The USA Is Broke But Can Afford 737 U.S. Military Bases And 2-1/2 Million Troops Around The World . . . But we are going to be forced to “sacrifice” the Social Security money we paid into the government, which they looted and
refuse to cannot afford to pay back.
. . . and, in the news on Aug. 8, 2011, just by coincidence:
[Why are we reading about this in the Jerusalem Post and not the NY Times or the Wall Street Journal? . . . Although accepting free trips from lobbyists is illegal for Congress members under US anti-graft and corruption laws, the trips to Israel have been granted a special exception by the Congress. (Source) ]
The USA Is Broke But Can Afford to Give Another “Tax Holiday” to Big Corporations . . . Can’t ask corporations to pay their share–can we? 60 Minutes Expose On How Corporations Avoid Taxes While Citizens Pay Over $1 Trillion A Year
Big Corporations Don’t Pay Taxes–taxes are for the little people
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
“We have a deficit problem. It has to be addressed,” Sanders said, “but it cannot be addressed on the backs of the sick, the elderly, the poor, young people, the most vulnerable in this country. The wealthiest people and the largest corporations in this country have got to contribute. We’ve got to talk about shared sacrifice.” (Source)
Sanders has called for closing corporate tax loopholes and eliminating tax breaks for oil and gas companies. He also introduced legislation to impose a 5.4 percent surtax on millionaires that would yield up to $50 billion a year. The senator has said that spending cuts must be paired with new revenue so the federal budget is not balanced solely on the backs of working families. (Source)
Obviously it’s time to shake down the citizens.
‘In a statement that is shocking many pundits, House Minority Leader Nancy Pelosi (D-CA) warned the country, “It is clear we must enter an era of austerity; to reduce the deficit through shared sacrifice.”’ Read more: Millionairess Nancy Pelosi Calls For You to Live an Era of Austerity, and Pelosi Praises Reid Proposal.
. . . and grab our pensions too: The Money Junkies Want Police and Fire Fighter Pension Funds,Not Just Half, But All of it
well connected millionaires, of course, will get a free pass: 1,400 Millionaires Paid No U.S. Income Taxes In 2009 .
According to an extensive study by auditing and financial advisory firm Deloitte, US millionaire households now have $38.6 trillion in wealth. On top of the $38.6 trillion this study reveals, they have an estimated $6.3 trillion hidden in offshore accounts. (Source) [Note: There are 110 million households in the US. Thus, $38 trillion is $342,000 for every household in America. Who could have known?]
Meanwhile, Europe is in even worse shape:
- The Top Ten U.S. Corporate Tax Avoiders. (thetruthiswhere.wordpress.com)
- Congressional Junkets To Israel – Homage To Israeli Power
- Did’ya Know?–lots of dual citizens advise US on policy
Why are we reading about this in the Jerusalem Post and not the NYTimes or the Wall Street Journal?