Moyers: 10 Disgustingly Rich Companies That Will Do Anything To Avoid Paying Taxes

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http://www.alternet.org/corporate-accountability-and-workplace/10-disgustingly-rich-companies-will-do-anything-avoid-paying



Here’s a list of 10 tax-dodging corporations excerpted from the Americans for Tax Fairness report.

Bank of America runs its business through more than 300 offshore tax-haven subsidiaries. It reported $17.2 billion in accumulated offshore profits in 2012. It would owe $4.3 billion in U.S. taxes if these funds were brought back to the U.S.

Citigroup had $42.6 billion in foreign profits parked offshore in 2012 on which it paid no U.S. taxes. It reported that it would owe $11.5 billion if it brings these funds back to the U.S. A significant chunk is being held in tax-haven countries.

ExxonMobil had a three-year federal income tax rate of just 15 percent. This gave the company a tax subsidy worth $6.2 billion from 2010-2012. It had $43 billion in offshore profits at the end of 2012, on which it paid no U.S. taxes.

FedEx made $6 billion over the last three years and didn’t pay a dime in federal income taxes, in part because the tax code subsidized its purchase of new planes. This gave FedEx a huge tax subsidy worth $2.1 billion.

General Electric received a tax subsidy of nearly $29 billion over the last 11 years. While dodging paying its fair share of federal income taxes, GE pocketed $21.8 billion in taxpayer-funded contracts from Uncle Sam between 2006 and 2012.

[Augiedog]

1. And they insist they are citizens?

They expect the fire department to show up, EMT's to save them from their excess gluttony, police to arrest the protesters outside their towers of greed, and perhaps the most depraved of all is that they expect and demand that soldiers whom they refuse to help pay for defend with their lives the corporations alleged life. They expect snowplows to clear their roads, yes they think the roads are theirs and they let us peons use them out of kindness, they expect disaster relief when nature has had enough of them, and when law enforcement does catch them in their usual criminal behavior which kills or destroys (real) peoples lives and property they expect to be able to pay a small fine while admitting no culpability or civil liability. They assume preferential and privileged treatment at all points will be accorded to their princely selves. They have become black holes of social destruction, soulless, craven and depraved entities with no loyalty or sense of responsibility to any other than themselves.

[Martin Eden]

4. Their loayalty and sense of responsibility is to Mammon

Accumulation of wealth is the driving force. Wealth translates into power, especially in a political system where wealth purchases influence to shape the rules to enable ever greater concentration of wealth.

[father founding]

5. So sue me !

I admit it, I am an Anti-Mammonite.

[Martin Eden]

7. I'd rather join you ...

... together with every citizen whose economic interests would be served by the defeat of Mammon!

Sadly, Mammon has brainwashed millions to vote against their own best interests.

[Lenomsky]

2. Corporations are deemed Citizens I think ..

Aren't all US citizens expected to declare world earning regardless of where and when earned and pay Tax either in the host country or in US hey maybe even both.

Duplicity at it's finest.

[dembotoz]

3. do not have a problem with what fed ex did

they invested in a shit load of equipment. Plowing money back into your business is ok for a tax break from me
legit bus expense

[Augiedog]

6. Regardless

They have a moral responsibility to the society in which they accrue their wealth, nobody should get a free ride. We are a republic operating in a democratic system which PERMITS capitalism to be the functioning economic system. We are not a capitalist society in which capitalism allows a democratically functioning republic to exist at its, capitalisms, will. When the presumptive elite in our society celebrate not paying their fair share as some sort of ideal, they are saying to all of us who are not 'them' go to hell, and the sooner the better.

[Trekologer]

12. Completely disagree

You can fault FedEx for their anti-union attitude but capitol expenditures are legitimate business expenses. They bought a bunch of Boeing 777 freighters which are not only more fuel efficient than the planes they replaced but ensure jobs for the workers who build them.

[Augiedog]

13. What does that have to do with paying their fair share?

By that logic, all veterans should never have to pay taxes again. They invested their lives in society(so you wouldn't have to). And soldiers killed while serving; their families should never have to pay taxes again. Just because you buy an airplane does not mean you are something so special that you get a free pass for life. By the way, all airports are subsidized by tax dollars, landing fees don't come even close to paying the freight for commercial fleets like fed ex. So fed ex is double dipping into your wallet at the same time it hides cash in off shore accounts.

[Trekologer]

18. Because taxes are assessed on net income not gross

Capital expenditures deduct from net income, just as payroll does. And in a similar way that you get to deduct certain expenses from your taxable income. Again, I'm not talking about stashing profits in offshore subsidiaries in this case. Just that the cost of purchasing planes or trucks or other capitol equipment is a legitimate business expense.

[Nye Bevan]

8. This all sounds legal to me.

Corporations have a fiduciary duty to their shareholders to (legally) minimize their tax bills. If they randomly started paying the US treasury millions of extra dollars that they do not owe, they would be sued by the shareholders and they would lose.

Anyone who doesn't like these strategies should complain to legislators about the laws, not to the corporations which are obeying these laws.

[Augiedog]

14. Laws? Legal?

When the game is so rigged that what once were considered laws are now seen as a joke, which the average American foots the bill for, and the legislators are corporate foot washers who have bent over so far for the cash corporations shower on them that they have to look down to see up. If you think it is legal, that is your expert opinion and I feel sorry for your handing over of our society to corporate interests so easily.

[Dark n Stormy Knight]

20. Right. The wealthy buy the laws they want that ensure their acruing more wealth with which they buy

more laws that further ensure massive profits with which they buy more laws that...

The laws and government agencies that are supposed to protect and support the interests of the great majority of Americans are seriously failing and/or quickly disappearing.

[BrotherIvan]

16. Using loopholes to stash profits in offshore accounts is a-ok?

Giving no money for all the infrastructure they enjoy and all the benefit to their employees? So should we have firefighters who come to save their offices & warehouses ask for an upfront fee? Police? Toll roads just for tax dodgers?

You approve of gaming the system in order to funnel profits to shareholders?

And since most corporations have the entire legislature, both state and federal, in their pockets, your answer is to just STFU?

Well aint that special.

[marmar]

9. k/r

[lpbk2713]

10. Verizon

They gouge the IRS just like they gouge their gullible customers.

Plus, they stack the deck with the FCC and the various state
regulatory agencies. They run the slickest game in town.

[Bigmack]

11. How can it be Capitalism if corporations get huge subsidies? ...

These are the people for whom "Free Market" is a religion.

[BrotherIvan]

17. Good question

And why do so many conservative capitalists just lurve them some monopolies? Seems Marx was the only one who got it right.

[redqueen]

19. It can be if it's Crony Capitalism. nt

[Bigmack]

21. I love the way the RW...

... has tried to take over that term.

They say Pres. Obama only helps his cronies.

Special tax breaks for oil and others are apparently not so crony-ish.

Those people could frame child molesting as "encouraging young people to broaden their horizons".

[Leme]

15. I can't remember disagreeing with Bill Moyers except when

he retired for a while setting up his new program. He is trying to figure something out.