Are you talking about the banks that had no profits here? Please describe and explain exactly which "loopholes" are keeping banks and corporations from paying taxes they should pay, because although I don't have a problem with having a corporate tax, a lot of the hue and cry I've heard about this often boils down to stupid people (and I'm not accusing you of being one of those) who don't understand how taxes work. The upshot of it is that I ask people exactly what they're talking about here.
There are lot of noise about this issue and you can certainly look it up.
Some examples:
1) ExxonMobil
Campaign Contributions: Total Over 10 Years (2001-2010), $5.7 million
Lobbying Expenditures: Total Over 10 Years (2001-2010), $138 million
Government Contracts: $840 million in 2008; $6.8 billion from 2000-2008
Profits in 2009: $19 billion
Taxes Paid for 2009: $0
Tax Rebate for 2009: $156 million
2)Bank of America
Campaign Contributions: Total Over 10 Years (2001-2010), $11 million
Lobbying Expenditures: Total Over 10 Years (2001-2010), $24 million
Bailout Funds: $20 billion to save itself, $25 billion to buy Merrill Lynch, $118 in loan guarantees
Profits in 2010: $4.4 billion
Tax Refund for 2010: $1.9 billion
3) Citigroup
Campaign Contributions: Total Over 10 Years (2001-2010), $15 million
Lobbying Expenditures: Total Over 10 Years (2001-2010), $62 million
Bailout Funds: $45 billion directly and hundreds of billions more in loan guarantees
Profits in 2010: $4 billion
Taxes Paid for 2010: $0
Tax Refund for 2010: $1.9 billion
4) Goldman Sachs
Campaign Contributions: Total Over 10 Years (2001-2010), $22 million
Lobbying Expenditures: Total Over 10 Years (2001-2010), $21 million
Loans to weather financial crisis: $800 billion
Profits in 2008: $2.3 billion
Taxes Paid in 2008: 1.1 percent of income
5) Boeing
Campaign Contributions: Total Over 10 Years (2001-2010), $10 million
Lobbying Expenditures: Total Over 10 Years (2001-2010), $115 million
Government Contracts: $24 billion in 2008; $169 billion from 2000-2008. Recently received $35 billion contract from Pentagon.
Taxes Paid in 2010: $0
Tax Refund in 2010: $124 million
6) FedEx
Campaign Contributions: Total Over 10 Years (2001-2010), $8.7 million
Lobbying Expenditures: Total Over 10 Years (2001-2010), $71 million
Government Contracts: $64 million in 2008; $7.3 billion from 2000-2008
Recent Profits: $1.9 billion
Recent Taxes Paid: .0005 percent of income, paid in 21 tax havens
7) Verizon
Campaign Contributions: Total Over 10 Years (2001-2010), $12 million
Lobbying Expenditures: Total Over 10 Years (2001-2010), $131 million
Government Contracts: $488 million in 2008; $5.1 billion from 2000-2008
Profits in 2010: $12 billion
Taxes Paid for Last 2 Years: $0
General ElectricCampaign Contributions: Total Over 10 Years (2001-2010), $13 million
Lobbying Expenditures: Total Over 10 Years (2001-2010), $205 million
Government Contracts: $3.9 billion in 2008; $24 billion from 2000-2008
Profits Over Last 5 Years: $26 billion
Tax Refund for Last 5 Years: $4.1 billion
Should I go on or you get the picture?
How can anyone seriously support Obama's budget proposals?
- 14/04/2011 02:49:30 PM
1088 Views
I agree with your overall point but I do question one of your facts
- 14/04/2011 03:25:25 PM
576 Views
Using IRS data for 2008: (most recent year for which data is available)
- 14/04/2011 03:45:20 PM
595 Views
You didn't interpret the spreadsheet correctly. I'm positive of that.
- 14/04/2011 06:08:39 PM
460 Views
I'm gonna have to jump on board the wagon with that being a bad figure, got some others
- 14/04/2011 07:33:14 PM
627 Views
Data: http://www.irs.gov/pub/irs-soi/08in31mt.xls *NM*
- 14/04/2011 08:32:42 PM
238 Views
That's a breakdown of who modifies their returns and how it affects revenue.
- 14/04/2011 09:15:21 PM
451 Views
*NM*
I believe you are questioning one of my definitions, not one of my facts.
- 14/04/2011 04:36:35 PM
510 Views
No matter how you define it I think it would be hard to call the top 5% middle class
- 14/04/2011 05:03:33 PM
522 Views
What a load of crap!
- 14/04/2011 03:49:29 PM
672 Views
Yes, your response is a load of crap.
- 14/04/2011 04:55:20 PM
572 Views
Re: Yes, your response is a load of crap.
- 14/04/2011 05:13:14 PM
653 Views
This is our first war without a tax increase.
- 14/04/2011 06:05:43 PM
574 Views
"Artful Dodgers"
- 14/04/2011 06:30:58 PM
515 Views
Er, check facts
- 14/04/2011 05:04:02 PM
701 Views
Yeah, lets fact check
- 14/04/2011 05:43:34 PM
553 Views
You understand you're actually supposed to cite data for a fact check right?
- 14/04/2011 06:38:22 PM
716 Views
I'm not sure thats entirely right
- 14/04/2011 05:51:18 PM
731 Views
What about the farm subsidies and the military?
- 15/04/2011 04:54:54 PM
542 Views
Cutting the military isn't enough
- 16/04/2011 04:27:11 AM
482 Views
Defense is 60% of the discretionary budget as well, so it's more like 26% overall. Just sayin'. *NM*
- 16/04/2011 04:53:30 AM
242 Views