March Madness for Corporate Tax Dodgers - Top seeds in the Tax Haven Tourney: banks and power companies
The small companies and public didn't have a chance in the early rounds. Now it's down to a few formidable corporate teams, the Cheat 16:
- General Electric made $10.3 billion in 2009, but received a $1.1 billion tax rebate.
- Forbes said about Bank of America in 2010: "How did they not pay any taxes on $4.4 billion in income?"
- Oil giant Exxon made a $45 billion profit in 2009, but paid no taxes in the United States.
- Citigroup had 4 quarters of billion-dollar profits in 2010, but paid no taxes.
- Wells Fargo made $12 billion but purchased Wachovia Bank to claim a $19 billion tax credit.
- Hewlett Packard's U.S. income tax rate was 4.3% in 2008 and 2.3% in 2009.
- Verizon's 10.5% tax rate, according to Forbes, is due to its partnership with Vodafone, the primary target in UK Uncut's protests against tax evaders.
- Chevron's tax rate was 1% in 2008.
- Boeing, which just won a $30 billion contract to build 179 airborne tankers, got $124 million back from the taxpayers in 2010.
- Over the past 5 years Amazon made $3.5 billion and paid taxes at the rate of 4.3%.
- Carnival Cruise Lines paid 1% in taxes on its $11.5 billion profit over the past 5 years.
- Koch Industries is not publicly traded, so their antics are kept private. But they benefit from taxpayer subsidies in ranching and logging.
- In 2008 CorporateWatch said Rupert Murdoch's Newscorp paid "astoundingly low taxes" because of tax havens.
- Google "cut its taxes by $3.1 billion in the last three years by shifting its money around foreign countries.
- Merck, the second-largest drugmaker in the U.S., last year brought more than $9 billion from abroad without paying any U.S. tax.
- Pfizer, the largest drugmaker in the U.S., erased $10 billion in taxes with an "accounting treatment."
All the above has been documented by US Uncut Chicago members on PayUpNow.org .
Who's projected for the Final Frauding Four?
Best Defense: Google uses a game plan called a "Double Irish Defense," which moves most of its foreign profits through Ireland and the Netherlands to Bermuda.
Best Offense: GE's 2010 SEC 10-K tax filing boldly states: "At December 31, 2010, $94 billion of earnings have been indefinitely reinvested outside the United States...we do not intend to repatriate these earnings.."
Most Steals: Citigroup: 427 tax haven subsidiaries
Best Trash talk: A General Electric spokeswoman: “G.E. pays many other taxes including payroll taxes on the wages of our employees, property taxes, sales and use and value added taxes."
Most game-ending bailouts: Bank of America received $45 Billion in tax payer bailout funds in 2008 and 2009. In 2009 the company earned a pretax income of $4.4 billion, but claimed a $1.9 Billion tax benefit from the government.
The Right, the miscreants, serial liars, perverts, religious refugees from the days of witch burning, the robbers in four thousand dollar pin-striped suits - otherwise known as Republicans like to make bizarre claims about America becoming socialist. There is some truth to that. We've created a wealthy corporate collective to which we must all bow down and give up services like prison guards, teachers, park rangers and emergency medical technicians so that the richest corporations in the world can continue to live at the top of the income pyramid. Goodness forbid the richest corporations in the world have to go a year without buying the newest Porsche or have to shine their own shoes.
Rising Wealth Inequality: Should We Care?