It’s Tax Time! Just Not For Them!

Image result for photo government check

Well Toritto filed his federal tax return yesterday. Electronically.

I owe the Feds money. I owe the Feds $447. That’s $447 over and above what I had withheld during the year from my social security and fixed income pension checks.

This old, retired almost 73 year old, partially blind diabetic with a heart condition, living on fixed income, who drives a 2006 Hyundai paid more in taxes than General Electric.

Yup.

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.

Nice.

I also paid more tax than 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 even has its own taxpayer-funded bank; 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.”

(Smiley face)

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. 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.

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.

Are you still smiling?

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.

The list goes on. Fedex. Honeywell. Merck. 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.

Yes, I know. They are following the law. Law which allows them to do what they do with perfect legality. And besides, they make jobs – except for the ones they make in China.

Feel like a fool? A tool?

Yea. Me too.

Remember these are not money losing corporations. They make billions. They just play by different rules.  Corporations are people my ass.

Are we dopes or what?

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Statistics thanks to the office of Senator Bernie Sanders – Socialist

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About toritto

I was born during year four of the reign of Emperor Tiberius Claudius on the outskirts of the empire in Brooklyn. I married my high school sweetheart, the girl I took to the prom and we were together for forty years until her passing in 2004. We had four kids together and buried two together. I had a successful career in Corporate America (never got rich but made a living) and traveled the world. I am currently retired in the Tampa Bay metro area and live alone. One of my daughters is close by and one within a morning’s drive. They call their pops everyday. I try to write poetry (not very well), and about family. Occasionally I will try a historical piece relating to politics. :-)
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11 Responses to It’s Tax Time! Just Not For Them!

  1. This direct wealth transfer from the poor to the rich is clearly one important reason for growing inequality.

    Like

  2. sojourner says:

    When I was working for AT&T,, right after the divestiture, in 1985, my corporation paid $1.00 in federal taxes. I think I paid something like $1500.00 that year.

    Today, I am disabled and live on $793.00 a month, with $193.00 a month in food stamps. And I am waiting for the IRS to start taxing my income, or take it away, and cease the food benefit!

    Thanks, Torrito, great info! I hope people pay attention. Tyranny is thriving for now…

    Like

  3. weggieboy says:

    This is worthy of a reblog, so I have…!

    Like

  4. weggieboy says:

    Reblogged this on weggieboy's blog and commented:
    I managed to get money back on my taxes this year. How about you? On the other hand, some taxpayers got away without paying a cent and still got money back. Hunh?!

    Like

  5. It is no secret that the Middle Class —– the working classes —– the poor and the retired are the ones who pay the lion’s share of America’s debts through taxes while the multi-bils —– the big business biggies —– enjoy the many loopholes built into the tax law to squeeze the government out of their fair share —- but don’t try to tell that to a staunch defender of ultra-right Free Market-ism because they will laugh in your face and call you nasty names.

    Like

  6. sunsetdragon says:

    That is awful.

    Like

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