Jun23rd, 2011
This is a pretty amazing examination of how American corporations are manipulating the tax code.
Showing posts with label Corporat taxes. Show all posts
Showing posts with label Corporat taxes. Show all posts
Thursday, June 23, 2011
Thursday, April 7, 2011
MSNBC - Banksters & Government Exposed FINALLY by Mainstream News!
April 7th, 2011
We've held off on posting some interesting and important recent videos for a reason. We were waiting for the release of Rep. Paul Ryan's Path To Poverty. Viewing much of this now helps to put his "pamphlet" into better perspective. Rep. Ryan would have us double down on the same fiscal philosophies and monetary policies which have nearly ruined this great nation.
We've held off on posting some interesting and important recent videos for a reason. We were waiting for the release of Rep. Paul Ryan's Path To Poverty. Viewing much of this now helps to put his "pamphlet" into better perspective. Rep. Ryan would have us double down on the same fiscal philosophies and monetary policies which have nearly ruined this great nation.
Monday, March 28, 2011
Sen. Sanders' Ugly List
March 28th, 2011
Although recent discussions of the fact that 2 out of 3 corporations in the U.S. pay NO taxes at all on the federal level have focused primarily on GE, they only rate 3rd on a list compiled by Sen Bernie Sanders (I-VT) 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."
"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."
Tuesday, March 1, 2011
The Long Term Tax Picture
March 1st, 2011
Chuck Marr and Brian Highsmith break down the root causes for U.S. revenue crisis over at CBPP and offer an number of common sense solutions... none of which we should expect the government in general or Republicans in particular to acknowledge. The money quote:
"Although the top statutory corporate tax rate is high, the average tax rate — that is, the share of profits that companies actually pay in taxes — is substantially lower because of the tax code’s many preferences (deductions, credits and other write-offs that corporations can take to reduce their taxes). Moreover, when measured as a share of the economy, U.S. corporate tax receipts are actually low compared to other developed countries."
Chuck Marr and Brian Highsmith break down the root causes for U.S. revenue crisis over at CBPP and offer an number of common sense solutions... none of which we should expect the government in general or Republicans in particular to acknowledge. The money quote:
"Although the top statutory corporate tax rate is high, the average tax rate — that is, the share of profits that companies actually pay in taxes — is substantially lower because of the tax code’s many preferences (deductions, credits and other write-offs that corporations can take to reduce their taxes). Moreover, when measured as a share of the economy, U.S. corporate tax receipts are actually low compared to other developed countries."
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