You probably already know the filing deadline for your federal tax return is April 18th this year. While you’re working on your taxes and thinking about how much you paid this year you might want to consider these facts.
- 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.
- 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.
- 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.
- Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
- 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.
- 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.
- 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 almost $800 billion from the Federal Reserve and U.S. Treasury Department.
- 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.
- 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.
- 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.
This is a list of the countries 10 worst corporate tax avoiders as compiled by Senator Bernie Sanders (I-VT) and released in a speech on the Senate floor last week. There is a great video of the Senator delivering this information you really should take time to watch (only 4.5 minutes) about what’s going on in the world of corporate taxes.
Our politicians want to cut as many social, educational, and public safety programs as possible while asking everyone but wealthy individuals and large corporations to sacrifice not only by paying their taxes but by giving up good education, help for the elderly and the sick, and any kind of social or regulatory safety net. I figure they’ll try to change the child labor laws and lower the minimum wage next right after they get rid of the EPA and Department of Education.
I read a report that states that China is likely to overtake the US in scientific output by 2013. It’s easy to see why that will happen. We’re cutting funding for education and the Chinese have made funding it a priority now for years.
We’ve elected and continue to re-elect these people – both Republicans and Democrats – who day in and out demonstrate their lack of accountability to the people. Too many of them live to serve special interests as they suck at the teats of the lobbyists that foul our capital with their lies and greed.
It is time for action. As long as people sit at home watching the crap on television that the same non-tax paying corporations put out then we continue to see our lifestyle and our lives deteriorate.
Watch the video and then go do something. Action – any action is better than doing nothing. Start here if you need some direction.