Corporate Tax Cheaters-Hall of Shame
Corporations claim they pay their taxes until the figures reveal the major ones get a tax refund
Major Corporations That Pay No Taxes:
Exxon Mobil 2009 Profits were 37.3 Billion, paid 0 US taxes, and actually got a refund for 156 million dollars.
Bank of America, profits were a mere 4.4 billion dollars paid 0 taxes to the USA, and got a federal bailout of 1 Trillion dollars.
General Electric profits for 2010 were 14 billion paid zero US tax and cut 20 % of their US workforce.
Almost 75% of US corporations pay zero income tax and generated 100 billion dollars in revenue that was never taxed.
From: Connect the Dots.org
2) Further Reports from the US Government Accountability Office show:
A total of 3,700 companies that were paid through federal contracts of taxpayers money in stimulus didn’t pay any tax. (Huffington Post)
Contractors, construction companies, who received more than one million in stimulus money refuse to pay taxes. (By refuse we mean, they didn’t pay the taxes yet they knew they had to pay the tax by law.)
One contractor who received 1 million dollars in stimulus -still owes $ 700,000 in taxes to the IRS. The CEO admits he didn’t pay “payroll taxes”.
A large amount of the stimulus money went to companies and individuals of those companies who are known to be tax cheats, and have a history of not paying taxes. You wonder why the IRS has not prosecuted these companies yet put go after Willie Nelson?
The Senator from Michigan Democrat Carl Levin said that congress has been doing this for years and giving contracts to those companies that do not pay their taxes.
The Obama administration has a program to recover the taxes from non-payers and will deny a contractor from bidding if they have not paid income taxes.
It is an atmosphere of complete lax tax laws and Congress has not passed any bills to stop the tax cheats from paying their share.
If this is what the GOP is attempting to stop then they are aiding and abetting known tax cheats.
It is not only contractors but Senators, Congressmen, Representatives of government including Timothy Geithner the head of the US Treasury who has not paid his own taxes.