March 30, 2011 – US Senator Bernie Sanders speaks to the Senate.
Exxon Mobil, Bank of America, GE and other giant corporations paid no U.S. taxes despite billions in profits. In fact, they pocketed big IRS refunds. It’s a scandal, Sen. Bernie Sanders told colleagues on Wednesday. As congressional leaders and the White House haggled over how many billions of dollars to cut spending on programs for working families, Bernie tried to broaden the debate. He compiled a top-10 list of tax-dodging corporations. “Maybe we have to reduce that deficit not simply on the backs of working families, low-income people, the children, the sick, the elderly. Maybe, maybe we might want to call for shared sacrifice. Maybe Exxon-Mobil and some of the large oil companies might be asked to pay something in taxes.”
Sen. Sanders’ 10 worst corporate income tax avoiders.
- 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.
- 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.
- 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.
- Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
- 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.
- Valero Energy, 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.
- 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.
- 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.
- 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.
- 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.