Sunday, March 27, 2011

Here's Cheery News

As you begin to count down till tax day in a couple of weeks, I thought I'd cheer you up with this little piece from Common Dreams. I don't know if you're paying or not. But if you are, you'll be delighted to learn that:
- General Electric made $10.3 billion in 2009, but received a $1.1 billion tax rebate.
- Forbes said about Bank of America in 2010: "How did they not pay any taxes on $4.4 billion in income?"
- Oil giant Exxon made a $45 billion profit in 2009, but paid no taxes in the United States.
- Citigroup had 4 quarters of billion-dollar profits in 2010, but paid no taxes.
- Wells Fargo made $12 billion but purchased Wachovia Bank to claim a $19 billion tax credit.
- Hewlett Packard's U.S. income tax rate was 4.3% in 2008 and 2.3% in 2009.
- Verizon's 10.5% tax rate, according to Forbes, is due to its partnership with Vodafone, the primary target in UK Uncut's protests against tax evaders.
- Chevron's tax rate was 1% in 2008.
- Boeing, which just won a $30 billion contract to build 179 airborne tankers, got $124 million back from the taxpayers in 2010.
- Over the past 5 years Amazon made $3.5 billion and paid taxes at the rate of 4.3%.
- Carnival Cruise Lines paid 1% in taxes on its $11.5 billion profit over the past 5 years.
- Koch Industries is not publicly traded, so their antics are kept private. But they benefit from taxpayer subsidies in ranching and logging.
- In 2008 CorporateWatch said Rupert Murdoch's Newscorp paid "astoundingly low taxes" because of tax havens.
- Google "cut its taxes by $3.1 billion in the last three years by shifting its money around foreign countries.
- Merck, the second-largest drugmaker in the U.S., last year brought more than $9 billion from abroad without paying any U.S. tax.
- Pfizer, the largest drugmaker in the U.S., erased $10 billion in taxes with an "accounting treatment."
"60 Minutes" tonight had a piece about this subject of corporate malfeasance on taxes. I tell you we are an insane people to allow stuff like this. But you already knew that.
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