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.