Who Else Doesn’t Pay Taxes? Top 10 Corporate Deadbeats and Slackers

by on September 20, 2012 · 11 comments

in Economy, Election, Popular

Among the 47% Who Pay No Income Taxes Is Mitt Romney Himself!

By John Lawrence / San Diego Free Press / September 19, 2012

Mitt’s money that has not been funneled through offshore corporations linked to bank accounts in no tax jurisdictions has been taxed as capital gains, not income.

Mitt Romney 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):

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, 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.

The poor in that 47% who pay no income tax pay plenty of other taxes. They pay social security tax which goes into the general fund, the same fund that income tax goes into. Currently, the social security tax rate for self-employed is 13.3%, about what Mitt Romney paid on his “carried interest.” There are no deductions and no exemptions for social security tax. In addition the poor pay state and local taxes and sales taxes so they pay plenty of taxes. Most of them don’t escape taxes by having offshore bank accounts as Romney does.

Some of the people in that 47% are senior citizens who don’t make enough to pay income tax. They too pay state and local as well as sales taxes.

{ 11 comments… read them below or add one }

avatar sean is a doofus September 20, 2012 at 1:10 pm

Please quit picking on GE. The head of GE is Obama’s top guy on the jobs council. He needs the extra cash to donate to obama because we need four more years of marxism.

sincerley, sean the wizard of doofus

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avatar Michael Russell September 20, 2012 at 3:57 pm

Excellent point. Keep up the good work. Wonder why this story wasn’t on the Corporate Media, Oh … GE is also one of the Six Media Corps that own the Public Broadcast Air-Waves

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avatar Diego September 21, 2012 at 1:39 pm

Interesting to see Carnival Cruise Lines and Boeing made it on the listing which is made up of companies in either finical and energy industries.

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avatar cahlo September 23, 2012 at 7:37 am

why should be romney be paying income taxes? he shouldn’t, he’s not working…..15% is the capital gains rate, and he’s paying it……if you could do it, you’d do it, too……if you want to pay more, then you are welcome to…..but these corporations paying nothing? we have got to get rid of all the tax loopholes, and have everyone pay the same amount……

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avatar Michael Russell September 25, 2012 at 2:47 pm

“Capital Gains” should be taxe at the same rate as any other income, perhaps more, because you don’t have to work to get it. Those parasites who sit on their ass, like Rmoney, and do nothing to earn a living shouldn’t benefit from the work of others.

You don’t seem to understand the system, the gains they get from capital is invested in these very corporations. The pubic stock in these corps only account for about 15% of their total value, the privately held preferred stock is owned by the rich, like Rmoney, who gain via dividends and profit sharing. They then hide the money in tax shelters, in Switzerland and the Camian Islands, or other off shore accounts. They avoid taxes with tax loopholes they pay our representatives to create, like the Bush Tax cuts which benefit the top 1% with 2/3 of the total tax savings!

Top 1% = 20% of the income & 40% of the wealth.
Next 4% = 40% of the income & 40% of the wealth.
95% = 40% of the income % just 20% of the wealth.

UNSUSTAINABLE.

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avatar Canuk September 23, 2012 at 9:44 am

Nice and my family has to submit and pay back taxes because my husband was born but never worked in the states. Now lets see…..”why is the states in such a mess? Two guesses”

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avatar Skinwalker September 23, 2012 at 10:19 am

Social Security taxes do not go into the general fund. They are deposited in the SS Trust Fund. Do not make repeat the same lie that the republicans use to link SS to the deficit. They are not connected in any way.

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avatar chris dotson September 23, 2012 at 11:05 pm

RE: “The poor in that 47% who pay no income tax pay plenty of other taxes. ”
The point merely defines the class targeted, and clearly in Romney’s sites as a president: The 47%

Romney will quickly clear the books and write-off the middle class, young and old, not unlike Reagan wrote-off the controllers in ’81.

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avatar Wizard of Cape May September 24, 2012 at 1:11 pm

The SSA disagrees:
http://www.ssa.gov/oact/progdata/fundFAQ.html

What happens to the taxes that go into the trust funds?

Tax income is deposited on a daily basis and is invested in “special-issue” securities. the cash exchanged for the securities goes into the general fund of the Treasury and is indistinguishable from other cash in the general fund.

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avatar Solutions September 23, 2012 at 3:50 pm

How about NO ONE pay income tax until a proper “system” is put in place that truly represents the People. There are those who haven’t paid income tax for years and never will as they know how to apply the law so that there is no obligation. CHEERS! And to those of you who choose to learn the law and in doing so keep your money, DOUBLE CHEERS! You, one of the People, are THE best one to make decisions as to how to apply your finances. http://savingtosuitorsclub (dot net)

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avatar Jojo December 12, 2012 at 12:44 am

OB Rag=ongoing Bolshevik rag

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