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Top 10 US Corporate Tax Avoiders Named on Senate Floor

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.

Sharing the pain…not happening

Senator Sanders says that serious times call for shared sacrifice. Those are beautiful words, but sharing sacrifice seems like a fairy tale in a country where the top five percent own nearly two-thirds  of our nation’s wealth.

Despite the Supreme Court ‘s finding that corporations are basically people in the eyes of the law, corporations themselves cannot be moral or immoral — they are entities, not sentient beings. We have a system that rewards the gamers, where winners take all, and influence peddling is rife; where the defense for a highly profitable company not paying taxes is that it is within the law. As American families face the looming April 15 tax deadline, it is tough to hear corporations claim that mere compliance is enough in a system where laws and loopholes can be bought and sold.

 

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Photo: Senator Bernie Sanders via YouTube

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397 comments

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5:14PM PDT on Jun 18, 2013

For about 1-5 minutes -- please let's go into the world of pretend and think -- what if there were no corporations? What would the world be like? What would the earth look like? How would this affect animals, the vegetation, mankind ? What would happen to small bussiness? What would happen to small farms?

2:07AM PST on Jan 14, 2013

NOTED

4:30PM PST on Jan 13, 2013

Financial transaction tax.

9:49AM PST on Jan 13, 2013

3% no? And which corporation are you getting dividends from?

8:41AM PST on Jan 13, 2013

Speechless!

6:15AM PST on Jan 13, 2013

Senator Bernie Sanders...the ONLY real, honest legislator.
It is time to elect Sen. Sanders to the PRESIDENCY or appointment to the SUPREME COURT.
WAKE UP YOU STUPID, LAZY U.S. CITIZENS!!! OR give the vote ONLY to "illegal aliens" who give a damn about this country.

10:36PM PDT on Apr 29, 2012

A government that owns the bank does not have to rely on taxing the people so the private bank owners such as Rothschild pay no tax and then are given the privilege to milk the pockets of the citizens as well. its time people woke up and withdrew their energy from these criminals.

1:50PM PDT on Apr 4, 2012

Time for everyone to pay their fair share.

1:36AM PST on Feb 26, 2012

Thank you for the information.

12:32PM PST on Jan 12, 2012

Enact a financial transaction tax.

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