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Meet The 31 Corporations and Banks Who Dodged $128 Billion in US Taxes

Tue Feb 12, 2013 2:53 am by Jenetta

http://www.politicususa.com/sanders-report-corporations-tax-dodge.html

1. Bank of America CEO Brian Moynihan.

Number of Offshore Tax Havens in 2010? 371.
Amount of federal income taxes Bank of America would have owed if offshore tax havens were eliminated? $2.5 billion.
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.

2. JP Morgan Chase CEO James Dimon

Number of Offshore Tax Havens in 2010? 83.
Amount of federal income taxes JP Morgan Chase would have owed if offshore tax havens were eliminated? $4.9 billion
JP Morgan Chase has 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.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion.

3. Goldman Sachs CEO Lloyd Blankfein

Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.
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? $3.32 billion.
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.

4. General Electric CEO Jeffrey Immelt

Number of offshore tax havens? At least 14.
Amount of federal income taxes General Electric would have owed if offshore tax havens were eliminated? $35.7 billion.
GE has stashed $102 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $35.7 billion
more in federal income taxes.
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.
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.

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.
Amount of federal income taxes Verizon would have owed if offshore tax havens were eliminated? $525 million.
Verizon has stashed $1.5 billion in offshore tax havens to avoid paying U.S.
income taxes. Verizon would owe an estimated $525 million in federal income taxes if its use of offshore tax avoidance was eliminated.
American Jobs Cut in 2010? In 2010, Verizon announced 13,000 job cuts, the
third highest corporate layoff total that year.

6. 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.
Amount of federal income taxes Honeywell would have owed if offshore tax havens were eliminated? $2.835 billion.
Honeywell has stashed $8.1 billion in offshore tax havens to avoid paying U.S. income taxes. Honeywell would owe an estimated $2.835 billion in federal
income taxes if its use of offshore tax avoidance was eliminated.

7. 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.
Amount of federal income taxes Merck would have owed if offshore tax havens were eliminated? $15.5 billion.
Merck has stashed $44.3 billion in offshore tax haven countries to avoid paying income taxes. If this practice was outlawed, it would have paid $15.5 billion more in federal income taxes.

8. 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.
Amount of federal income taxes Corning would have owed if offshore tax havens were eliminated? $3.78 billion. Corning has stashed $10.8 billion in offshore tax havens to avoid paying U.S. income taxes. Corning would owe an estimated $3.78 billion in federal income taxes if its use of offshore tax avoidance was eliminated.

9. 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.
Amount of federal income taxes Boeing would have owed if offshore tax havens were eliminated? $66 million.
Boeing would owe an estimated $66 million more in federal income taxes if its use of offshore tax avoidance was eliminated.
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.

10. Microsoft CEO Steve Ballmer

Amount of federal income taxes Microsoft would have owed if offshore tax havens were eliminated? $19.4 billion.
Microsoft has 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 more in federal income taxes.

For complete list of 31 corporations, etc. and article go to:

http://www.politicususa.com/sanders-report-corporations-tax-dodge.html
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