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Melissa G Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 05:37 PM
Original message
GE is not alone.
I was having breakfast this morning with some friends talking about big corporations that pay no taxes. Here is some research I dug up.




GE is not alone. Between 1998 and 2005, 2/3rds of the corps paid no federal taxes.

http://dealbook.nytimes.com/2008/08/13/study-tallies-co... /

B of A also paid no taxes and gave 3.3 billion in bonuses to the execs that ran Bof A into the ground so much that it required them to file for TARP money several times.
http://www.dollarsandsense.org/archives/2011/0511miller...

from the above link...

"Current U.S. corporate tax rates are also extremely low by historical standards. In 1953, government revenue from the U.S. corporate income taxes were the equal of 5.6% of GDP; the figure was 4.0% of GDP in 1969, 2.2% of GDP from 2000 to 2005, and is currently running at about 2.0% of GDP. By all these measures U.S. corporations are hardly over-taxed. And some major corporations are barely taxed, if taxed at all.

Closing corporate loopholes so that corporate income tax revenues in the United States match the 3.4% of GDP collected on average by OECD corporate income taxes would add close to $200 billion to federal government revenuesmore than five times the $39 billion of devastating spending cuts just made in the federal budget in 2011. Returning the corporate income tax revenues to the 4.0% of GDP level of four decades ago would add close to $300 billion a year to government revenues. "


(Personally, I would just allow the Bush Tax cuts to expire and solve the balance by cutting the war machine, but that's just my Quaker self.)

Here is the list of 12 Artful Dodger Big Companies that paid no Taxes
http://publicampaign.org/sites/default/files/4-13-11art...

Exxon Mobil, Chevron, ConocoPhillips, Valero, Bank of America, Citigroup, Goldman Sachs, Boeing, Fedex, Carnival, Verizon and GE
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 05:44 PM
Response to Original message
1. Tax the rich, end corporate welfare, renegotiate our trade agreements,
Cut DoD, end the wars, - then let's talk.
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panader0 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 06:32 PM
Response to Reply #1
2. +1
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Melissa G Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 06:37 PM
Response to Reply #1
5. Well, if you want to tax the rich, you are going to have to close loopholes.
Edited on Sun Apr-24-11 06:39 PM by Melissa G
It's particularly tricky with multinational companies who shift the profit to other countries.

From the Artful Dodger link...
http://publicampaign.org/sites/default/files/4-13-11art...

"Unfortunately, the truth is that not only did Congress permit corporations to get away
without paying they caused it to happen by passing a series of loopholes and gimmicks
for multinational corporations that allow them to shelter profits in overseas business
entities. According to the non-partisan Government Accountability Office (GAO),
eighty-three of the 100 largest publicly traded U.S. corporations utilize such tax havens to
reduce their U.S. tax liability. Ironically, these accounting tricks arent available for
companies that only do business in the United States, so Congress in effect is providing
tax incentives to ship jobs overseas and dismantle the middle class.

These tax loopholes didnt happen by accident. They developed as a result of a consistent
campaign of lobbying and political contributions by big corporations that can afford to
throws millions of dollars around Washington each year. Much of this effort was targeted
at the two congressional committees responsible for writing tax laws: the House Ways
and Means Committee and the Senate Finance Committee."
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 06:50 PM
Response to Reply #5
6. It's only 'tricky' because you believe it's 'tricky'. END THEM.
Edited on Sun Apr-24-11 06:51 PM by xchrom
Law makers made them - to our detriment - let them know you know and demand they end them.
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Melissa G Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 07:20 PM
Response to Reply #6
8. I'm in favor of ending them. I also would not mind ending the massive money we throw at them
while they are destroying our natural areas.

BP gets a 10 billion dollar tax credit for the mess they made in the Gulf.
http://www.democraticunderground.com/discuss/duboard.ph...

I was on the Texas coast a few weeks back. They are not making noises about the pollution there. I assume so not to chase away tourists. The sand was gray with a texture like glue. Nope, no corexit there... :sarcasm:
Move along, nothing to see. :cry:
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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 06:56 PM
Response to Reply #1
7. You should run for president...
You'd get my vote :D
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Terra Alta Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 06:34 PM
Response to Original message
3. It's time to tax the hell out of these bastards.
I'll bet Walmart didn't pay any taxes either -- yet they don't even pay their associates a living rage. Or treat them fairly.
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Initech Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 06:36 PM
Response to Original message
4. We'd balance the budget ALONE just by taxing these fuckers.
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valerief Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 08:10 PM
Response to Original message
9. Cut the war? But the rich get richer on the war!!! Sorry, WARS. nt
Edited on Sun Apr-24-11 08:10 PM by valerief
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Melissa G Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 09:04 PM
Response to Reply #9
10. Yeah, who is getting all that untouchable money that kills our kids
and keeps us from paying for health care and education and investing in infrastructure and research?

http://www.washingtonpost.com/wp-srv/special/politics/b... /

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Melissa G Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 09:10 PM
Response to Reply #10
11. Oh wait, a couple of those companies are GE and Boeing who pay no taxes!
What a deal! Money from the govt, but no money to the govt. If you don't count the deductions for lobbyists, that is.
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Melissa G Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 09:25 PM
Response to Reply #11
12. And I forgot! The US military is the largest consumer of fuel on the planet!
Edited on Sun Apr-24-11 09:29 PM by Melissa G
And how many of those companies that paid no taxes were oil companies?
At least,
Exxon Mobil, Chevron, ConocoPhillips, Valero...

Win! Win! Win! Yep, War is good business for the rich and no taxes, too! :bounce: :sarcasm:

"According to the US Defense Energy Support Center Fact Book 2004, in Fiscal Year 2004, the US military fuel consumption increased to 144 million barrels. This is about 40 million barrels more than the average peacetime military usage.

By the way, 144 million barrels makes 395 000 barrels per day, almost as much as daily energy consumption of Greece."

http://www.energybulletin.net/node/13199
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