Sunday, September 23, 2012

Great Tax Subsidies for Carbon-Fuel Corps.

This week we came across this article from the OB Rag:"Among the 47% Who Pay No Income Taxes Is Mitt Romney Himself!" By John Lawrence / San Diego Free Press / September 19, 2012
In response to the comments made by Presidential Candidate, Billionare Mitt Rmoney, John Lawerence notes that Rmoney has funneled his income through offshore corporations linked to bank accounts in no tax jurisdictions, and it has been taxed as capital gains, not income. Rmoney dismissed 47% of the American people who don’t pay income tax as slackers and deadbeats. Thanks to a loophole Romney pays US taxes as “carried interest” which is taxed at the capital gains rate of 15%. That figure would not only include Romney himself who pays no income tax, but also all those corporate persons (remember Romney said, “Corporations are people, my friend”) such as Exxon Mobil and GE who not only pay no income tax but get a generous rebate thanks to American taxpayers.
Here is a list of the top 10 corporate deadbeats and slackers (thanks to Senator Bernie Sanders of Vermont), note how many deal in the toxic carbon-fuel industry (and MICC):
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy (Koch Brothers), the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.

It's worth noting that three of the 10 are banks we bailed out in 2008, and that are part of the cartel that makes up the Federal Reserve. Bowing and G.E. are military contractors and profit from war spending.

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