Top 10 Corporate Tax Avoiders (week old news)
In order:
1) EXXON Mobil: 2009 $19 billion in profits, paid no taxes and got a $156 million IRS rebate according to SEC
2) BANK of AMERICA: 2010 $4.4 billion in profits, nearly $1 trillion bailout, and $1.9 billion tax refund
3) GE: $26 billion in US profits past 5 years, $4.1 billion tax refund (friends work there)
4) CHEVRON: 2009 $10 billion profits, $19 million tax refund
5) BOEING: $30 billion Pentagon contract, $124 million tax refund in 2010 (plant in my hometown)
6) VALERO Energy: 2010 $68 billion in sales, $157 million tax refund, and $134 million tax break from the oil and gas manufacturing tax deduction (25th largest co in US)
7) GOLDMAN SACHS: 2008 profit $2.3 billion, $800 billion bailout, paid 1.1% of its income in taxes
8) CITIGROUP: 2010 over $4 billion in profits, $2.5 trillion bailout, paid no federal income taxes (worst credit cards I ever had, except maybe for AmEx)
9) CONOCOPHILIPS: 2007-09 made $16 billion in profits, received $451 million in tax breaks (oil & gas deduct) (#5 oil co in US)
10) CARNIVAL Cruise Lines: 2005-10 made $11 billion in profits, fed income tax rate 1.1%
Sanders suggests:
--closing corporate tax loopholes
--eliminating tax breaks for oil and gas companies
--introduced legislation to impose a 5.4% surtax on millionaires-->$50 billion a year
--spending cuts must be paired with new revenue
SOURCE
compiled by Senator Bernie Sanders
http://carloz.newsvine.com/_news/2011/03/27/6355442-tax-time-not-for-giant-corporations-the-top-ten-tax-avoiders-who-refuse-to-pay-up-and-share-the-sacrifice
Hat tip: BuzzFlash.com
1) EXXON Mobil: 2009 $19 billion in profits, paid no taxes and got a $156 million IRS rebate according to SEC
2) BANK of AMERICA: 2010 $4.4 billion in profits, nearly $1 trillion bailout, and $1.9 billion tax refund
3) GE: $26 billion in US profits past 5 years, $4.1 billion tax refund (friends work there)
4) CHEVRON: 2009 $10 billion profits, $19 million tax refund
5) BOEING: $30 billion Pentagon contract, $124 million tax refund in 2010 (plant in my hometown)
6) VALERO Energy: 2010 $68 billion in sales, $157 million tax refund, and $134 million tax break from the oil and gas manufacturing tax deduction (25th largest co in US)
7) GOLDMAN SACHS: 2008 profit $2.3 billion, $800 billion bailout, paid 1.1% of its income in taxes
8) CITIGROUP: 2010 over $4 billion in profits, $2.5 trillion bailout, paid no federal income taxes (worst credit cards I ever had, except maybe for AmEx)
9) CONOCOPHILIPS: 2007-09 made $16 billion in profits, received $451 million in tax breaks (oil & gas deduct) (#5 oil co in US)
10) CARNIVAL Cruise Lines: 2005-10 made $11 billion in profits, fed income tax rate 1.1%
Sanders suggests:
--closing corporate tax loopholes
--eliminating tax breaks for oil and gas companies
--introduced legislation to impose a 5.4% surtax on millionaires-->$50 billion a year
--spending cuts must be paired with new revenue
SOURCE
compiled by Senator Bernie Sanders
http://carloz.newsvine.com/_news/2011/03/27/6355442-tax-time-not-for-giant-corporations-the-top-ten-tax-avoiders-who-refuse-to-pay-up-and-share-the-sacrifice
Hat tip: BuzzFlash.com