America’s Top 10 Corporate Tax Avoiders

[Octafish]

1. General Electric

From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service.

G.E.’s effective U.S. corporate income tax rate over this six year period was -9 percent.

In 2012, GE stashed $108 billion in offshore tax havens to avoid paying income taxes. If this practice were outlawed, GE would have paid $37.8 billion in federal income taxes that year.

During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when its CEO Jeffrey Immelt was a director of the New York Federal Reserve.

GE has been a leader in outsourcing decent paying jobs to China, Mexico and other low-wage countries.

Mr. Immelt has a retirement account at General Electric worth an estimated $59 million and made $19 million in total compensation last year.

He is a member of the Business Roundtable, a group that wants to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, increase taxes on working families, and cut corporate taxes even further.

On December 6, 2002, Jeffrey Immelt said at an investors’ meeting, “When I am talking to GE managers, I talk China, China, China, China, China. You need to be there. You need to change the way people talk about it and how they get there. I am a nut on China. Outsourcing from China is going to grow to $5 billion. We are building a tech center in China. Every discussion today has to center on China. The cost basis is extremely attractive. You can take an 18 cubic foot refrigerator, make it in China, land it in the United States, and land it for less than we can make an 18 cubic foot refrigerator today, ourselves.”


2. Boeing

From 2008 to 2013, while Boeing made over $26.4 billion in U.S. profits, it received a total tax refund of $401 million from the IRS. Boeing’s effective U.S. corporate income tax rate over this six-year period was -2 percent.

Boeing is one of the top recipients of corporate welfare in the United States and has outsourced tens of thousands of decent paying jobs to China and other low-wage countries.

Boeing even has its own taxpayer-funded bank known as the Export-Import Bank of the United States. Boeing has received so much corporate welfare from this bank that it has been dubbed “the Bank of Boeing.”

Boeing CEO W. James McNerney, Jr. made $23.3 million in total compensation last year. Mr. McNerney, as a member of the Business Roundtable, wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security.


3. Verizon

From 2008 to 2013, while Verizon made over $42.4 billion in U.S. profits, it received a total tax refund of $732 million from the IRS.

Verizon’s effective U.S. corporate income tax rate over this six-year period was -2 percent.

In 2012, Verizon stashed $1.8 billion in offshore tax havens to avoid paying U.S. income taxes. Verizon would owe an estimated $630 million in federal income taxes if its use of offshore tax avoidance was eliminated.

In 2013, Lowell McAdam, the CEO of Verizon made $15.8 million in total compensation. He wants to raise the eligibility age for Medicare and Social Security to 70, and make significant cuts to Social Security as a member of the Business Roundtable.


4. Bank of America

Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of more than $1.3 trillion.

In 2012, Bank of America operated more than 300 subsidiaries incorporated in offshore tax havens like the Cayman Islands, which has no corporate taxes.

In 2012, Bank of America stashed $17.2 billion in offshore tax havens to avoid paying U.S. income taxes. Bank of America would owe an estimated $4.3 billion in federal income taxes if its use of offshore tax avoidance strategies were eliminated.

Last year, Bank of America CEO Brian Moynihan made $13.1 million in total compensation, but he wants to raise the eligibility age for Medicare and Social Security to 70, and make significant cuts to Social Security as a member of the Business Roundtable.


5. Citigroup

Citigroup made more than $4 billion in profits in 2010, but paid no federal income taxes. Citigroup received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury during the financial crisis.

Citigroup has established 427 subsidiaries incorporated in offshore tax havens.

In 2012, it stashed $42.6 billion in offshore tax havens to avoid paying U.S. income taxes. Citigroup would owe an estimated $11.5 billion in federal income taxes if its use of offshore tax avoidance strategies were eliminated.

Michael Corbat, the CEO of Citigroup, made more than $17.6 million in total compensation last year.


6. Pfizer

Pfizer, one of the largest prescription drug companies in America, not only paid no federal income taxes from 2010 to 2012, it received $2.2 billion in tax refunds from the IRS at the same time it made $43 billion in profits worldwide.

In 2012, Pfizer stashed $73 billion in profits offshore and has used aggressive offshore tax strategies to avoid paying U.S. income taxes.

Ian Read, the CEO of Pfizer, made $17.7 million in total compensation last year.

Hank McKinnell, Jr., who was Pfizer’s CEO from 2001 to 2006, received a golden parachute from Pfizer worth an estimated $188 million.


7. FedEx

In 2011, Federal Express received a $135 million tax refund from the IRS even though it made more than $2.7 billion in U.S. profits that year.

FedEx receives more than $1 billion a year from the U.S. Postal Service to provide air service for all express mail and priority mail shipments.

Frederick Smith, the CEO of FedEx, made more than $12.6 million in total compensation last year.


8. Honeywell

From 2009 to 2010, not only did Honeywell pay no federal income taxes, it received a $510 million tax refund from the IRS even though it made a combined profit in the U.S. of almost $3 billion.

In 2012, Honeywell stashed $11.6 billion in offshore tax havens to avoid paying U.S. income taxes. Honeywell would owe an estimated $4.06 billion in federal income taxes if its use of offshore tax avoidance were eliminated.

David Cote, the CEO of Honeywell, made more than $25.4 million in total compensation last year.

Mr. Cote wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.


9. Merck

In 2009, not only did Merck pay no federal income taxes, it received a $55 million tax refund from the IRS, even though it earned more than $5.7 billion in U.S. profits.

In 2012, Merck stashed $53.4 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $18.69 billion in federal income taxes.

Fred Hassan, the CEO of Merck from 2003 to 2009, received a golden parachute worth an estimated $189 million.

Merck’s current CEO, Kenneth Frazier, has a retirement account worth an estimated $14.4 million. He wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.


10. Corning

From 2008 to 2012, not only did Corning pay no federal income taxes, it received a $10 million tax refund from the IRS, even though it earned more than $3.4 billion in U.S. profits during those years.

Corning has stashed $11.9 billion in offshore tax havens to avoid paying U.S. income taxes. Corning would owe an estimated $4.165 billion in federal income taxes if its use of offshore tax avoidance were eliminated.

Wendell Weeks, the CEO of Corning, has a retirement account worth an estimated $22.8 million. Mr. Weeks wants to raise the eligibility age for Medicare and Social Security to 70 and make significant cuts to Social Security as a member of the Business Roundtable.

SOURCE: http://www.sanders.senate.gov/top-10-corporate-tax-avoiders

DUer! Ask yourself: Does YOUR candidate publicly name the real welfare cheats who rob America's future?

Ever?

[Rex]

1. Wall Street piggies got to hide their money away in no tax havens for the mega rich!

Oink oink!

[Octafish]

3. Corporate Profits are being hidden offshore, too.

Offshore Tax Havens

Tuesday, April 14, 2015

Sen. Bernie Sanders on Tuesday introduced a bill to stop profitable corporations from sheltering income overseas in the Cayman Islands and other tax havens to avoid paying U.S. taxes. The legislation also would end tax breaks for companies that ship jobs and factories overseas.

Sanders spoke at a Capitol news conference in front of a photo of the notorious Ugland House, the building in the Cayman Islands that is the registered address of more than 18,000 companies. The building has become the symbol of all that is wrong with offshore tax havens.

“At a time when we have a $18.2 trillion national debt and an unsustainable federal deficit; at a time when many of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high, it is past time for corporate America to pay their fair share in taxes so that we can create the millions of jobs this country needs,” Sanders said.

Eighty-three of the Fortune 100 companies in the United States have used offshore tax havens to lower their taxes, according to the most recent Government Accountability Office study.

Sanders’ bill and a companion measure introduced today in the House by Rep. Jan Schakowsky would yield more than $590 billion in revenue over the next decade, according to the Joint Committee on Taxation.

The ranking member of the Senate Budget Committee, Sanders announced the bill introduction during a news conference with groups releasing a report on how the tax shelter loophole has harmed many small businesses.

The bill also would remove tax code incentives for U.S. companies to ship American jobs and factories abroad – tax breaks which have contributed to the loss of millions of manufacturing jobs and the closure of some 60,000 American factories since 2000. “That has also got to change,” Sanders said.

Under current law, U.S. corporations are allowed to defer or delay U.S. income taxes on overseas profits until the money is brought back into the United States. U.S. corporations are also provided foreign tax credits to offset the amount of taxes paid to other countries. Under the legislation, corporations would pay U.S. taxes on their offshore profits as they are earned. The legislation would take away the tax incentives for corporations to move jobs offshore or to shift profits offshore because the U.S. would tax their profits no matter where they are generated.

Sanders was joined at the news conference by Bob McIntyre, executive director of Citizens for Tax Justice, Jamie Woo of Public Interest Research Group, and Bryan McGannon, policy director for the American Sustainable Business Council.

SOURCE: http://www.sanders.senate.gov/newsroom/recent-business/offshore-tax-havens

Wouldn't it be great, Rex, to see a president sign legislation that returned control of the U.S. Treasury to the People?

[PersonNumber503602]

2. Are all these profits, taxes, and stuff public record?

Is there a central location that this information can be found? It could be useful to have those direct sources at hand. I have no idea where to look though.

*edit*

Oh, I see the links in the article now. They don't stand out though. hah!

[Octafish]

4. For me, finding ''Who owns What'' is a tough one...

Here's a sort of break on Big Brother, PersonNumber503602:

http://littlesis.org/

LittleSis* is a free database of who-knows-who at the heights of business and government. The connections are startling.

The right wingers have connections, too. From Institute for Policy Study's RightWeb:

Our woman in Ukraine, Victoria Nuland, is married to PNAC co-founder Robert Kagan

Robert Kagan's brother is Frederick Kagan

Frederick Kagan's spouse is Kimberly Kagan

Brilliant people "helping" administrations from both parties take the PNAC approach to international relations through wars without end for profits without cease, among other things detrimental to peace, democracy and justice.