2016 Postmortem
Related: About this forumBernie Sanders: Top 10 Corporate Tax Cheats
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.
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. Boeings effective U.S. corporate income tax rate over this six-year period was -2 percent.
Verizon
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.
Bank of America
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
http://www.sanders.senate.gov/top-10-corporate-tax-avoiders
These Corps are raiding the wealth of America's Working Class just to stash profits made in America in offshore bank accounts. What is even worse most of the $MultiMillion dollar CEOs want to see the eligibility age for social security and Medicare raised to 70.
Got to admit "Bernie gets it"
99th_Monkey
(19,326 posts)Last edited Sun Jul 26, 2015, 04:47 PM - Edit history (1)
Imagine what we could do with all those "refunds", just from these four
corporations ... roughly $4 BILLION .. I'm thinking jobs to rebuild
infrastructure, paying back to SS what Bush2 plundered it for, single-payer
health care 4 all <-- it would probably cover about all of these.
Obviously I'm making very rough estimates here, but still .. $4 BILLION.
FreakinDJ
(17,644 posts)Lost to "Tax Loop Hole Legislation" bought and paid for by these coprs
99th_Monkey
(19,326 posts)It's high time to start naming names. Who voted for these loopholes?
Who was POTUS when they were signed into law, rather than vetoed, etc.
sabrina 1
(62,325 posts)Not Bernie Sanders. And this is what all the distractions we are seeing are intended to prevent, discussion of this most important issue.
99th_Monkey
(19,326 posts)follow the money, and the votes & vetoes --or lack there of.
There is some serious research here to be done, and I trust that
Team Bernie is already on-it.
There's gold in them thar' hills.
udbcrzy2
(891 posts)restorefreedom
(12,655 posts)they are giving $ to
well we know it is not bernie
99th_Monkey
(19,326 posts)This is going to be a very interesting Primary season.
Go Bernie Go!!
restorefreedom
(12,655 posts)i am sure those numbers are somewhere.
99th_Monkey
(19,326 posts)If no one's already on this, please let us know, so we can
take it on at DU for Bernie Group.
restorefreedom
(12,655 posts)maybe an xpost to the group?
7962
(11,841 posts)JaneyVee
(19,877 posts)And companies like GE pay huge amounts in taxes, although it could be argued that they pay more.
FreakinDJ
(17,644 posts)which is why they receive a "Tax Return" even when they pay No US Taxes
99th_Monkey
(19,326 posts)It's high time to start naming names. Who voted for these loopholes?
Who was POTUS when they were signed into law, rather than vetoed,
What's Hillary's and O'Malley's positions on these loopholes?
what did I miss?
JaneyVee
(19,877 posts)Everything they do is legal, they can afford to hire armies of accountants.
99th_Monkey
(19,326 posts)yes, accountants, lawyers, lobbyists ,,, the same folks who sit around
behind closed doors to write crap into law, like the TPP, et. al.
Sorry JaneyVee if I offended in any way. I need to check handles more
closely before posting sometimes.
FreakinDJ
(17,644 posts)only afforded to those that can hire the most lobbyist
Our Representatives - Congress-critters Senators, even the President, have a fiduciary duty to those they represent - "ALL of us" and that includes 99% of Americans
So while YES the corporations have lobbied for and received the most lucrative tax loop holes imaginable - do we continue and condone this policy to the point it renders SSI merely a hidden tax platform raising the eligibility age to a point beyond the life span of 99% of those paying into the fund
jwirr
(39,215 posts)deregulating things and every president since then as contributed to this process. Some also lowered taxes in addition. We have been going down hill for a long time.
RoccoR5955
(12,471 posts)I don't know where you got this information from, but it is out and out WRONG!
They paid a billion in taxes, but got a rebate of over THREE BILLION!
Look it up for yourself, if you don't believe me,
Unless you are living in Bizzaroland.
99th_Monkey
(19,326 posts)or so it would seem.
malokvale77
(4,879 posts)but I don't believe RoccoR5955 was defending GE.
99th_Monkey
(19,326 posts)but I'd like to hear exactly how I'm wrong from RoccoR5955 .
Either GE benefited hugely from a tax loophole or they didn't.
I'm all ears.
beam me up scottie
(57,349 posts)Saying she was wrong, not you.
99th_Monkey
(19,326 posts)Everyone looking for common ground, not division & vitriol
I must be in the Bernie Sanders group.
beam me up scottie
(57,349 posts)RoccoR5955
(12,471 posts)I was merely citing the falsity that someone posted that GE pays taxes.
I wish to hell they paid all of their taxes, and had their loopholes plugged with cement!
99th_Monkey
(19,326 posts)malokvale77
(4,879 posts)In this case we seem to all be on the same side of the issue.
It's not always easy to know here on the DU.
7962
(11,841 posts)And there wouldnt be any armies of lawyers working to get out of paying either
RoccoR5955
(12,471 posts)Even though it would be an equal percentage, corporations with less money would feel it more than those with lots of money.
