The Death of Taxes

Just in case your blood pressure is too low today. Here is a list of the top 10 corporations in the United States which either paid no corporate income taxes whatsoever, paid very little, or (Caution: Stroke alert) got a REFUND from the Internal Revenue Service.  The list was compiled by Senator Bernie Sanders, Independent from Vermont.

1. Carnival Cruise Lines: $11 billion in profits. Federal income tax rate: 1.1 percent.
2. Conoco Phillips: $16 billion in profits from 2007 through 2009. $451 million in tax breaks.
3. Citigroup: $4.37 billion in profits. Paid ZERO FEDERAL INCOME TAXES.
4. Goldman Sachs:  $2.3 Billion in profits. Federal income tax rate: 1.1 percent
5. Valero Energy: $68 billion in sales. $5.2 Billion in profits. $157 Million refund from the IRS.
6. Boeing: $124 Million IRS Refund.
7. Chevron: $10 Billion in profits. $19 Million IRS refund.
8. General Electric: $26 billion in profits. Paid ZERO FEDERAL INCOME TAXES. $4.1 billion IRS refund.
9. Bank of America: $4.4 Billion in profits. $1.9 billion IRS refund last year.
10. Exxon Mobil: $19 billion in profits. Paid NO FEDERAL TAXES. $156 Million IRS refund.

Explain to me again how the American tax code isn’t skewed to benefit the wealthy?

Gotta run.  Time to watch the federal government give it’s 2011 $3.1 billion subsidy to oil companies.