Published on Monday, March 21, 2011 by CommonDreams.org
March Madness for Corporate Tax Dodgers
Top seeds in the Tax Haven Tourney
: banks and power companies
The small companies and public didn't have a chance in the early rounds. Now it's down to a few formidable corporate teams, the Cheat 16
- General Electric made $10.3 billion in 2009, but received a $1.1 billion tax rebate.
- Forbes said about Bank of
- Oil giant Exxon made a $45 billion profit in 2009, but paid no taxes in the
- Citigroup had 4 quarters of billion-dollar profits in 2010, but paid no taxes.
- Hewlett Packard's
- Verizon's 10.5% tax rate, according to Forbes, is due to its partnership with Vodafone, the primary target in
- Chevron's tax rate was 1% in 2008.
- Boeing, which just won a $30 billion contract to build 179 airborne tankers, got $124 million back from the taxpayers in 2010.
- Over the past 5 years Amazon made $3.5 billion and paid taxes at the rate of 4.3%.
- Carnival Cruise Lines paid 1% in taxes on its $11.5 billion profit over the past 5 years.
- Koch Industries is not publicly traded, so their antics are kept private. But they benefit from taxpayer subsidies in ranching and logging.
- In 2008 CorporateWatch said Rupert Murdoch's Newscorp paid "astoundingly low taxes" because of tax havens.
- Google "cut its taxes by $3.1 billion in the last three years by shifting its money around foreign countries.
- Merck, the second-largest drugmaker in the
- Pfizer, the largest drugmaker in the
All the above has been documented by US Uncut
Who's projected for the Final Frauding Four?
Best Trash talk
Most game-ending bailouts
Teams with the most reserves
That's 2 companies holding $101 billion that could be invested in jobs.
Tax Haven Tourney Champion? GE is the Duke of Tax Avoidance.
Paul Buchheit is a faculty member in the School for New Learning at DePaul University, author of UsAgainstGreed.org and RappingHistory.org, and the editor of "American Wars: Illusions and Realities" (Clarity Press). He can be reached at paul@UsAgainstGreed.org.
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"The master class has always declared the wars; the subject class has always fought the battles. The master class has had all to gain and nothing to lose, while the subject class has had nothing to gain and everything to lose--especially their lives." Eugene Victor Debs