Mar 29, 2011

Time to end the corporate welfare gravy train

With the Republicans in the U.S. Congress proposing cuts to successful and useful programs; like Planned Parenthood, Head Start, Pell Grants, NPR, nutrition grants for pregnant low-income women, the Environmental Protection Agency and many others, they continue to ignore that fact that corporations are not only reaping record profits, but many are not paying any income taxes and some are getting refunds.

U.S. Sen. Bernie Sanders, I-Vt., put out a list of the top 10 worst corporate income tax avoiders. As April 15 fast approaches and hardworking Americans fill out their income tax returns this tax season, General Electric and other giant profitable corporations are avoiding U.S. taxes altogether.

Sanders has called for closing corporate tax loopholes and eliminating tax breaks for oil and gas companies. He also introduced legislation to impose a 5.4 percent surtax on millionaires that would yield up to $50 billion a year. The senator has said that spending cuts must be paired with new revenue so the federal budget is not balanced solely on the backs of working families.

“We have a deficit problem. It has to be addressed, but it cannot be addressed on the backs of the sick, the elderly, the poor, young people, the most vulnerable in this country,” Sanders said in a press release. “The wealthiest people and the largest corporations in this country have got to contribute. We’ve got to talk about shared sacrifice.”

Here is the list:

1) 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.

2) 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.
3) 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.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) 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.

6) 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.

7) 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.

8) 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.

9) 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.

10) 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.


kevins said...

You've gone over the edge. You are now printing articles about people who don't exist. Bernie Sanders is a democratic socialist, but you've said over and over there is no such thing.

Communications guru said...

Senator Bernie Sanders is an Independent. Do you need me to provide you a link to his web site?

brad said...

Where is GE? That CEO is one of Obama's boys, they didnt pay anything either.

Tim Geitner also is a tax dodger.

If our 35% corporate tax rate wasnt so high, we might have more corps who are "head quartered" here in the US and A. So Bernie Democratic Socialist, you want to tax them all further? We will have even more corporate HQ leave the country to get around the laws.

Communications guru said...

I don’t know where GE is; I only listed the top 10. I’m sure they have not paid much, but too much to be in the top 10. I believe you are finally right about something, I don’t think they paid any income tax either, but the top nine not only did not pay any tax, we paid them. “Obama’s boys?” I thought Obama was a liberal?

Tim Geitner paid his back taxes; when are those corporations?
The marginal tax rate under socialists Eisenhower was 91 percent and Reagan 69 percent, and you are crying about 35 percent?

kevins said...

What a fraud you are. As is the case with weak people, you need to make up alternative universes.

Bernie Sanders is a self-described socialist and a self-described adherent to democratic socialism.

Consider this:

He is the first person elected to the U.S. Senate to identify himself as a socialist.

He is an impassioned socialist.

Referring to an Alabama congressman, Sanders said, "I bet I'm the only socialist he knows."

He's a self-described democratic socialist.

He believes in democratic socialism

He praises the social-democratic traditions of Sweden, Norway and Finland.

Of those last six statements, five came from his U.S. Senate web site and a sixth came from liberal Politico.

Now, notice, that I have not criticized Sanders or his socialist and democratic-socialist beliefs.

I just stated facts. Something you can't handle. You, in fact, must think there is something horribly wrong with his beliefs since you want to hide them and deny them.

Communications guru said...

“As is the case with weak people, you need to make up alternative universes?” What the hell are you talking about?

His web site and the press release says he is an independent. The “I” after his name means independent. The only person who I heard call Sen. Sanders a socialist is you, and you are a proven liar. You may be right, but I don’t care, nor does it matter. He describes himself as an independent, so I will too.

kevins said...

No, he describes himself as a socialist and as a democratic socialist. It's on his web site. If you can't read, that's not my fault.

He's an Independent because there is no Socialist Democratic Party that is registered in his state. Since he's not a republican or democrat, he is listed as an Indepedent and votes with the Democrats.

But he considers himself a socialist. Doesn't matter what you think. Facts are facts.

