August 23, 2011--Class Warfare: Corporate Welfare
While most Americans are struggling to stay above water and are required to pay their fair share of taxes, many of our largest corporations manage to make enormous profits while paying little or nothing in federal income taxes. In fact, in the case of Exxon and others, because of loopholes and tax subsidies, they literally pay less than nothing.
Here is Exxon at the top of a list of ten corporate examples that should infuriate us:
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, according to its SEC filings, it actually received a $156 million rebate from the IRS.
2) Bank of America received a $1.9 billion tax rebate 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 rebate from the IRS.
4) Chevron received a $19 million rebate 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 refate last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax rebate 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 $320 billion 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 the same os Goldman's-- just 1.1 percent.
As a point of comparison, what percentage of your income did you pay in taxes last year?
Here is Exxon at the top of a list of ten corporate examples that should infuriate us:
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, according to its SEC filings, it actually received a $156 million rebate from the IRS.
2) Bank of America received a $1.9 billion tax rebate 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 rebate from the IRS.
4) Chevron received a $19 million rebate 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 refate last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax rebate 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 $320 billion 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 the same os Goldman's-- just 1.1 percent.
As a point of comparison, what percentage of your income did you pay in taxes last year?
posted by Steven Zwerling at
4:58 AM
1 Comments:
Can you post sources for this I want to use this info and have attempted to share i t only to be challenged to verify it. Thanks
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