Thom Hartmann notes:
According to a new report by the Wall Street Journal – corporate giants: General Electric – Caterpillar – Microsoft – Wal-Mart – Chevron – Cisco – Intel – Stanley Works – Merck – United Technologies – and Oracle…all American corporations – have fired 2.9 million American workers since 2001 – then hired more than 2.4 million workers overseas.
This isn’t a coincidence – these guys actually have an annual conference about how to outsource American jobs more efficiently. Like in 2009 – when American corporations gathered together for the 2009 Strategic Outsourcing Conference – where 57% of executives there bragged that since the Great Bush Recession – they’ve increased the number of American jobs they’re shipping overseas. So here we have so-called American corporations – that are paying hardly any American taxes – and hiring hardly any American workers.
http://www.green960.com/cc-common/news/sections/newsarticle.html?feed=313154&article=8474852
Monday, April 25, 2011
Sunday, April 24, 2011
REPUBLICANS vs. DEMOCRATS ON THE ECONOMY
May 9, 2005
By:
http://www.washingtonmonthly.com/archives/individual/2005_05/006282.php
REPUBLICANS vs. DEMOCRATS ON THE ECONOMY....Did you know that Democratic presidents are better for the economy than Republicans?
...
Michael Kinsley ran the numbers in the LA Times and came to the same conclusion.
The results are simple: Democratic presidents have consistently higher economic growth and consistently lower unemployment than Republican presidents. If you add in a time lag, you get the same result. If you eliminate the best and worst presidents, you get the same result. If you take a look at other economic indicators, you get the same result. There's just no way around it: Democratic administrations are better for the economy than Republican administrations.
...
The dataset that delivers these results now covers more than 50 years, 10 administrations, and half a dozen different measures. That's a fair amount of data, and the results are awesomely consistent: Democrats do better no matter what you measure, how you measure it, or how you fiddle with the data.
...read the full article
http://www.washingtonmonthly.com/archives/individual/2005_05/006282.phpFriday, February 25, 2011
The Top 7 Corporate Tax Evaders | Wall St. Cheat Sheet
Here's some interesting info from U.S. Uncut, and the Wall Street Cheat Sheet:
td
We lose out on $100 billion in corporate tax revenue every year.
Big business has to learn to be responsible to the American taxpayers who make it possible for them to run an American business. If you earn income here, you should pay income taxes here.
Bank of America and numerous other corporations should pay their fair share in taxes so more people can keep working. I'd say lost jobs and less local spending are both anti-business, wouldn't you?"
The Top 7 Corporate Tax Evaders | Wall St. Cheat Sheet
7) Hewlett-Packard (HPQ) earned pretax income of $9.4 billion, but managed to keep their tax rate the same as someone earning less than $33,950 a year. Their trickery? Book profits at lower-tax foreign subsidiaries.
6) Verizon (VZ) has a lovely 10.5% tax rate. That’s better than a long term capital gain. Although Verizon earned $11.6 billion in pretax income, they have diverted much of their income through foreign wireless partner Vodafone.
5) Chevron (CVX) paid $8 billion in taxes on $18.5 billion in pretax income. So why did they make the list? Chevron only sent Uncle Sam a check for $200 million. The rest was paid abroad in lower-tax countries. I think they should change their logo colors from red, white and blue to something more representative of the Caymans.
4) We all know Ford (F) and other car makers have been skidding since the recession began. The struggling car maker still managed to earn $3 billion in pretax income. The beauty? Ford only plunked down $69 million in taxes — a 2.3% tax rate. Not bad considering all the other subsidies, bailouts, and cash for clunkers we’ve already given as gifts to one of the oldest car manufacturers in the world.
3) ExxonMobile (XOM) did pay $17.6 billion in taxes on $37.3 billion in pretax income. However, unlike Chevron, none of Exxon’s taxes were paid in the US. That’s funny … I think they sell a fair amount of profitable gasoline here.
2) Bank of American (BAC) earned pretax income of $4.4 billion in 2009, yet the financial services super market tallied up a $1.9 billion tax benefit. How could such a travesty occur? Bank of America scoured the tax code for deductions like $860 million in tax-exempt income, $670 million in low-income housing credits, and a $600 million loss on shares of foreign subsidiaries. Making matters worse for the US Treasury, Bank of America has a provision for credit losses of $49 billion which will carry over for a long, long time.
1) Like those who received an Earned Income Credit (EIC), GE (GE) actually made money on their tax filing this year! Although the industrial behemoth generated $10.3 billion in pretax income, they recorded a tax benefit of $1.1 billion. Don’t we all wish we could be in that bracket. But big tax breaks are nothing new for the 12th largest company in the world. In 2008, GE’s effective tax rate was 5.3% versus the marginal US corporate rate of 35%. In 2007, it was 15%. You’d think GE would at least pay a little more for paper and administration costs considering their tax filing to the IRS is an astounding 24,000 pages when printed out.
