Posted on 04/12/2015 9:16:07 AM PDT by Wolfie
Sanders blasts U.S Corporations for Dodging Taxes
BURLINGTON, Vt., April 9 – Sen. Bernie Sanders (I-Vt.), the Senate Budget Committee ranking member, today issued the following statement on new data showing the extent to which some American companies are avoiding taxes:
“I applaud Citizens for Tax Justice for releasing new data today revealing the unfairness of our tax system and the fact that a number of the biggest and most-well known corporations in America continue to pay little or nothing in taxes.
At a time when we have massive wealth and income inequality, and when corporate profits are soaring, it is an outrage that many large, profitable corporations not only paid nothing in federal income taxes last year, but actually received a rebate from the IRS last year.
Instead of balancing the budget on the backs of the elderly, the children, the sick and the poor, as the Republicans in Congress have proposed, we need a tax system that demands that large, profitable corporations and the wealthy start paying their fair share in taxes. I look forward to working with my colleagues in the coming months to make certain that happens.”
Top Ten Corporate Tax Dodgers from Citizens for Tax Justice’s Report
1. Not only did media giant Time Warner pay nothing in federal income taxes last year, it received a rebate of $26 million from the IRS even though it made $4.3 billion in U.S. profits.
2. CBS made $1.8 billion in U.S. profits last year, but instead of paying federal income taxes it received a rebate from the IRS of $235 million.
3. Xerox made $629 million in U.S. profits in 2014, but received a tax rebate of $16 million from the IRS.
4. Prudential Financial made $3.5 billion in U.S. profits last year, but instead of paying federal income taxes, it received a tax rebate of $106 million from the IRS.
5. The toy maker Mattel made $268 million in profits last year, but received a tax rebate of $46 million from the IRS.
6. Priceline.com not only paid nothing in federal income taxes last year, it received a tax rebate of $9 million, even though it made $73 million in profits last year
7. Pacific Gas and Electric not only paid nothing in federal income taxes last year, it received a tax rebate of $84 million from the IRS even though it made $1.8 billion last year.
8. Wireless technology maker Qualcomm made $3.2 billion in U.S. profits last year, but instead of paying federal income taxes, it received a refund from the I.R.S. of $98 million.
9. General Electric made over $5.8 billion in profits in the U.S. last year, but paid just 0.9 percent of that amount — less than one percent — in federal income taxes.
10. Jetblue Airways made $615 million in U.S. profits last year, but paid just 0.4 percent of that amount — less than half of one percent — in federal income taxes.
Sen. Bernie Sanders (I-Vt.) believes in GOD!.....
However; the God he believes in IS GIVERNMENT..
Federal, State and Local.. BUT..... State and Local are just Apostles..
If you “evade” taxes that’s illegal, to “avoid” taxes means you didn’t pay taxes that were legally collectable, I don’t see a problem here, it’s just taking legal deductions. The problem is an overly and purposely complicated tax code and an enforcement agency that is unprincipled and a political weapon of the democrats. Past time to wipe them out, the IRS and the democrats.
Hey Bernie, how about Warren Buffett!
In the history of the world has any nation taxed itself into prosperity?
Sanders is posturing in his preliminary moves towards announcing a run for POTUS - on the Lunatic Fringe party.
They are #9.
Apparently someone is lying.
http://publicpolicy.verizon.com/blog/entry/verizons-2012-tax-payments-totaled-3.4-billion
From the page:
Over the past three years, Verizon has paid more than $11.1 billion in taxes – including nearly $3.4 billion in 2012 alone. Verizon’s 2010-2012 payments include more than $1.5 billion in income taxes, $4.0 billion in employment taxes, and $5.6 billion in property and other taxes.
In 2012, the net income attributable to Verizon totaled $875 million, and the company paid $351 million in income taxes while investing $16.2 billion in technology infrastructure.
While Verizon complies with all tax laws and pays its fair share of taxes, sometimes numbers are cherry-picked from the 10K to support claims that corporations avoid paying taxes. In Verizon’s case, such claims are false and misleading.
For example, often Verizon’s deferred tax liability is wrongly characterized as a loophole, even though deferred taxes do not reduce Verizon’s tax liability. U.S. economic development policy spreads out, or defers, some federal tax payments over a longer period of time for companies that invest in America’s technology infrastructure. That’s because investment in infrastructure creates jobs.
In 2010-2012, while Verizon made more than $11.1 billion in tax payments, it also invested nearly $50 billion in technology infrastructure. This has created and sustained great U.S. jobs – both in and outside of Verizon – as the company has deployed innovative broadband technologies nationwide.
Is Bernie The Commie, running out of other peoples money?
If so he should tax the hell out of his constituents. After all it is the Green state
Key to the talking points of this article goes to low information voters. You can all claim corporations do pay taxes til you are blue in the face but the LIVs and Libs see it as gospel and they vote. The Republicans need a message that resonates with the public and I believe it to be the flat tax.
One of the few immoral things left today is trying to keep your own money.
Corporate profits should not be taxed at all because that tax is double taxation of the same income — once at the corporate level, and again when the profits are distributed as income.
Unfortunately, this will be winning issue for Hillary.
Meanwhile, the GOP will be trying to sell reducing the corporate rate to company’s who already pay no taxes, have a CEO making 50 million a year and hiring H1B’s or nobody or outsourcing for cheap slave labor. Another 10 years of socialism and no end in sight. New tax code anyone?
Why do companies move to other countries to escape the highest taxes in the world?
Bernie, how is that fraud case against your wife going? Is she going to pay back the millions she got from the state? Or is that going to be swept under the rug?
Depreciation is a bitch.
Notice how General Electric(D) isn’t on that list?
Top ten largest company in VT.
Also the worst company to do business with.
Fair enough. BUT WHY THE DAMN REFUNDS?
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