Tuesday, March 1, 2011

The Fattened Pigs Must Gorge While You and Your Kids Starve

If this doesn't make you sick, then you're not alive..... or you're one of THEM, robbing this nation blind and laughing about the help you get from taxpayer's to cover your busted bets all the way to your Cayman Islands bank.

A Typical American CEO Enjoying Lunch, Which Will Written-Off as a 'Business Expense"

03.01.11
You Have More Money In Your Wallet Than Bank Of America Pays In Federal Taxes

In an interview with In These Times, Carl Gibson, the founder of US Uncut, which is organizing some of today’s UK-inspired massive demonstrations against tax dodgers, explains that while ordinary Americans are being asked to sacrifice, major corporations continue to use the rigged tax code to avoid paying any federal taxes at all. As he says, if you have “one dollar” in your wallet, you’re paying more than the “combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America“:
[Gibson] explains, “I have one dollar in my wallet. That’s more than the combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America. That means somebody is gaming the system.”
Indeed, as politicians are asking ordinary Americans to sacrifice their education, their health, their labor rights, and their wellbeing to tackle budget deficits, some of the world’s richest multinational corporations are getting away with shirking their responsibility and paying nothing. ThinkProgress has assembled a short but far from comprehensive list of these tax dodgers — corporations which have rigged the tax system to their advantage so they can reap huge profits and avoid paying taxes:

BANK OF AMERICA: In 2009, Bank of America didn’t pay a single penny in federal income taxes, exploiting the tax code so as to avoid paying its fair share. “Oh, yeah, this happens all the time,” said Robert Willens, a tax accounting expert interviewed by McClatchy. “If you go out and try to make money and you don’t do it, why should the government pay you for your losses?” asked Bob McIntyre of Citizens for Tax Justice. The same year, the mega-bank’s top executives received pay “ranging from $6 million to nearly $30 million.”

BOEING: Despite receiving billions of dollars from the federal government every single year in taxpayer subsidies from the U.S. government, Boeing didn’t “pay a dime of U.S. federal corporate income taxes” between 2008 and 2010.

CITIGROUP: Citigroup’s deferred income taxes for the third quarter of 2010 amounted to a grand total of $0.00. At the same time, Citigroup has continued to pay its staff lavishly. “John Havens, the head of Citigroup’s investment bank, is expected to be the bank’s highest paid executive for the second year in a row, with a compensation package worth $9.5 million.”

EXXON-MOBIL: The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States. Although Exxon-Mobil paid $15 billion in taxes in 2009, not a penny of those taxes went to the American Treasury. This was the same year that the company overtook Wal-Mart in the Fortune 500. Meanwhile the total compensation of Exxon-Mobil’s CEO the same year was over $29,000,000.

GENERAL ELECTRIC: In 2009, General Electric — the world’s largest corporation — filed more than 7,000 tax returns and still paid nothing to U.S. government. They managed to do this by a tax code that essentially subsidizes companies for losing profits and allows them to set up tax havens overseas. That same year GE CEO Jeffery Immelt — who recently scored a spot on a White House economic advisory board — “earned total compensation of $9.89 million.” In 2002, Immelt displayed his lack of economic patriotism, saying, “When I am talking to GE managers, I talk China, China, China, China, China….I am a nut on China. Outsourcing from China is going to grow to 5 billion.”

WELLS FARGO: Despite being the fourth largest bank in the country, Wells Fargo was able to escape paying federal taxes by writing all of its losses off after its acquisition of Wachovia. Yet in 2009 the chief executive of Wells Fargo also saw his compensation “more than double” as he earned “a salary of $5.6 million paid in cash and stock and stock awards of more than $13 million.”

The United States is the richest country in the history of the world, and income inequality is higher now than it has been at any time since the 1920′s, with the top “top 1 percentile of households [taking] home 23.5 percent of income in 2007.”
And this is a picture of what most American homes will look like in another 25 years

Blankfein_mansion
Study says most corporations pay no U.S. income taxes

The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.

More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.
From an August 2008 story. Since then, they have managed to dodge more taxes while our country falls apart, our schools fall apart, and at least a 10% permanently unemployed class of people seems to have developed.

Since 2008, the NYSE has reached record heights, and CEO pay has seen year after year of record bonuses.

How are you and your family doing?

Rolling in the dough or just plain 'getting rolled?"

Photobucket

5 comments:

buelahman said...

And most ppl I know will say that the US has the highest corporate tax rate in the world, which is the reason why they do (and should) make shit overseas.

Gullible fools, all.

Franz said...

The weinies know they have a government bought and paid for, don't they?

Paul Craig Roberts has a new one up at VDARE reviewing Matt Taibbi's economic dispatches. If we are lucky, we'll all be dead before the Great Corporate Future kicks in. It's clear there's no place in it for regular people.

But Greg -- I read your piece then Paul Craig Roberts... now I HAVE to skip supper or it won't stay down!

Greg Bacon said...

The weinies know they have a government bought and paid for, don't they?

Yep, and that's called fascism, not democracy.

Penny said...

"If we are lucky, we'll all be dead before the Great Corporate Future kicks in. It's clear there's no place in it for regular people."

We may be, but some of us have kids, and some of us might even have grandkids, hopefully, one day ;)

What world will they have?

Makes me tear up.

Kold_Kadavr_flatliner said...

God bless you with discernment: see 'peace-de-resistance' first. Thanx.

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