Meet a few of the job destroyers and tax evaders
 

Meet a few of the job destroyers and tax evaders that
want to cut Social Security, Medicare, and Medicaid
while lowering the tax rate for the top 2%;

1. Bank of America CEO Brian Moynihan
Amount of federal income taxes paid in 2010? Zero. $1.9 billion tax refund.
Bank of America received a $1.9 billion tax refund from the IRS in 2010, even though it made $4.4 billion in profits.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? Over $1.3 trillion.
During the financial crisis, Bank of America received a total of more than $1.3 trillion in virtually zero interest loans from the Federal Reserve and a $45 billion bailout from the Treasury Department.
Number of Offshore Tax Havens in 2010? 371.
In 2010, Bank of America operated 371 subsidiaries incorporated in offshore tax havens, more than any other financial institution in the United States. 204 of these subsidiaries are incorporated in the Cayman Islands, which has a corporate tax rate of 0%.
Amount of federal income taxes Bank of America would have owed if offshore tax havens were eliminated? $2.6 billion. In 2010, Bank of America would have owed $2.6 billion in federal income taxes if its use of offshore tax avoidance was eliminated.

2. Goldman Sachs CEO Lloyd Blankfein
Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.
In 2008, Goldman Sachs received a $278 million refund from the IRS, even though it earned a profit of $2.3 billion that year.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $824 billion. During the financial crisis, Goldman Sachs received a total of $814 billion in virtually zero interest loans from the Federal Reserve and a $10 billion bailout from the Treasury Department.
Number of offshore tax havens in 2010? 39.
In 2010, Goldman Sachs operated 39 subsidiaries in offshore tax haven countries. Amount of federal income taxes Goldman Sachs would have owed if offshore tax havens were eliminated? $2.7 billion.In 2010, Goldman Sachs would have owed $2.7 billion in federal income taxes if its use
of offshore tax avoidance was eliminated.

3. JP Morgan Chase CEO James Dimon
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion
During the financial crisis, JP Morgan Chase received a total of more than $391 billion in virtually zero interest loans from the Federal Reserve and a $25 billion bailout from the Treasury Department, while Jamie Dimon served as a director of the New York Federal Reserve.
Number of Offshore Tax Havens in 2010? 83.
In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens.
Amount of federal income taxes JP Morgan Chase would have owed if offshore tax havens were eliminated? $4.9 billion. In 2011, JP Morgan Chase stashed $21.8 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $4.9 billion in
federal income taxes.

4. General Electric CEO Jeffrey Immelt
Amount of federal income taxes paid in 2010? Zero. $3.3 billion tax refund.
In 2010, not only did General Electric pay no federal income taxes, it received a $3.3 billion tax refund from the IRS, even though it earned over $5 billion in U.S. profits.
Number of offshore tax havens? At least 14.
GE has at least 14 tax haven subsidiaries in Bermuda, Singapore, and Luxembourg for the purpose of avoiding U.S. income taxes.
Taxpayer Bailout from the Federal Reserve? $16 billion.
During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when Jeffrey Immelt was a director of the New York Federal Reserve.
Jobs Shipped Overseas? At least 25,000 since 2001.Since 2001, General Electric has closed more than 30 manufacturing plants in the United
States, cut 34,000 American jobs, and added 25,000 jobs overseas. General Electric now has more workers abroad than it does in the United States.
On December 6, 2002, Jeffrey Immelt, the CEO of General Electric, said at an investor's meeting: ``When I am talking to GE managers, I talk China, China, China, China, China. You need to be there. You need to change the way people talk about it and how they get there. I am a nut on China. Outsourcing from China is going to grow to $5 billion. We are building a tech center in China. Every discussion today has to center on China. The cost basis is extremely attractive. You can take an 18 cubic foot refrigerator, make it in China, land it in the United States, and land it for less than we can make an 18 cubic foot refrigerator today, ourselves.'' Jeffrey Immelt, Chairman, CEO of General Electric, quoted at an investor meeting on December 6, 2002.

5. Verizon CEO Lowell McAdam
Amount of federal income taxes paid in 2010? Zero. $705 million tax refund.
In 2010, Verizon received a $705 million refund from the IRS despite earning $11.9 billion in pre-tax U.S. profits. American Jobs Cut in 2010? In 2010, Verizon announced 13,000 job cuts, the third highest corporate layoff total that year.

