Tag Archives: Bernie Sanders

The Top Five Corporate Tax Cheats

Before pushing grandma down the stairs by ‘reforming’ her Medicare and Social Security benefits out of existence, why not go after these god-awful drains on our treasury? Here are five examples of profitable corporations that pay no or low federal income taxes, yet extract much of their profit margin from the American economy. It’s past time for them to pay, as a percentage of their income, at least as much as the average public school teacher or firefighter in Wisconsin.

Want to balance the budget? Start here:

1. General Electric has made over $26 billion in profits in the past five years, with $5 billion from the US market just last year, on which it paid zero federal income taxes. It’s also received a hefty $4.1 billion refund from the IRS. Despite this generosity on the part of the American taxpayer, over the last nine years GE has shipped one-fifth of its jobs overseas and used every trick available to avoid paying US taxes. This is bringing good things to life? (BTW, Jack Welch, former CEO of GE, is sometimes called the father of modern outsourcing.)

2. ExxonMobil. This oil giant paid no federal income taxes in 2009 on $19 billion in profit, and even received a tidy $156 million rebate from the IRS. How do you get a tax rebate when you haven’t paid any taxes? On what planet does this make any sense?

3. Goldman Sachs paid only 1.1 percent in taxes on a profit of $2.9 billion in 2008, on top of the $800 billion provided by US taxpayers to save them from extinction. Time for another bonus, boys?

4. Citigroup ‘earned’ more than $4 billion in profits last year, yet paid no federal income taxes. Incidentally, like Goldman Sachs, they’re only in business thanks to a generous bailout from the US taxpayer; for Citigroup, that came to a neat $2.5 trillion. Despite this, Citibank continues to raise its fees and specialize in providing poor service to its customers.

5. Bank of America racked up $4.4 billion in profits last year, and received a $1.9 billion refund from the IRS. Since US taxpayers saved BoA from extinction with a $1 trillion bailout, why are they getting a $1.9 billion refund? I’m tired of asking on what planet this makes any sense.

And this is only the tip of our economic Titanic’s iceberg. If we’re going to have any future that doesn’t include our citizens rooting through dumpsters for dinner, these profitable corporations, et al, and the wealthy people who run them, are going to have to pay their fair share in taxes. For some reason, Paul Ryan forgot to include this in his hilarious Republican ‘budget.’

(Figures adapted in part from Sen. Bernie Sanders’ “Guide to Corporate Freeloaders.”)

© 2011 RS Janes. LTSaloon.org.

Perilous Predictions for 2011

  • Early in the year, George W. Bush and Dick Cheney both confess that from the very beginning the whole weapons of mass destruction/al-Qaeda had ties to Saddam Hussein thing was a total fabrication – and – the entire Iraq War was a total fraud that was all about Big Oil.  Criminal proceedings begin.  The next day on his show, Rush Limbaugh explains to his audience that the confessions were false, based on a voodoo curse put on them by Bill Clinton before he left office.  The day after that,  a Rasmussen poll will show that 20% of the American population buys into this.  Thus, the beginning of the “curser movement.”
  • In late spring, Glenn Beck will define the following groups as “domestic terrorists” – all public school teachers, all union members, all Democrats, all moderate Republicans, The Humane Society, The Red Cross, Boy Scouts and Girl Scouts of America and Christian Scientists.  The next day, a CBS/NY Times poll shows 29% of the American population buy into this.
  • Sarah Palin develops a severe eating disorder and accuses Michelle Obama of trying to cut off her credit with Dominoes Pizza.
  • Failed Teabagger endorsed Nevada Senatorial Candidate Sharron Angle returns to the media spotlight by demanding not only an end to Social Security, but a demand that the government force all current retires to not only lose their monthly benefits, but also work in forced labor camps to repay the government the Social Security “largess” they’ve already received.   Teabaggers cheerfully endorse Angle’s proposal at a national Teabag convention.  Estimates have it that 67% of Teabaggers in attendance are retirees.
  • K Street Lobbyists heavily lobby Congress to change the wording of the Pledge of Allegiance to “and to the oligarchy, for which it stands, one nation, totally divided, with liberty and justice only to the highest bidder.”  Republican leaders in both the House and Senate go on board with this instantly.  “Self styled Socialist” Senator Bernie Sanders(I-VT)  also endorses the idea but notes he interprets the re-wording as creative sarcasm.  Upon hearing this,  Senator Mitch McConnell(R-KY) immediately calls for Senator Sanders to be deported.
  • Space Aliens invade America later in the year.  After watching C-Span for 5 minutes, they re-occupy their space ships and head back for home.

Today’s Quote-to-Quote: BP ‘Cares’ About the ‘Small People’

“I hear comments sometimes that large oil companies are really companies that don’t care, but that is not the case in BP. We care about the small people.”
— Carl-Henric Svanberg, Board Chairman of BP Sweden, as quoted by the Washington Post, June 16, 2010.

“Only the little people pay taxes.”
— Leona Helmsley, the ‘Queen of Mean.’

Yes, and the little people also bail out Wall Street, the banks, and provide large tax breaks for the big oil companies. On MSNBC’s Dylan Ratigan Show this afternoon, Sen. Bernie Sanders (I-VT) said ExxonMobil made $19 billion in profit last year (it was a slow period) and paid zero dollars in taxes. Not only that, but they received $165 million back from the IRS of the ‘small people’s’ money. Rest easy, fellow Lilliputians.