Top 10 US Corporate Tax Avoiders Named on Senate Floor

Despite complaints about the U.S.’s burdensome 35% corporate tax rate, two-thirds of American corporations pay no taxes in a given year. In a speech last week on the Senate floor, Senator Bernie Sanders  (I) of Vermont called out the top 10 corporate tax avoiders…

Among those actually getting money back from the Feds:

  • ExxonMobil made $19 billion in profits in 2009, paid no federal income taxes, received a $156 million rebate.
  • Bank of America received a $1.9 billion IRS refund despite $4.4 billion of profits,
  • General Electric had $26 billion in profits, and $4.1 billion refund (GE made it onto another top 10 list of top corporate lobbyists in 2010, spending $39 million.)
  • Chevron nabbed a $19 million refund after making $10 billion in profits.

Wall Street made the list as well; the Senator’s office notes,”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.”

Spreading the Burden, if not the Wealth
Given the nation’s $1.6 trillion deficit, Senator Sanders suggests that the burden of deficit reduction be shared more equally, rather than hurting working people, sick children, and others ill-equipped for optimal lobbying.

Senator Sanders has called for eliminating corporate tax loopholes and getting rid of tax breaks for oil and gas companies. He has introduced a bill that would raise an estimated $50 billion through an “emergency” 5.4 percent extra tax on people with adjusted gross incomes of over one million dollars. […]

Jesus tapdancing Christ.

this ish just enrages me. my income (stipend, thanx Americorps) is set at 110% of poverty level. And I will OWE money maybe 100 and some dollars at the end of the year. Doesn’t sound like much, but it’s about 20% of my paycheck.