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.
- Carnival Cruise Lines: $11 billion in profits. Federal income tax rate: 1.1 percent.
- Conoco Phillips: $16 billion in profits from 2007 through 2009. $451 million in tax breaks.
- Citigroup: $4.37 billion in profits. Paid ZERO FEDERAL INCOME TAXES.
- Goldman Sachs: $2.3 Billion in profits. Federal income tax rate: 1.1 percent
- Valero Energy: $68 billion in sales. $5.2 Billion in profits. $157 Million refund from the IRS.
- Boeing: $124 Million IRS Refund.
- Chevron: $10 Billion in profits. $19 Million IRS refund.
- General Electric: $26 billion in profits. Paid ZERO FEDERAL INCOME TAXES. $4.1 billion IRS refund.
- Bank of America: $4.4 Billion in profits. $1.9 billion IRS refund last year.
- 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.
Posted in: Political Observations
Posted on April 10, 2011
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