6. Boeing CEO James McNerney, Jr.
Amount of federal income taxes paid in 2010? None. $124 million tax refund.
Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS in 2010.
American Jobs Shipped overseas? Over 57,000. Since 1994, more than 57,000 Americans lost their jobs at Boeing as a result of overseas outsourcing or rising imports. Amount of Corporate Welfare? At least $58 billion.
Boeing received over $58 billion in taxpayer-subsidized loans and loan guarantees from the Export-Import since 1994.

7. Microsoft CEO Steve Ballmer
Amount of federal income taxes Microsoft would have owed if offshore tax havens were eliminated? $19.4 billion. In 2011, Microsoft stashed over $60 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid 19.4 billion in federal income taxes.

8. Honeywell International CEO David Cote
Amount of federal income taxes paid from 2008-2010? Zero. $34 million tax refund. From 2008 through 2010, not only did Honeywell pay no federal income taxes, it received a $34 million tax refund from the IRS, even though it earned over $4.9 billion in U.S. profits during those years.

9. Corning CEO Wendell Weeks
Amount of federal income taxes paid from 2008-2010? Zero. $4 million tax refund. From 2008 through 2010, not only did Corning pay no federal income taxes, it received a $4 million tax refund from the IRS, even though it earned nearly $2 billion in U.S. profits during those years.

10.Time Warner CEO Glenn Britt
Amount of federal income taxes paid in 2008? Zero. $74 million tax refund.
In 2008, not only did Time Warner pay no federal income taxes, it received a $74 million tax refund from the IRS, even though it earned over $2 billion in U.S. profits.

11. Merck CEO Kenneth Frazier
Amount of federal income taxes paid in 2009? Zero. $55 million tax refund.
In 2009, not only did Merck pay no federal income taxes, it received a $55 million tax
refund from the IRS, even though it earned more than $5.7 billion in U.S. profits.

12. Deere & Company CEO Samuel Allen
Amount of federal income taxes paid in 2009? Zero. $1 million tax refund.
In 2009, not only did Deere pay no federal income taxes, it received a $1 million tax refund from the IRS, even though it earned $907 million in U.S. profits.

13. Marsh & McLennan Companies CEO Brian Duperreault
Amount of federal income taxes paid in 2010? Zero. $90 million refund.
In 2010, Marsh & McLennan received a $90 million refund from the IRS.
Number of offshore tax havens? 105. Marsh & McLennan has successfully avoided U.S. income taxes by registering 105 subsidiaries in 20 countries considered tax havens.

14. Qualcomm CEO Paul Jacobs
Amount of federal income taxes Qualcomm would have owed if offshore tax havens were eliminated? $4.7 billion. In 2011, Qualcomm stashed $13.5 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $4.7 billion in federal income taxes.

15. Tenneco CEO Gregg Sherill
Amount of federal income taxes Tenneco would have owed if offshore tax havens were eliminated? $269 million. In 2011, Tenneco stashed over $698 million in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $269 million in federal income taxes.

16. Express Scripts CEO George Paz
Amount of federal income taxes Express Scripts would have owed if offshore tax havens were eliminated? $20 million.
In 2011, Express Scripts stashed over $50 million in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $20 million in federal income taxes.

17. Caesars Entertainment CEO Gary Loveman
Amount of federal income taxes Caesars Entertainment would have owed if offshore tax havens were eliminated? $9 million.
In 2011, Caesars Entertainment stashed $43 million in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $9 million in federal income taxes.

18. R.R. Donnelly & Sons CEO Thomas Quinlan III
Amount of federal income taxes paid in 2008? Zero. $49 million tax refund.
In 2008, not only did R.R. Donnelly & Sons pay no federal income taxes, it received a $49 million tax refund from the IRS, even though it earned $561 million in U.S. profits.

http://www.sanders.senate.gov/imo/me...estroyers3.pdf

Hey, just so you're aware. There's this one presidential candidate that's been talking a lot about eliminating those tax loopholes... Name rhymes with Kit i believe.

