Posted on 04/12/2015 9:16:07 AM PDT by Wolfie
Sanders blasts U.S Corporations for Dodging Taxes
BURLINGTON, Vt., April 9 – Sen. Bernie Sanders (I-Vt.), the Senate Budget Committee ranking member, today issued the following statement on new data showing the extent to which some American companies are avoiding taxes:
“I applaud Citizens for Tax Justice for releasing new data today revealing the unfairness of our tax system and the fact that a number of the biggest and most-well known corporations in America continue to pay little or nothing in taxes.
At a time when we have massive wealth and income inequality, and when corporate profits are soaring, it is an outrage that many large, profitable corporations not only paid nothing in federal income taxes last year, but actually received a rebate from the IRS last year.
Instead of balancing the budget on the backs of the elderly, the children, the sick and the poor, as the Republicans in Congress have proposed, we need a tax system that demands that large, profitable corporations and the wealthy start paying their fair share in taxes. I look forward to working with my colleagues in the coming months to make certain that happens.”
Top Ten Corporate Tax Dodgers from Citizens for Tax Justice’s Report
1. Not only did media giant Time Warner pay nothing in federal income taxes last year, it received a rebate of $26 million from the IRS even though it made $4.3 billion in U.S. profits.
2. CBS made $1.8 billion in U.S. profits last year, but instead of paying federal income taxes it received a rebate from the IRS of $235 million.
3. Xerox made $629 million in U.S. profits in 2014, but received a tax rebate of $16 million from the IRS.
4. Prudential Financial made $3.5 billion in U.S. profits last year, but instead of paying federal income taxes, it received a tax rebate of $106 million from the IRS.
5. The toy maker Mattel made $268 million in profits last year, but received a tax rebate of $46 million from the IRS.
6. Priceline.com not only paid nothing in federal income taxes last year, it received a tax rebate of $9 million, even though it made $73 million in profits last year
7. Pacific Gas and Electric not only paid nothing in federal income taxes last year, it received a tax rebate of $84 million from the IRS even though it made $1.8 billion last year.
8. Wireless technology maker Qualcomm made $3.2 billion in U.S. profits last year, but instead of paying federal income taxes, it received a refund from the I.R.S. of $98 million.
9. General Electric made over $5.8 billion in profits in the U.S. last year, but paid just 0.9 percent of that amount — less than one percent — in federal income taxes.
10. Jetblue Airways made $615 million in U.S. profits last year, but paid just 0.4 percent of that amount — less than half of one percent — in federal income taxes.
Corporations don’t pay taxes. Ever.
L
Get over it!
They’re not “dodging” anything.
They’re pay what is legally due.
If that income were taxed the products price would reflect the cost, and, as always, its the consumer who pays the tax.
Why would they? They have operating costs and profits which go to their employees and shareholders. The employees and shareholders pay those taxes.
“ we need a tax system that demands that large, profitable corporations and the wealthy start paying their fair share in taxes. I look forward to working with my colleagues in the coming months to make certain that happens.”
Yeah! Tax them more! I’m sure that’ll stop them from looking for ways to dodge paying their taxes (roll eyes)
Ask a liberal how much taxes on profits are enough and the will tell you 99.9% you can never over tax it’s the liberal way.
Just cut the corporate tax rate to 0%. There will be a huge increase in investment in the US, and productivity will soar.
So congress members take money to vote in tax breaks and then complain when corporations use those tax breaks. What a scam!
Bernie should talk to his close buddy Charlie Rangel
When is Google and the Big Tech companies and Hollywoodo studios that donate to the Left are gonna pay “their fair share?”
or Sharpton (4 1/2 million due)
Bernie would be better off if he got some of his
House and Senate members to pay off their OWED
tax money.
Any one who does not use the tax rules to avoid
over paying is foolish.
Just more socialist redistribution from another commie.
Am I supposed to find the corporatists who lobby for loopholes any less disgusting than the 47% of this country who use their voting numbers to pay no taxes and suck up my money?
Not to say I approve of corporate welfare but at least these companies provide me with some sort of service, AND create jobs, AND pay payroll taxes, AND pay taxes out the nose at the local level.
Rather than propagandize against large corporations I wish those trough feeding pigs in congress would force the parasite class to have some skin in the game. If that occurred I think you would see the corporate welfare disappear as well.
Blaming corporations for America’s economic problems is an old and typical refrain from the left. Washington doesn’t have a collection problem. It has a big spending problem. I notice that CBS and GE were on that list of corporate deadbeats. Aren’t they big Democrat contributors and supporters? If Bernie Sanders had his way he’d probably tax every business and family 50% of their incomes. He’s an admitted socialist, so stop already with calling this idiot from Vermont an independent. As a former New Englander it’s a disgrace that Bernie Sanders’ types and that mindset are now commonplace all over the region. So much for the old stereotype of Yankees from New England being frugal and full of common sense.
Talk to Al Sharpton. Then come see me.
If I had the time, I would look at every company’s annual report. I am sure that I would find every company had a legitimate offset to the cited profit.
The most common one: a carried loss from a previous fiscal year. If you lose $100M last year, that is carried forward each year to offset profit until you have made $100M profit (in total).
This isn’t only for corporations. Individuals can, and do, the same thing with stock investments. I carried losses forward from 2008 to 2009.
Say bernie, how’s that little item with your wife defrauding that university going?
Hmmmm. Not a word about Al Sharpton owing $806,875.00 in NYS taxes and $2.6 MILLION in federal taxes.
Federal employees owe a total of $8.3 BILLION in back taxes.
Yet, for some reason, these groups(D) are getting a pass from Sen. Bernie Sanders (I-Vt.), another left wing socialist. Hmmmmmm.
*(Some animals are better than others).
Doesn’t he get it? This is how the game works, like Dodge Ball or Hot Potato. Not surprising that a Socialist embraces all taxes.
Bernie Bernie Bernie
Corporations don’t pay taxes. They never will.
The taxes you impose on them, they merely pass on to the consumer in the form of higher prices.
After all these years, basic economics still eludes socialists.
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