$14 BILLION in profits and not a SINGLE penny paid in taxes?
Remember, this is PROFIT. This means after GE got done taking care of all of their overhead – you know… salaries, leases for buildings…the price of doing business – they still PROFITTED $14 Billion and have lobbied successfully enough in Congress for loopholes, in addition to using off-shore tax shelters and a convoluted 57,000 page tax return to pay no taxes.
How is this fair? I make $15,000 a year which is NOT considered profit and have to pay my fair share.
Here are nine more corporations that skirted their duty as “American citizens” ( remember: Corporations are “people” too).
1. Bank of America took $336 billion in bailouts in 2009, but in 2010, flush with $4.4 billion in profits, it paid no taxes. Even Forbesmagazine asked, how is that possible? Probably thanks to their 115 offshore tax havens.
2. Boeing just received $35 billion from our government to build 179 airborne tankers, but despite nearly $10 billion in profits from 2008 to 2010, it too paid no taxes, again thanks to foreign tax havens.
3. Citicorp took $476 billion from the bailout and then made monster profits in 2010, yet it paid no taxes, thanks to 427 subsidiaries in tax havens like the Cayman Islands and Hong Kong.
4. Exxon/Mobil, received huge oil subsidies from the government and earned $45 billion in 2009 but paid no taxes, again thanks to stashing profits in places like the Bahamas and Singapore.
5. GE – see last week’s column for the stats and facts on this corporation’s tax dodge.
6. Google utilizes a technique that moves most of its income through Ireland and Netherlands to Bermuda, making its tax rate 2.3 percent.
7. Mega Pharmaceuticals Merck earned $9 billion in profits and paid no taxes in 2010, while Pfizer (largest drug maker) owed $10 billion in taxes but found the necessary loopholes to pay no taxes, thanks to its offshore subsidiaries in places like Luxembourg and the Isle of Jersey.
8. News Corporation, Rupert Murdoch’s media monolith that owns Fox News avoids paying American taxes through its 152 subsidiaries in tax havens from the British Virgin Islands to Hong Kong.
9. Verizon, despite making $24.2 billion in pre-tax US income, paid no taxes and actually claimed a federal refund of $1.3 billion for the last two years, again all thanks to those offshore subsidiaries.
10. Wells Fargo, the fourth largest bank in the US, which took $107 billion in bailouts, wrote off all its losses by acquiring Wachovia, thus paying no taxes. Yet its CEO earned $5.6 million in cash for his salary and $13 million in stock.
Lets not even begin to get into the audacity of BoA (Bank of America) taking hundred’s of BILLIONS of tax payer bailouts only to bail on their duty as an American “citizen”.
From this point forward, I believe this is how this issue should be considered. If these corporations want to be treated as and considered under law to be people, than they should have the same civic duties as a typical American citizen.