But you stray away, understandably, from the key question. Does it bother you that he's a socialist or a socialist democrat? Is that a bad thing, in your opinion? He sure doesn't think it's a bad thing. He's proud of it. You are the one who seems ashamed of it.

Communications guru said...

No, this is how he describes himself on his official web site in his bio” “He is the longest serving independent member of Congress in American history.”

Actually, there is no Socialist Democratic Party in the U.S. There is a Democratic Socialists Party of America, and it is a national party. You can call Sen. Sanders anything you like, but that does not change a single thing in the post.

brad said...

You see how Wisconsin is no longer withholding Union dues? That is awesome. The union can collect it themselves now.

Im all for tax reform or a flat tax on everyone at around 17%. Most people's taxes would go down and corporations would be consistent and easier for them to know their yearly tax bills and it would in essence get rid of most of the IRS.

Socialist Demorcat is a Democrat Socialist. Its the same as saying blond hair blue eyed as blue eyed blond haired person.

brad said...

GE would look to be #2 based on your graph if profits is the way to rank your companies, again wherever those come from.

Flat tax for all. The formula looks like the US govt would be in the black if it was changed to a flat tax system.

Communications guru said...

I know. It’s awesome, dam the law; Walker says I’m a dictator, and I can do whatever I want. The union was collecting it themselves. I'll bet a small brain like yours also thinks money for the United Way should not be taken out of their checks.

There is a reason we don’t have a flat tax despite its being around for so long. Someone making one million dollars a year will barely notice the, say $10,000 missing, someone making $50,000 will feel the loss but still have plenty of money remaining, and someone making $10,000 will watch as the government quite literally takes his whole paycheck.

But that will not have an effect on corporations paying income tax.
No, a Socialist Democratic is a false, Republican smear, and Democratic Socialists Party of America is a legitimate third party.

kevins said...

Can't you read? Bernie calls himself a socialist on his own site.

He is a socialist or a socialist Democrat.

But you deny this. Facts mean nothing to you.

And, coward that you are, you won't answer the basic question: Is there anything wrong with Sanders being a socialist or a socialist democrat?

Why do you want to avoid that fact? Is it that you don't like socialists? Or is it because you like it, but you want to hide the socialist flavor of Democratic policies?

Communications guru said...

Yes I can read puss boy, can you? I quoted you word for word what his official bio said.

kevins said...

Coward that you are, you won't answer a simple question: Do you agree that Bernie Sanders is a socialist?

I'll even give you a hint. On his own website (the one that gives you such a hard-on), Sanders describes himself the "Senate's only socialist." Those are his words, not mine. Do you deny it?

Communications guru said...

The guy launching false, personal attacks hiding behind an anonymous name is calling me a coward. Good one, PB. The answer is I don’t care.

However, on his own web site, he describes himself as “… the longest serving independent member of Congress in American history.” Nowhere on his official Senate web site did I find the words you claim. “The one that gives you such a hard-on?” What the hell are you talking about, PB?

kevins said...

Again, you show that you are a coward by refusing to answer a basic question: Do you think Bernie Sanders is a socialist?

It really doesn't matter what you think, however, because Bernie Sanders is a least that's what he says. And he says it on his official U.S. Senate web site. I don't know what you can't find it. Maybe you can't read; maybe you are an idiot; maybe you are a liar...or, maybe, it's all of the above.

It's not just on his web site, it is in his own words in an essay he wrote himself. He said;

"I bet I'm the only socialist he knows."

He uses his web site to "she some light" about "democratic socialism."

He refers to himself as the "Senate's only socialist."

His essay is intelligent and interesting. He talks about the advantages of a socialist country like Finland. He also fairly talks about its down side and why it may not be a fair comparison to USA.

Point is: He freely admits he is a socialist. Yet you won't...Do you know more about Sanders' views than he does.

I respect Sanders. But you are dangerous (and, fortunately, powerless). Sanders clearly states his position and describes himself as a socialist. You try to lie about it.

Tell me, coward, do you think Bernie Sanders is a socialist?

Communications guru said...

Unbelievable. I don’t care.

Show me where “ he says it on his official U.S. Senate web site.”
How can I be both “ dangerous” and “powerless?”

The only coward is the person hiding behind a fake name, PB.