Same for the damn flat income tax.
7962
(11,841 posts)We've got the highest corp rate in the world, but nobody pays it.
Maybe start the tax above a certain level, just like what would have to be done for an income tax. Smaller corps may not even have to pay ANY tax and they wouldnt have to spend a ton of money on lawyers to do it for them.
malokvale77
(4,879 posts)It is sad to see so called Democrats defend corporate greed.
rhett o rick
(55,981 posts)fight for freedoms and liberties.
LeftOfWest
(482 posts)Why did it ever happen?!!?
I do not get that at all. Disgusting money for me and not you sell out crap.
malokvale77
(4,879 posts)Follow the money.
It is especially painful to see on DU.
FreakinDJ
(17,644 posts)Not that he cheated on his taxes - he probably didn't. But that 99% of Americans don't realize the massive tax loop holes they use to game the system
rhett o rick
(55,981 posts)Cleita
(75,480 posts)SoapBox
(18,791 posts)Well this drives up my blood pressure.
MerryBlooms
(11,771 posts)udbcrzy2
(891 posts)99th_Monkey
(19,326 posts)beam me up scottie
(57,349 posts)Everyone needs to get it.
WillyT
(72,631 posts)KT2000
(20,588 posts)what does it mean when the corporation gets a tax refund? Does this mean the government is giving them money or is this a refund from what they have already paid?
FreakinDJ
(17,644 posts)and receive a refund
- kinda like Free Money
KT2000
(20,588 posts)Boeing makes me sick. They get state tax breaks too or they threaten to leave. Middle class picks up the tab.
DebJ
(7,699 posts)are a much better statement.
appalachiablue
(41,174 posts)cantbeserious
(13,039 posts)eom
bananas
(27,509 posts)Enthusiast
(50,983 posts)Of course your GOP would insist these players are your job creators and as such are worthy of special consideration.
Le Taz Hot
(22,271 posts)with Hillary or the Clown Car as president. Bernie? Not so much.
FreakinDJ
(17,644 posts)beam me up scottie
(57,349 posts)frazzled
(18,402 posts)of which tiny Vermont is the national leader--second only to the Cayman Islands in offshore tax shelters.
While that may seem strange for a chilly, landlocked state, Vermont is an offshore haven in one very real sense: It offers American companies lucrative tax breaks through unusual insurance arrangements.
...
More than 560 United States companies, including Wal-Mart Stores, Starbucks and McGraw-Hill, have set up Vermont-based entities to insure their biggest risks and liabilities, giving them a tax benefit in the process. Vermont now rivals the Cayman Islands and Bermuda as the insurance destination of choice for American companies.
The most recent arrival is Wells Fargo, which was granted a waiver by the federal Labor Department in February to provide life insurance and long-term disability insurance to its 153,000 employees through its own private unrated insurance company in Vermont.
With its wholly owned insurer, known as a captive, Wells Fargo will benefit from improved cash flow, new investment income and tax breaks totaling at least hundreds of millions of dollars over the next 30 to 40 years,
...
But Vermonts success in attracting insurance captives also highlights the many ways that American corporations are allowed to minimize their tax bills by moving their profits, intellectual property or liabilities to places that provide substantial tax advantages, whether it is a Caribbean island, Ireland or Singapore. And while many states in the United States provide tax breaks and subsidies to companies that move or expand operations in state, the benefits offered by Vermont are much larger.
http://www.nytimes.com/2007/04/04/business/04vermont.html?n=Top%2FReference%2FTimes%20Topics%2FSubjects%2FT%2FTaxes
The IRS recently put captives on its "Dirty Dozen" list of tax abuses:
http://www.irs.gov/uac/Newsroom/Abusive-Tax-Shelters-Again-on-the-IRS-Dirty-Dozen-List-of-Tax-Scams-for-the-2015-Filing-Season
And yes, Bernie has pictures up of him meeting with the association of captive insurers, and he apparently didn't support the IRS attempt to tax these entities (and the ruling got scotched).
I'm not saying he's responsible for all this. I am saying that things are complex, and no public figure is totally isolated from such issues.
Sheepshank
(12,504 posts)That have enabled such corporate practices in one way or another. Thanks for trying to point it out.
JDPriestly
(57,936 posts)He is a senator in the US Senate.
If someone in the Senate wants to present a bill to change insurance laws and that affects Vermont, they will. Then we can see how Bernie votes. But until that time, this is not his business. Delaware does similar things for corporate laws. When I think of insurance, I tend to think more of Connecticut, but I don't know why. I don't think of Vermont.
Ed Suspicious
(8,879 posts)Tommymac
(7,263 posts)PatrickforO
(14,592 posts)That's why I support him.
raouldukelives
(5,178 posts)Every dollar in Wall St is a dollar against representative democracy for everyone but themselves.
