Top ten list: Tax evaders' wall of shame12/05/2013 17:24
If you listened to the corporate whining, you probably thought companies like GE paid 35% in federal taxes. Not so. It’s a rare company that ponies up that amount.
For too long the American public has been hornswoggled by this century’s “robber barons.”
Remember, it was our tax dollars that saved the hides of many of these multinationals with colossal bailouts, and how do they say thanks?
By not paying their taxes. Nada, zero, zilch. And it’s legal, thanks to Congress.
However, I am betting you’ll pay your 2010 taxes on April 15th.
It is shameful that our giant corporations ship American jobs abroad, leaving our workers on unemployment insurance. These same businesses then have the nerve not to pay their fair share.
Want to know who these corporate culprits are? Look no further than the Wall of Shame where you will find the top ten Corporate Tax Dodgers, many who brought this country to the brink of an economic meltdown.
WALL OF SHAME
The Outrageous Top Ten in Alphabetical Order
1. Bank of America took $336 billion in bailouts in 2009, but in 2010, flush with $4.4 billion in profits, it paid no taxes. Even Forbes magazine asked, how is that possible? Probably thanks to their 115 offshore tax havens.
2. Boeing just received $35 billion from our government to build 179 airborne tankers, but despite nearly $10 billion in profits from 2008 to 2010, it too paid no taxes, again thanks to foreign tax havens.
3. Citicorp took $476 billion from the bailout and then made monster profits in 2010, yet it paid no taxes, thanks to 427 subsidiaries in tax havens like the Cayman Islands and Hong Kong.
4. Exxon/Mobil, received huge oil subsidies from the government and earned $45 billion in 2009 but paid no taxes, again thanks to stashing profits in places like the Bahamas and Singapore.
5. GE – see last week’s column for the stats and facts on this corporation’s tax dodge.
6. Google utilizes a technique that moves most of its income through Ireland and Netherlands to Bermuda, making its tax rate 2.3 percent.
7. Mega Pharmaceuticals Merck earned $9 billion in profits and paid no taxes in 2010, while Pfizer (largest drug maker) owed $10 billion in taxes but found the necessary loopholes to pay no taxes, thanks to its offshore subsidiaries in places like Luxembourg and the Isle of Jersey.
8. News Corporation, Rupert Murdoch’s media monolith that owns Fox News avoids paying American taxes through its 152 subsidiaries in tax havens from the British Virgin Islands to Hong Kong.
9. Verizon, despite making $24.2 billion in pre-tax US income, paid no taxes and actually claimed a federal refund of $1.3 billion for the last two years, again all thanks to those offshore subsidiaries.
10. Wells Fargo, the fourth largest bank in the US, which took $107 billion in bailouts, wrote off all its losses by acquiring Wachovia, thus paying no taxes. Yet its CEO earned $5.6 million in cash for his salary and $13 million in stock.