Published on
by
CommonDreams.org

March Madness for Corporate Tax Dodgers

Top seeds in the Tax Haven Tourney: banks and power companies

The small companies and public didn't have a chance in the early rounds. Now it's down to a few formidable corporate teams, the Cheat 16:

- General Electric made $10.3 billion in 2009, but received a $1.1 billion tax rebate.

- Forbes said about Bank of America in 2010: "How did they not pay any taxes on $4.4 billion in income?"

- Oil giant Exxon made a $45 billion profit in 2009, but paid no taxes in the United States.

- Citigroup had 4 quarters of billion-dollar profits in 2010, but paid no taxes.

- Wells Fargo made $12 billion but purchased Wachovia Bank to claim a $19 billion tax credit.

- Hewlett Packard's U.S. income tax rate was 4.3% in 2008 and 2.3% in 2009.

- Verizon's 10.5% tax rate, according to Forbes, is due to its partnership with Vodafone, the primary target in UK Uncut's protests against tax evaders.

- Chevron's tax rate was 1% in 2008.

- Boeing, which just won a $30 billion contract to build 179 airborne tankers, got $124 million back from the taxpayers in 2010.

- Over the past 5 years Amazon made $3.5 billion and paid taxes at the rate of 4.3%.

- Carnival Cruise Lines paid 1% in taxes on its $11.5 billion profit over the past 5 years.

- Koch Industries is not publicly traded, so their antics are kept private. But they benefit from taxpayer subsidies in ranching and logging.

- In 2008 CorporateWatch said Rupert Murdoch's Newscorp paid "astoundingly low taxes" because of tax havens.

- Google "cut its taxes by $3.1 billion in the last three years by shifting its money around foreign countries.

- Merck, the second-largest drugmaker in the U.S., last year brought more than $9 billion from abroad without paying any U.S. tax.

- Pfizer, the largest drugmaker in the U.S., erased $10 billion in taxes with an "accounting treatment."

All the above has been documented by US Uncut Chicago members on PayUpNow.org .

Who's projected for the Final Frauding Four?

Best Defense: Google uses a game plan called a "Double Irish Defense," which moves most of its foreign profits through Ireland and the Netherlands to Bermuda.

Best Offense: GE's 2010 SEC 10-K tax filing boldly states: "At December 31, 2010, $94 billion of earnings have been indefinitely reinvested outside the United States...we do not intend to repatriate these earnings.."

Most Steals: Citigroup: 427 tax haven subsidiaries

Best Trash talk: A General Electric spokeswoman: “G.E. pays many other taxes including payroll taxes on the wages of our employees, property taxes, sales and use and value added taxes."

Most game-ending bailouts: Bank of America received $45 Billion in tax payer bailout funds in 2008 and 2009. In 2009 the company earned a pretax income of $4.4 billion, but claimed a $1.9 Billion tax benefit from the government.

Teams with the most reserves:
General Electric: $77 billion
Google: $24 billion
That's 2 companies holding $101 billion that could be invested in jobs.

Tax Haven Tourney Champion? GE is the Duke of Tax Avoidance.

Sustain our Journalism

If you believe in Common Dreams, if you believe in people-powered independent journalism, please support our Spring drive now and help progressive media that believes as passionately as you do in defending the common good and building a more just, sustainable, and equitable world.

Paul Buchheit

Paul Buchheit

screen_shot_2017-01-23_at_8.39.57_am.pngPaul Buchheit is a college teacher, an active member of US Uncut Chicago. His latest book is, Disposable Americans: Extreme Capitalism and the Case for a Guaranteed Income. He is also founder and developer of social justice and educational websites (UsAgainstGreed.org, PayUpNow.org, RappingHistory.org),  and the editor and main author of "American Wars: Illusions and Realities" (Clarity Press). He can be reached at paul [at] UsAgainstGreed [dot] org.

Share This Article

More in: