I came across this article today and thought I’d share it. I have seen other articles about how our tax system, with so many loopholes, benefits the biggest, richest corporations. I recently wrote about this when I discovered that Corporate income taxes amount to only 9% of federal revenues. Now I know why.
WASHINGTON—With federal income taxes due in a few weeks, Sen. Bernie Sanders, the Vermont independent allied with Democrats, on Sunday released a list of ten big profitable U.S. companies paying little or no taxes. Sanders wants to close the loopholes that make this tax avoidance legal. Some people call the income tax system with generous loopholes for big companies corporate welfare or corporate entitlements. As Congress returns to work this week–after yet another break–to negotiate over big budget cuts–with social safety net programs facing reductions–Sanders is pushing for corporations to pay more of a fair “share.”
The Bernie Sanders Ten, per release….
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.