be "picking and choosing".
.Yeah, you probably don't want to piss off Immelt going into an election year.

FD
07-31-2011, 03:38 PM
Further proof that we live in a Corporatocracy and not a republic any longer.

"Fascism should more properly be called corporatism because it is the merger of state and corporate power." - Benito Mussolini.

"Teedubya is a Fascist in the truest sense of the word, and I should know." - Benito Mussolini

See, I can post fake quotes too.

BigChiefFan
07-31-2011, 04:03 PM
I noticed Obama's buddies at GE aren't on that list. Perhaps because they're buddies, perhaps because GE just sent a few thousand jobs to China. Just an odd oversight.

Exxon pays plenty in taxes. This "subsidy" line is a farce. Oil and Gas pay roughly $100 Million/day in taxes in the US. Combining taxes, royalty payments, bonus bids, and lease payments the oil and gas industry accounts for the second most revenues to the US treasury behind only the personal income tax. So anybody buying this line that industry doesn't pay taxes is buying a load of steaming, stinking dogshit.GE is listed as number 3 from the article.

rrl308
08-01-2011, 01:20 AM
You will find the money here: http://en.wikipedia.org/wiki/Ugland_House

RaiderH8r
08-01-2011, 09:12 AM
GE is listed as number 3 from the article.

Indeed. Dammit. I own that flub.

However, I stand by the rest and frankly, GE's tax situation relates to carrying forward their earlier losses which I don't oppose. What bothers me is that Obama will hug Immelt and say to Americans that people who work for GE are more valuable employees, more valuable taxpayers and more valuable citizens than people who work in the oil field.