If they can't recognize this by now, when thanks to them even corporations are more human than human, they never will.
lonestarnot
(77,097 posts)Diremoon
(86 posts)Sorry, but I believe that the wording of the claims is misleading. In regard to GE, I believe that they paid Zero Federal Tax, and received an additional 2.9 billion. The wording could lead one to think that they overpaid their tax and received a refund on overpayment, like a person might do. Corporations are not people my friend.
stevenleser
(32,886 posts)loophole they used for taxes. Was it hiring disabled people or was it just accounting trickery? That answer matters.
Chico Man
(3,001 posts)GE employs > 130,000 in the US (not all have been moved to China :/)
I'm fairly certain the tax write-offs are helping to pay an American salary or two...
Does that matter? Or should they be punished? What if they extended a job offer to you? Would you be righteous and deny it because they apparently don't pay taxes in an un-american sort of way?
Maybe we should all work for non-profits.
Ed Suspicious
(8,879 posts)The greatest disincentive to hiring is to not make companies earn their tax breaks through reinvestment in their businesses.
Chico Man
(3,001 posts)That's the nature of the accounting behind tax breaks (some of which may be investment in staff).Much of the accounting is accomplished via write offs and depreciation.
Take the $1 billion + investment GE made in the Software Center of Excellence in San Ramon. Over 1000 data scientists and engineers have been hired thus far.
You say "The greatest disincentive to hiring is to not make companies"
So, it's the fault of the Government? I'm pretty sure Bernie called them cheats.. Is that really fair?
FreakinDJ
(17,644 posts)R&D is a right off
Come again?
L0oniX
(31,493 posts)MADem
(135,425 posts)StarzGuy
(254 posts)...hollowing out America from the inside out with these tax refund takings. We need to elect people who will repeal these tax loopholes. Why raise the retirement age to 70? What extra profits are involved here? Why would this billionaires care about the retirement age? I'd like to know what's behind this push by these creeps.
EndElectoral
(4,213 posts)"Why is an avowed Socialist picking on some of the most successful United States corporations? These small businesses are the heart and soul of the country. They create jobs. Sanders is trying the old tax and spend approach. Increase Tax rates for successful small businesses like Boeing and watch the layoffs and outsourcing to other countries. If the United States wants to compete abroad a better strategy is to reward these successful small businesses like GE and provide them more government tax cut incentives so that they can increase hiring and do not ship their jobs abroad. Frankly, it is much better to let the private sector handle these issues rather the government. Sanders would only take the hard-earned profits of small businesses and distribute them to the free loaders in our society. Our founding fathers believed that if you work hard you get ahead. Only a socialist like Sanders would try and turn this founding principle on its head. God Bless America, and Ronald Reagan for standing up to Socialism."
WDIM
(1,662 posts)stuffmatters
(2,574 posts)I scribbled down this info from a Bernie Sanders campaign email a while ago.
He proposed that much of these tax cheating loopholes could be stopped by executive action, outlining "6 Executive Actions Obama could take to stop Corporate Loopholes." If executive actions are possible to close these loopholes, then Bernie certainly makes a compelling case for replacing a corporatist President with one who would restore fiscal sanity and justice to our corporate tax code. According to that Bernie email " in 1952 corporate taxes accounted for 32% of federal tax revenue. Today , despite record breaking profits & stagnant wages, only 11% of federal revenue is corporate taxes."
6 Executive Actions Obama (or a US President) Could Take to Stop Corporate Loopholes by ending:
1) Check the box loophole (offshoring profits to subsidiaries)
2) Hewlett-Packard loophole(using short term loans from foreign subsidiaries to avoid taxes)
3) Corporate inversion loophole (Merging with a foreign corp, reincorporating(TAXED) there while operating as usual in the US.
4) Carried interest loophole (the hedge fund et alios misnomer of "investment"
5) Valuation discounts (to keep business and property values artificially low for estate and gift tax transfers)
6) The REIT Loophole (where "rent income" loophole claimed by private prisons, casinos, even billboard owners.)
I hope Bernie send this email out again. It was the clearest and best summary of these loopholes that cost the American Treasury & taxpayers hundreds of billions per year. And guess who pays and what safety net trust funds are "borrowed against" to make up the difference?
FreakinDJ
(17,644 posts)beam me up scottie
(57,349 posts)Maybe you could find and repost the email?
stuffmatters
(2,574 posts)It then asked to sign the petition where it explained those 6 corporate loopholes that could be done "by executive action without Congressional approval."
I'm not tech savvy, sorry, and not able to get this personal email & ensuing petition points to repost on DU. But I'm happy to forward the email to anyone who knows how to do it or can tell me steps to do it myself.
Many people must have received the same email from bernie.org Lots important coming those days about opposing fast track/TPP so maybe this got overlooked in the flurry?
beam me up scottie
(57,349 posts)I signed it and sent emails to my brothers.
azmom
(5,208 posts)Those are some evil motherfuckers.