April 7th, 2011
Last month, we published the Sen. Sanders (I-VT) list of the "10 worst tax avoiders." Here is video of the Senator making his case about this on the floor.
Showing posts with label tax avoidance. Show all posts
Showing posts with label tax avoidance. Show all posts
Thursday, April 7, 2011
Monday, April 4, 2011
Paul Ryan's Recipe For Misery, cont...
April 4th, 2011
Well, the reactions are flying now that Rep Paul Ryan's anti-middle class hand is tipped.
From Paul Krugman:
"For all those older Americans who voted GOP last year because those nasty Democrats were going to cut Medicare, I have just one word: suckers!"
From Ezra Klein:
"In Medicaid’s case, the reform is block-granting. Right now, the federal government shares Medicaid costs with the states. That means their payments increase or decrease with Medicaid’s actual rate of spending. Under a block grant system, that’d stop. They’d simply give states a lump sum at the beginning of the year and that’d have to suffice. And if a recession hits and more people need Medicaid or a nasty flu descends and lots of disabled beneficiaries end up in the hospital with pneumonia? Too bad."
From Ryan Witt:
"Under Ryan’s plan, beginning in 2021, people over 65 would no longer be automatically covered under a government plan. Instead, each senior would be given a voucher with which to purchase their own private health insurance plan.
The problem for seniors is that insurance companies tend to charge older adults more for coverage. The risks for heart disease, strokes, cancer and many other diseases increases dramatically with age. Private insurance companies, unlike the government, must make a profit to continue in operation. Insurance companies only make a profit if they can charge more in premiums than they pay out in claims. Most older adults would not be covered by a group policy since they would no longer be employed. As a result, under the Republican plan, health insurance companies could demand much higher premiums from older adults."
From Jon Perr:
"When Ryan unveiled his Roadmap back in February, as Ezra Klein, Matthew Yglesias and TPM all noted, privatization of Medicare was the centerpiece. But because the value of Ryan's vouchers fails to keep up with the out-of-control rise in premiums in the private health insurance market, America's elderly would be forced to pay more out of pocket or accept less coverage."
Uwe Reinhardt made some predictions about this in February:
"Under the defined contribution approach envisaged by the Rivlin-Ryan plan, most of the risk of future health-care cost increases would be shifted onto the shoulders of Medicare beneficiaries. This feature makes the proposal radical."
Well, the reactions are flying now that Rep Paul Ryan's anti-middle class hand is tipped.
From Paul Krugman:
"For all those older Americans who voted GOP last year because those nasty Democrats were going to cut Medicare, I have just one word: suckers!"
From Ezra Klein:
"In Medicaid’s case, the reform is block-granting. Right now, the federal government shares Medicaid costs with the states. That means their payments increase or decrease with Medicaid’s actual rate of spending. Under a block grant system, that’d stop. They’d simply give states a lump sum at the beginning of the year and that’d have to suffice. And if a recession hits and more people need Medicaid or a nasty flu descends and lots of disabled beneficiaries end up in the hospital with pneumonia? Too bad."
From Ryan Witt:
"Under Ryan’s plan, beginning in 2021, people over 65 would no longer be automatically covered under a government plan. Instead, each senior would be given a voucher with which to purchase their own private health insurance plan.
The problem for seniors is that insurance companies tend to charge older adults more for coverage. The risks for heart disease, strokes, cancer and many other diseases increases dramatically with age. Private insurance companies, unlike the government, must make a profit to continue in operation. Insurance companies only make a profit if they can charge more in premiums than they pay out in claims. Most older adults would not be covered by a group policy since they would no longer be employed. As a result, under the Republican plan, health insurance companies could demand much higher premiums from older adults."
From Jon Perr:
"When Ryan unveiled his Roadmap back in February, as Ezra Klein, Matthew Yglesias and TPM all noted, privatization of Medicare was the centerpiece. But because the value of Ryan's vouchers fails to keep up with the out-of-control rise in premiums in the private health insurance market, America's elderly would be forced to pay more out of pocket or accept less coverage."
Uwe Reinhardt made some predictions about this in February:
"Under the defined contribution approach envisaged by the Rivlin-Ryan plan, most of the risk of future health-care cost increases would be shifted onto the shoulders of Medicare beneficiaries. This feature makes the proposal radical."
Tomorrow should be interesting. We'll all be reading the plan itself. Let me just say this in advance; if one of the cornerstones in Ryan's scheme is a permanent extension of the "W Tax Cuts," the whole thing is bullshit.
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."
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