This just may be your worst post. have any of these companies broken any laws? they employ millions of Americans.

Meet the new boss dun a dun dun Same as the old boss

That's a nice little hit list you got there. Why don't you post their addresses and phone numbers too? And maybe a map with their homes plotted out and marked with tiny crosshairs.

What say you about each of these individual's personal tax liability in those years? Do you have that information? How much individual tax revenue did each of these companies employees contribute to the federal coffers in those years? How much did the individuals pay in local taxes to fund, say, teacher pensions as an example?

And once again we see why you are one of the biggest BS artists on this board. An educator? Right. No wonder we have failing students all over the place.
I did not bother to fact check EVERY company you note. I own stock in some and are familiar with others.
Boeing, Honeywell, Merck, Deere, Verizon and Goldman Sachs ALL paid taxes in some or all the years in question. Either that or the published and verified financial statements are fraudelent. Perhaps fraudelent like YOUR degree?
Before you copy and paste some nonsense from one of your liberal weenie writers, maybe YOU should go to a financial board. But research is perhaps too much for a renowned educator, I suppose.

GE is on the list and there has been a lot of stuff on this board regarding the lie that GE didn't pay taxes. I like the Microsoft entry the best. Saying that offshore business is an offshore tax haven is ridiculous. Forcing companies to pay the same high taxes on money brought in from off shore (after they paid taxes in other countries) is what is keeping those dollars off shore. Any businessman worth his salt would do the same. They work within the laws. Remove the loopholes and lower taxes so it is much simpler and there won't be as much intrigue and the same or more money will come in.

I read through the article and I couldn't find anything about those companies proposing cuts to entitlements or for rich people.

The funny thing is that even the Democrats in congress are refusing to hike the taxes on the wealthy.

I looked through Mitt Romney's entitlement reform plan and its odd because the heart of his proposal is a means test which is in essence a roundabout tax on the wealthy through reductions in their benefits. Mitt's tax rate plan does the same. He proposes hard limits on deductions which essentially would hit the rich almost exclusively in exchange for revenue neutral rate reductions.

Obama by contrast has not called for means testing entitlements or for any entitlement reform whatsoever. It is weird because the narrative seems counter to reality.

Did the Businesses these men run operate withint he Tax Code? It seems they did. And why equate the men with the companies they run, as if they were co-equal entities? They're not.

No law breaking, no issue IMO. It's up to the public to elect politicians who will make thetax code what they want it to be, not the businesses to pay more than they are legally obligated to.

I should also mention, a semi-universal, no exceptions (other than poverty for individuals), flat tax would solve any potential complaint here.

The only candidate who is talking about tax reform is Mitt Romney. President Obama is calling for the Bush tax cuts to be extended to 99% of Americans, the Clinton tax code to be extended for the top 1% and the Obama tax cuts extended that continue to underfund both SS and Medicare.

Sounds like the OP and Bernie Sanders should be supporting Mitt.

+1

And reform is exactly what's needed.

FYI, Mitts Tax proposal is very similar in nature to the reccomendations in Simpson Bowles. His differs in that the majority of the reduction in deductions are focused on higher income earners.

I thought this would be a list of Mafia union bosses that all make upwards of $500k /yr, skim from pension funds, and employ all their relatives in no-show jobs.

oh well. :rolleyes:

FYI they haven't named a single deduction they are going to get rid of or cut. The answer that Ryan gave at the debate was embarrassing.

A lot of those guys are (D) associates and contributors. What's the point?

The point is: Rich bad, Poor good. Occupy something...

Amazing

The level of protection and excuses for what these people are doing is truly breathtaking here. It really is.

Many of the posters are the same people who are outraged by the manipulation of entitlements by some of the poor (certain media outlets will portray that it is most of the poor). Many of the posters in this thread are outraged by evil teachers and police officers and firemen who are the root cause for our current economic plight.

But only excuses and political talking points are given when presented with the information above. Out of all the enabling excuses my favorite is the following; "they did not break any laws". Yes, and who writes those laws? The bought and paid for politicians who are from both parties.


Socialism for the rich

Hard Capitalism for the rest.

I personally find the NEA to be a much greater destroyer of development of this country than any corporation.

But wait....don't you love teachers? Willard said he does

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