Recent Posts

Sunday, February 10, 2013

Meet The 31 Corporations and Banks Who Dodged $128 Billion in US Taxes

Just imagine pulling this dodge year after year after year!!!

By: Jason Easley, Feb. 7th, 2013
corporate-tax-cheats
Sen. Bernie Sanders released a report today directly taking on the Business Roundtable, by outing 31 banks and corporations who have dodged $128 billion in taxes.


According to the report, the 31 corporations and banks have dodged $128 billion in taxes by setting up offshore tax havens. They have received $6.5 billion in tax refunds, and $2.5 trillion in taxpayer bailout money. While stuffing their pockets with trillions of taxpayer dollars, the Business Roundtable has called for the deficit to be reduced by raising the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, and increase taxes on working families.

The reason why congressional Republicans are adamantly opposed to generating new revenue through closing these loopholes is that doing so would force these tax dodgers to pay their fair share. For Republicans, the concept of fairness only applies to making sure the wealthy get more by doing less. One of the reasons why Republicans continue to lose elections is because they insist on protecting corporations and banks at the expense of the American people.

Instead of passing the burden of deficit reduction on to workers, seniors, the poor, and the middle class, how about we start with getting the 31 corporations and banks listed below to pay their taxes?

Here is the list:

1. Bank of America CEO Brian Moynihan.
Number of Offshore Tax Havens in 2010? 371.

Amount of federal income taxes Bank of America would have owed if offshore tax havens were eliminated? $2.5 billion.

Amount of federal income taxes paid in 2010? Zero. $1.9 billion tax refund.

Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits.

Taxpayer Bailout from the Federal Reserve and the Treasury Department? Over $1.3 trillion. 

2. JP Morgan Chase CEO James Dimon
Number of Offshore Tax Havens in 2010? 83.

Amount of federal income taxes JP Morgan Chase would have owed if offshore tax havens were eliminated? $4.9 billion

JP Morgan Chase has stashed $21.8 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $4.9 billion in federal income taxes.

Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion.

3. Goldman Sachs CEO Lloyd Blankfein

Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.

Number of offshore tax havens in 2010? 39.

In 2010, Goldman Sachs operated 39 subsidiaries in offshore tax haven countries.

Amount of federal income taxes Goldman Sachs would have owed if offshore tax havens were eliminated? $3.32 billion.

Taxpayer Bailout from the Federal Reserve and the Treasury Department? $824 billion.

During the financial crisis, Goldman Sachs received a total of $814 billion in virtually zero interest loans from the Federal Reserve and a $10 billion bailout from the Treasury Department.

4. General Electric CEO Jeffrey Immelt
Number of offshore tax havens? At least 14.

Amount of federal income taxes General Electric would have owed if offshore tax havens were eliminated? $35.7 billion.

GE has stashed $102 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $35.7 billion more in federal income taxes.

Amount of federal income taxes paid in 2010? Zero. $3.3 billion tax refund. In 2010, not only did General Electric pay no federal income taxes, it received a $3.3 billion tax refund from the IRS, even though it earned over $5 billion in U.S. profits.

Taxpayer Bailout from the Federal Reserve? $16 billion.During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when Jeffrey Immelt was a director of the New York Federal Reserve.

Jobs Shipped Overseas? At least 25,000 since 2001.

5. Verizon CEO Lowell McAdam
Amount of federal income taxes paid in 2010? Zero. $705 million tax refund.

In 2010, Verizon received a $705 million refund from the IRS despite earning $11.9 billion in pre-tax U.S. profits.

Amount of federal income taxes Verizon would have owed if offshore tax havens were eliminated? $525 million.

Verizon has stashed $1.5 billion in offshore tax havens to avoid paying U.S. income taxes. Verizon would owe an estimated $525 million in federal income taxes if its use of offshore tax avoidance was eliminated.

American Jobs Cut in 2010? In 2010, Verizon announced 13,000 job cuts, the third highest corporate layoff total that year... See the Rest> Politicususa