Again, I don’t care. There is your answer.

brad said...

So Walker and his fellow Republicans say damn the law? It is damn by the way, not dam, that holds water back just to let you know.

You know where they learned that from right? BHO. Barack Hard On Obama. A FEDERAL JUDGE issued a ruling all parts of Obamacare to be unconstitutional YET the Obama Admin still has parts in place and they are not cease and desisting (SP?) as ordered to by the court. They are contempt in court, yet nothing is being done.

Communications guru said...

Yes, “Walker and his fellow Republicans say damn the law.” “Dane County Circuit Judge Maryann Sumi ordered at about 8:15 a.m. Thursday that the law "has not been published within the meaning" of Wisconsin statute and "is therefore not in effect."

Three federal judges ruled the health care reform is constitutional, asshole.

kevins said...

You really have a thing for certain body parts, don't you? Not that there is anything wrong with that.

3 judges ruled against it, but one found the entire law unconstitutional. Big difference there. Have an adult explain it to you.

Oh, and still another lie. You say you "don't care" that Bernie Sanders is a socialist. But you kept trying to deny it and then, when faced with facts, you fail to respond and say you "don't care."
It's on his web side. Search for it again. Use both hands this time.

You are a coward and a liar, which is why you won't answer a simple, basic question: Is Bernie Sanders a socialist?

Communications guru said...

You have a thing for hardons; “Hard On Obama?” Hey, it’s OK if you’re gay.

Sorry, PB, three federal judges have ruled that health care reform is constitutional; that’s three in favor and two against.

“I lied when I said I didn’t care if Sen. Sander’s was a socialist?” Really; you can read my mind? I don’t care, and it does not matter. If it’s so easy, then give me a link, and show me how wrong I am.
The only coward and liar is the guy who hides behind a fake name. Just to be clear, that’s you, and I don’t care if Bernie Sanders a socialist.

brad said...

Commie Guru has lost it. Lost the arguments lost his mind etc. The only thing he can now do is name call, which we all know officially and finally shows he lost all arguments.

Want money train? Read this: there are more govt workers in the country than there are manufacturing workers. We are becoming a nation of people relying on the govt. This is sad for the country. Paul Ryan's 2012 budget is going to be insane. FYI our deficit this year is larger than India's entire budget and they have 4 times as many people.

Commie Guru, youre a sad sad man because all you can now say is derogatory sexual things. I know youre pissed because its tough to argue against people that can and do prove you wrong, just class it up if you know how because you are getting downright dumb.

Communications guru said...

No one, and certainly not you or PB, have ever proem me wrong on anything on this blog. Hell, you can’t even stay on topic. I also only give what I get.

You calling someone else dumb is like the pope calling someone a Catholic.

Communications guru said...

To blame the economic meltdown on middle class public employees instead of on the greed of Wall Street where it belongs is just a disgusting lie.

Plus, they pay far more taxes than Bank of America that were bailed out by the taxes paid by those public employees when people like Bank of America created the mess.

brad said...

Actually your vulgarities are classless and shows you dont or cant argue with people.

Want to stay on topic? Fine, here you go GM is costing the taxpayers more than was let on. Obama lied to us again, surprise surprise.

Not to mention the taxpayers again paid Fannie and Freddie execs millions more in bonuses. Enjoy, thanks Democrats.

Lets go for one more: Foreign banks were given the most in the bailouts. All of this thanks to Democrats. This is why we are the poorest country in the world. $14 Trillion in debt, another 2 trillion this year, maybe next year. Thanks Dems.

Communications guru said...

Like I said, I give what I get.

GM is turning a profit and ahead of schedule in paying back the loan and coming out of bankruptcy. A dead GM will kill the recovery.

The bank portion of the TARP program is turning a profit. Not only that, but it was signed into law by Bush. I agree, CEOs make far too much money, and I have written about that many times. The gap between the rich and the rest of us is getting larger and larger, yet we are going after teachers, snow plow drivers and cops. Still, companies like Exxon Mobil made $19 billion in profits in 2009, and they not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, which is what this blog post was about. But I don’t see how that is just the fault of Democrats.