Bank of America Tax Avoidance
• BofA is the largest bank and 5th largest corporation in America
• BofA holds over $2.2 Trillion in assets
• BofA in 2009 earned a pretax income of $4.4 Billion.
• BofA received $45 Billion in taxpayer bailout funds in 2008 and 2009
• BofA paid ZERO federal income tax in 2009
• BofA actually received a $1.9 Billion tax benefit from the government in 2009
• BofA took deductions of $2.1 Billion in 2009
• BofA funneled its income through 115 foreign tax-haven subsidiaries
General Corporate Tax Avoidance
• Two-thirds of all US corporations do not pay federal income tax
• 25% of the biggest US corporations do not pay federal income tax
• US corporations avoid between $37 Billion and $100 Billion a year in US taxes
• President Obama has called for ending corporate tax loopholes in his campaign, the 2010 State of the Union and the 2011 State of the Union
• The “Stop Tax Haven Abuse Act” was not acted upon by the previous Congress.
td
We lose out on $100 billion in corporate tax revenue every year.
Big business has to learn to be responsible to the American taxpayers who make it possible for them to run an American business. If you earn income here, you should pay income taxes here.
Bank of America and numerous other corporations should pay their fair share in taxes so more people can keep working. I'd say lost jobs and less local spending are both anti-business, wouldn't you?"
The Top 7 Corporate Tax Evaders | Wall St. Cheat Sheet
7) Hewlett-Packard (HPQ) earned pretax income of $9.4 billion, but managed to keep their tax rate the same as someone earning less than $33,950 a year. Their trickery? Book profits at lower-tax foreign subsidiaries.
6) Verizon (VZ) has a lovely 10.5% tax rate. That’s better than a long term capital gain. Although Verizon earned $11.6 billion in pretax income, they have diverted much of their income through foreign wireless partner Vodafone.
5) Chevron (CVX) paid $8 billion in taxes on $18.5 billion in pretax income. So why did they make the list? Chevron only sent Uncle Sam a check for $200 million. The rest was paid abroad in lower-tax countries. I think they should change their logo colors from red, white and blue to something more representative of the Caymans.
4) We all know Ford (F) and other car makers have been skidding since the recession began. The struggling car maker still managed to earn $3 billion in pretax income. The beauty? Ford only plunked down $69 million in taxes — a 2.3% tax rate. Not bad considering all the other subsidies, bailouts, and cash for clunkers we’ve already given as gifts to one of the oldest car manufacturers in the world.
3) ExxonMobile (XOM) did pay $17.6 billion in taxes on $37.3 billion in pretax income. However, unlike Chevron, none of Exxon’s taxes were paid in the US. That’s funny … I think they sell a fair amount of profitable gasoline here.
2) Bank of American (BAC) earned pretax income of $4.4 billion in 2009, yet the financial services super market tallied up a $1.9 billion tax benefit. How could such a travesty occur? Bank of America scoured the tax code for deductions like $860 million in tax-exempt income, $670 million in low-income housing credits, and a $600 million loss on shares of foreign subsidiaries. Making matters worse for the US Treasury, Bank of America has a provision for credit losses of $49 billion which will carry over for a long, long time.
1) Like those who received an Earned Income Credit (EIC), GE (GE) actually made money on their tax filing this year! Although the industrial behemoth generated $10.3 billion in pretax income, they recorded a tax benefit of $1.1 billion. Don’t we all wish we could be in that bracket. But big tax breaks are nothing new for the 12th largest company in the world. In 2008, GE’s effective tax rate was 5.3% versus the marginal US corporate rate of 35%. In 2007, it was 15%. You’d think GE would at least pay a little more for paper and administration costs considering their tax filing to the IRS is an astounding 24,000 pages when printed out.
Bank of America Tax Avoidance
• BofA is the largest bank and 5th largest corporation in America
• BofA holds over $2.2 Trillion in assets
• BofA in 2009 earned a pretax income of $4.4 Billion.
• BofA received $45 Billion in taxpayer bailout funds in 2008 and 2009
• BofA paid ZERO federal income tax in 2009
• BofA actually received a $1.9 Billion tax benefit from the government in 2009
• BofA took deductions of $2.1 Billion in 2009
• BofA funneled its income through 115 foreign tax-haven subsidiaries
General Corporate Tax Avoidance
• Two-thirds of all US corporations do not pay federal income tax
• 25% of the biggest US corporations do not pay federal income tax
• US corporations avoid between $37 Billion and $100 Billion a year in US taxes
• President Obama has called for ending corporate tax loopholes in his campaign, the 2010 State of the Union and the 2011 State of the Union
• The “Stop Tax Haven Abuse Act” was not acted upon by the previous Congress.
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